Countries › Mexico › Guide › 4. Entities and setup › Choosing a legal entity in Mexico: S.A., S. de R.L., S.A.S. or branch, with capital, governance, registration and annual compliance rules

Choosing a legal entity in Mexico: S.A., S. de R.L., S.A.S. or branch, with capital, governance, registration and annual compliance rules

Last verified: 2026-10-25 · Status: Stable

Most foreign investors operate in Mexico through a sociedad anónima (S.A.) or a sociedad de responsabilidad limitada (S. de R.L.), usually in their variable capital form (de C.V.), formed before a notary with no statutory minimum capital; the simplified S.A.S. is online and cheap but open only to individuals and capped at MXN 7,678,849.94 of annual revenue in 2026. A foreign company can also trade directly through a registered branch once the Ministry of Economy authorizes it, which must happen within 15 business days or the request is deemed approved. Whatever the vehicle, the same gateways follow: name authorization, the foreigners clause, registration in the National Foreign Investment Registry within 40 business days, tax registration, a beneficial owner file and a yearly cycle of shareholder approvals and filings.

USD figures use MXN 18.5026 per US dollar, the Federal Reserve H.10 noon buying rate for 16 October 2026 (FRED series DEXMXUS), the latest official observation verified for this page. Conversions are for orientation only.

Key facts

Minimum shareholders to form a sociedad anónima (S.A.)	2 personsLGSM art. 89, fraction I, as of 2026-10-25 · in force
Statutory minimum capital of an S.A.	None; the bylaws set the minimum, fully subscribed textLGSM art. 89, fraction II (reformed DOF 15 December 2011), as of 2026-10-25 · in force
Minimum paid in on formation for each S.A. share payable in cash	20 %LGSM art. 89, fraction III, as of 2026-10-25 · in force
Capital share entitling a minority to name at least one director of an unlisted S.A. with three or more directors	25 %LGSM art. 144, as of 2026-10-25 · in force
Maximum partners in a sociedad de responsabilidad limitada (S. de R.L.)	50 personsLGSM art. 61, as of 2026-10-25 · in force
Minimum paid in on formation for each parte social of an S. de R.L.	50 %LGSM art. 64, as of 2026-10-25 · in force
Minimum shareholders of a sociedad por acciones simplificada (S.A.S.); individuals only	1 personsLGSM arts. 260 and 262, as of 2026-10-25 · in force
Maximum total annual revenue of an S.A.S., 2026	7678849.94 MXNLGSM art. 260; Ministry of Economy agreement signed 17 December 2025, as of 2026-01-01 · in force
Time to pay S.A.S. shares after registration	1 yearsLGSM art. 265, as of 2026-10-25 · in force
Consecutive years without the S.A.S. annual financial report that lead to dissolution	2 yearsLGSM art. 272, as of 2026-10-25 · in force
Minimum share of annual net profit set aside as legal reserve (not S.A.S.)	5 %LGSM art. 20, as of 2026-10-25 · in force
Legal reserve target as share of capital	20 %LGSM art. 20, as of 2026-10-25 · in force
Deadline for the ordinary shareholders' meeting after fiscal year end	4 monthsLGSM art. 181, as of 2026-10-25 · in force
Ministry of Economy deadline to resolve a company name application	2 business daysLIE art. 16 A, as of 2026-10-25 · in force
Ministry of Economy deadline to authorize a foreign company to trade in Mexico (silence means approval)	15 business daysLIE art. 17-A, as of 2026-10-25 · in force
Deadline to register foreign investment in the RNIE	40 business daysLIE art. 32, as of 2026-10-25 · in force
Deadline after fiscal year end to file the list of foreign shareholders that exempts them from RFC registration	3 monthsCFF art. 27, section A, as of 2026-10-25 · in force
Voting rights above which an individual counts as a beneficial owner for tax purposes	15 %CFF art. 32-B Quáter, fraction II, b), as of 2026-10-25 · in force
Deadline to update beneficial owner information after a change	15 calendar daysCFF art. 32-B Quinquies, as of 2026-10-25 · in force
Deadline to give beneficial owner information to the SAT after a request	15 business daysCFF art. 32-B Ter, as of 2026-10-25 · in force
Mexico and Argentina double taxation treaty in force since	2017-08-23 datePromulgation decree DOF 18 August 2017, as of 2017-08-18 · in force

The rule

1. The menu of vehicles. The LGSM recognizes seven types of commercial company: general partnership, limited partnership, limited liability company (S. de R.L.), corporation (S.A.), partnership limited by shares, cooperative and simplified corporation (S.A.S.). All except the cooperative may be formed as variable capital companies, adding "de capital variable" (C.V.) to the name, so that capital can be raised by new contributions or reduced by withdrawals above a fixed minimum without amending the bylaws. Every increase or decrease must be entered in a capital variations book kept by the company, and a partner's withdrawal takes effect only at the end of the current fiscal year (or the next one, if notified in the last quarter). A company registered in the Public Registry of Commerce has legal personality separate from its partners.
Cost to do it: Choosing the variable capital form costs nothing extra at incorporation; it saves a notarized bylaw amendment each time capital above the fixed minimum changes, which only needs a shareholder resolution and an entry in the capital variations book (arts. 216 and 219).
Example: A subsidiary formed as an S.A. de C.V. with a fixed minimum of MXN 50,000 can later take MXN 1,000,000 of new variable capital from its parent by shareholder resolution recorded in the capital variations book. / Fixed minimum about USD 2,702; capital injection about USD 54,046.Ley General de Sociedades Mercantiles (General Law of Commercial Companies, LGSM), DOF 4 August 1934, last reform DOF 20 October 2023, Arts. 1, 2, 213, 215, 216, 217, 219 and 220, 1934-08-04 official text · verified 2026-10-25

2. The S.A., Mexico's default corporate vehicle. An S.A. is a company under a corporate name whose shareholders are liable only for paying their shares. To form one it needs at least two shareholders, each subscribing at least one share; the bylaws must set the minimum capital, which must be fully subscribed; at least 20 percent of each share paid in cash must be paid in, and each share paid with other assets must be paid in full. Companies other than the S.A.S. are formed before a notary or commercial notary (fedatario público), who must refuse to authorize bylaws that breach the law. If the number of shareholders falls below the legal minimum, that is a ground for dissolution.
Cost to do it: No statutory minimum capital since the 2011 reform of art. 89, fraction II; the bylaws fix it. Cash out at incorporation is 20 percent of the cash subscribed capital plus notary and registration fees, which are not set in the LGSM and vary by notary and state.
Example: An S.A. de C.V. with subscribed capital of MXN 50,000 in cash must have at least MXN 10,000 paid in on formation; the remaining MXN 40,000 can be called later on the terms the bylaws set (art. 91, fraction III). / Subscribed capital about USD 2,702; minimum paid in about USD 540; uncalled balance about USD 2,162.Ley General de Sociedades Mercantiles (General Law of Commercial Companies, LGSM), DOF 4 August 1934, last reform DOF 20 October 2023, Arts. 5, 87, 88 and 89 (fractions reformed DOF 11 June 1992, 28 July 2006 and 15 December 2011); art. 229, fraction IV, 1934-08-04 official text · verified 2026-10-25

3. Governing an S.A., and the flexible bylaws. Management is entrusted to one or more temporary and revocable administrators, who need not be shareholders; two or more form a board of directors, which needs at least half of its members present and decides by majority, with a casting vote for the chair. Where there are three or more directors, a minority holding 25 percent of capital (10 percent in listed companies) names at least one. Oversight is in the hands of one or more statutory examiners (comisarios). Bylaws may allow unanimous written resolutions of the board and of shareholders, and, since the reform of 20 October 2023, board and shareholder meetings held by electronic means. Since 13 June 2014 the bylaws of any S.A. may also restrict share transfers, set exclusion, withdrawal or redemption rights and their price, issue non voting, limited voting or veto shares, provide deadlock mechanisms, widen, limit or deny preemptive rights, and limit director liability for damages except for bad faith or unlawful acts.
Cost to do it: Drafting joint venture style bylaws (veto shares, transfer restrictions, deadlock clauses) is a notarial and legal drafting cost rather than a government fee; there is no separate regulatory approval for these clauses.
Example: A 70/30 joint venture S.A. de C.V. can give the 30 percent partner a veto over the annual budget and a tag along on any sale by the majority partner directly in its bylaws, under art. 91, fraction VII, c) and a). / Same treatment whatever the currency of the investment.Ley General de Sociedades Mercantiles (General Law of Commercial Companies, LGSM), DOF 4 August 1934, last reform DOF 20 October 2023, Arts. 91, fraction VII (added DOF 13 June 2014); 142, 143 and 144; 164; 178, 2014-06-13 official text · verified 2026-10-25 · changed: LGSM decree DOF 20 October 2023 expressly allowed board and shareholder meetings by electronic means (arts. 6, fraction XIV, 143 and 178).

4. The S. de R.L., the partnership style alternative. An S. de R.L. may have no more than 50 partners, whose interests (partes sociales) are not represented by negotiable securities. Capital is set in the bylaws, divided into partes sociales of unequal value and class in multiples of one peso; on formation capital must be fully subscribed and at least 50 percent of each parte social paid in. Transfers of partes sociales and the admission of new partners need the consent of partners holding a majority of capital unless the bylaws require more, and a transfer is effective against third parties only once entered in the partners' book, with a notice published in the Ministry of Economy electronic system. Managers (gerentes) need not be partners.
Cost to do it: No statutory minimum capital; cash out at incorporation is 50 percent of each parte social plus notary and registration fees, which vary by notary and state.
Example: An S. de R.L. de C.V. with capital of MXN 50,000 needs at least MXN 25,000 paid in on formation. / Capital about USD 2,702; minimum paid in about USD 1,351.Ley General de Sociedades Mercantiles (General Law of Commercial Companies, LGSM), DOF 4 August 1934, last reform DOF 20 October 2023, Arts. 58, 61, 62, 64, 65 and 73 (paragraph added DOF 14 June 2018); art. 74, 1934-08-04 official text · verified 2026-10-25

5. The S.A.S., online but for individuals only. An S.A.S. is formed by one or more individuals (personas físicas) only, online through the Ministry of Economy electronic system using standard bylaws, with an authorized name and a valid advanced electronic signature for every shareholder; no public deed is required and the use of a notary is optional. Its shareholders may not at the same time control another commercial company. Shares must be paid within one year of registration. A shareholder acts as administrator, no legal reserve is required, and the administrator must publish an annual report on the company's financial position in the Ministry of Economy system; failing to do so for two consecutive years leads to dissolution. Total annual revenue may not exceed the cap updated each 1 January: MXN 7,678,849.94 for 2026, after a factor of 1.0379 applied to the 2025 cap of MXN 7,398,448.74. A company that exceeds it must transform into another type, or its shareholders become liable to third parties without limit.
Cost to do it: Incorporation through the Ministry of Economy system without a notary (LGSM arts. 262 and 263); the LGSM sets no minimum capital for the S.A.S.
Example: A Mexican resident founder can form a one person S.A.S. online and invoice up to MXN 7,678,849.94 in 2026; a foreign parent company cannot hold its shares, because art. 260 limits shareholders to individuals. / 2026 revenue cap about USD 415,015 (2025 cap about USD 399,860).Ley General de Sociedades Mercantiles (General Law of Commercial Companies, LGSM), DOF 4 August 1934, last reform DOF 20 October 2023; Acuerdo por el que se da a conocer el factor de actualización a los ingresos totales anuales de una sociedad por acciones simplificada, Ministry of Economy, signed 17 December 2025, in force 1 January 2026, LGSM arts. 2, 5, 20, 260 to 268 and 272 (chapter added DOF 14 March 2016); Agreement, sole article, 2025-12-17 official text · verified 2026-10-25 · changed: The SAS revenue cap rose from MXN 7,398,448.74 for 2025 to MXN 7,678,849.94 for 2026 (Ministry of Economy agreement in force 1 January 2026).

6. Trading through a branch. A foreign company may trade in Mexico only once registered in the Public Registry of Commerce, and registration requires prior Ministry of Economy authorization. The authorization is granted when the company proves it is validly formed under its home law, its bylaws do not breach Mexican public order, and it establishes itself or has an agency or branch in Mexico; it must be granted within 15 business days of a complete application, and silence after that period counts as approval. The foreign company must publish a balance sheet each year in the Ministry of Economy electronic system, certified by a licensed public accountant.
Cost to do it: The LIE sets no authorization fee. Trading habitually without authorization is fined 500 to 1,000 times the daily minimum wage reference set in LIE art. 38, fraction II.
Example: A foreign engineering firm that files a complete branch application on 2 November 2026 must receive a decision within 15 business days; if none is issued, the application is deemed approved (LIE art. 17-A). / No fee in either currency under the LIE; the branch's main recurring cost is the certified annual balance sheet.Ley de Inversión Extranjera (Foreign Investment Law, LIE), DOF 27 December 1993, last reform DOF 27 May 2024; LGSM, LIE arts. 17 and 17-A (DOF 24 December 1996); LIE art. 38, fraction II; LGSM arts. 250 and 251, 1996-12-24 official text · verified 2026-10-25

7. Name, foreigners clause and the investment registry. The Ministry of Economy authorizes the name under which a company will be formed and must resolve within two business days; the bylaws must include either the foreigners exclusion clause or the agreement under art. 27, fraction I of the Constitution. Mexican companies with foreign investment (including through a trust), foreign persons who trade habitually in Mexico and trusts giving rights to foreign investors must register in the National Foreign Investment Registry (RNIE) within 40 business days from incorporation or entry of the foreign investment, and must renew their registration certificate every year by filing an economic and financial questionnaire.
Cost to do it: The LIE sets no registration fee. Late, missing, incomplete or wrong filings, reports or notices to the RNIE are fined 30 to 100 times the daily minimum wage reference set in LIE art. 38, fraction IV.
Example: A subsidiary incorporated on 2 November 2026 with a foreign shareholder must be registered in the RNIE within 40 business days of that date, and then renew every year. / No fee in either currency under the LIE.LIE, Arts. 15 and 16 A (reformed DOF 15 December 2011); arts. 32 and 35; art. 38, fraction IV, 1993-12-27 official text · verified 2026-10-25

8. The yearly corporate cycle. Directors must present an annual report to shareholders (management report, accounting policies, financial statements and notes, plus the statutory examiner's report), available at least 15 days before the meeting. The ordinary shareholders' meeting must be held at least once a year within the four months after the fiscal year ends, to approve the report and appoint or confirm directors and examiners. Profits may be distributed only after the shareholders approve the financial statements showing them and after prior years' losses are restored or absorbed. Except in an S.A.S., at least 5 percent of net profit must be set aside each year as a legal reserve until it reaches one fifth of capital. Capital changes, mergers, transformations and other bylaw amendments need an extraordinary meeting.
Cost to do it: Internal cost only: preparing the financial statements and minutes. Late reports allow the shareholders to remove directors or examiners (art. 176).
Example: A company with a calendar fiscal year must hold its ordinary meeting by 30 April 2027 to approve 2026 accounts. If 2026 net profit is MXN 6,000,000 and capital is MXN 1,000,000, it must set aside at least MXN 200,000 (the lower of 5 percent of profit, MXN 300,000, and the MXN 200,000 still needed to reach one fifth of capital) before paying dividends. / Net profit about USD 324,279; reserve set aside about USD 10,809.Ley General de Sociedades Mercantiles (General Law of Commercial Companies, LGSM), DOF 4 August 1934, last reform DOF 20 October 2023, Arts. 19, 20 (reformed DOF 14 March 2016), 172, 173, 181 and 182, 1934-08-04 official text · verified 2026-10-25

9. Tax registration of the company and its foreign shareholders. Companies must register in the federal taxpayer registry (RFC), obtain an advanced electronic signature and keep their tax domicile updated, and their legal representatives, partners and shareholders are in principle also required to register. Shareholders resident abroad are exempt if the Mexican company files, within the first three months after each fiscal year ends, a list of its foreign shareholders showing their address, tax residence and tax identification number.
Cost to do it: No fee to register in the RFC under the CFF; the cost is the annual list of foreign shareholders, prepared in house or by the company's accountants.
Example: A subsidiary with a December fiscal year end and a foreign parent must file the list of its foreign shareholders by 31 March of the following year so that the parent does not need its own RFC. / Not applicable.Código Fiscal de la Federación (Federal Tax Code, CFF), DOF 31 December 1981, Art. 27, section A, fractions I to III and the paragraph on shareholders resident abroad; section B, 1981-12-31 official text · verified 2026-10-25

10. Beneficial owners. Companies, trustees and parties to other legal arrangements must obtain and keep, as part of their accounting, reliable, complete and up to date information on their beneficial owners, hand it to the tax authority (SAT) within 15 business days of a request (extendable by ten days on a justified request), and update it within 15 calendar days of any change in the identity or holdings of a beneficial owner. A beneficial owner is the individual or group of individuals who ultimately benefit from or control the entity, including by holding rights to vote more than 15 percent of capital, by imposing decisions in shareholder meetings or appointing or removing most directors, or by directing management or strategy. Notaries who form companies must also identify the beneficial owners. Failures are fined per beneficial owner under CFF art. 84-N, in amounts updated for inflation.
Cost to do it: Internal cost of tracing ownership up the chain to individuals and keeping the file current; fines apply per beneficial owner not identified or not updated (CFF art. 84-N).
Example: A Mexican subsidiary owned through a Dutch and a US holding company must trace ownership to the individuals who control more than 15 percent of the votes or otherwise control the group, and update its file within 15 calendar days after a change in control upstream. / Same obligation whatever the currency of the group.CFF, articles added DOF 12 November 2021, Arts. 32-B Ter, 32-B Quáter and 32-B Quinquies; arts. 84-M and 84-N, 2021-11-12 official text · verified 2026-10-25

11. Home country tax classification for US investors. Under US Treasury regulations a Mexican Sociedad Anonima is on the list of foreign entities always treated as corporations for US federal tax purposes. The S. de R.L. is not on that list, so as an eligible entity it may elect its US classification under section 301.7701-3. This is a US rule, not Mexican law, and does not change how Mexico taxes the company.
Cost to do it: No Mexican cost; a US classification election, where used, is a US filing.
Example: A US group that wants its Mexican subsidiary to be treated as a branch or partnership for US tax purposes would use an S. de R.L. de C.V. and file a US election; an S.A. de C.V. is always a corporation for US purposes. / Not applicable.US Treasury Regulations, 26 CFR 301.7701-2, T.D. 8697, 61 FR 66589, 18 December 1996, as amended, Section 301.7701-2(b)(8)(i) (list of per se corporations: Mexico, Sociedad Anonima), 1996-12-18 official text · verified 2026-10-25

12. Argentina link, high level only. Mexico and Argentina have a treaty to avoid double taxation on income and capital, with protocol, signed in Mexico City on 4 November 2015; the promulgation decree was published in the DOF on 18 August 2017 and the treaty entered into force on 23 August 2017. Argentine groups choosing a Mexican vehicle should read the treaty together with the Argentine side of the rules in the Argentine guide.
Cost to do it: No cost to rely on the treaty beyond proving tax residence.
Example: An Argentine company setting up an S.A. de C.V. in Mexico checks the treaty before planning dividend and service flows. / Not applicable.Decreto Promulgatorio del Acuerdo entre los Estados Unidos Mexicanos y la República Argentina para Evitar la Doble Imposición y Prevenir la Evasión Fiscal con respecto a los Impuestos sobre la Renta y sobre el Patrimonio y su Protocolo (DOF summary published by the Supreme Court), Whole instrument (promulgation and entry into force), 2017-08-18 official text · verified 2026-10-25

Feature	S.A. (de C.V.)	S. de R.L. (de C.V.)	S.A.S.	Branch of a foreign company
Who can own it	2 or more shareholders, individuals or companies, Mexican or foreign (art. 89)	Up to 50 partners, individuals or companies (art. 61)	1 or more individuals only, who may not control another company (art. 260)	The foreign company itself (LIE art. 17)
Minimum capital	None by law; set in bylaws (art. 89)	None by law; partes sociales in multiples of MXN 1 (art. 62)	None by law	Not applicable
Paid in at formation	20% of each cash share; non cash shares in full (art. 89)	50% of each parte social (art. 64)	All shares within 1 year of registration (art. 265)	Not applicable
How it is formed	Before a notary or commercial notary (art. 5)	Before a notary or commercial notary (art. 5)	Online, Ministry of Economy system; notary optional (arts. 262 and 263)	Ministry of Economy authorization within 15 business days, then registration (LIE art. 17-A; LGSM art. 251)
Management	Sole administrator or board; statutory examiner (arts. 142, 143 and 164)	One or more managers (art. 74)	A shareholder as administrator (art. 267)	Not set by the LGSM
Transfer of interests	Registered shares; bylaws may restrict transfers (arts. 91 and 111)	Majority of capital must consent (art. 65)	Shares	Not applicable
Size limit	None	50 partners	Annual revenue up to MXN 7,678,849.94 in 2026 (art. 260)	None
Annual filings under the LGSM	Ordinary meeting within 4 months of year end; 5% reserve (arts. 20 and 181)	Partners' meeting approves balance sheet (art. 78); 5% reserve (art. 20)	Annual financial report in Ministry of Economy system (art. 272)	Annual certified balance sheet in Ministry of Economy system (art. 251)
US tax classification	Per se corporation (26 CFR 301.7701-2(b)(8))	Eligible entity, may elect	Not on per se list	Not a separate entity

Mexican vehicles for a foreign investor, from the governing texts (LGSM, LIE). Notary and registry fees are set by each notary and state and are not shown.

Worked example

A US manufacturer sets up a Mexican subsidiary. Because its parent is a company, the S.A.S. is not available (LGSM art. 260); it compares an S.A. de C.V. with an S. de R.L. de C.V.
It picks an S. de R.L. de C.V. so that it can elect US classification (26 CFR 301.7701-2 and 301.7701-3), with the parent holding 99 percent and a group affiliate holding 1 percent, so the company has more than one partner from day one.
It obtains name authorization (resolved within two business days, LIE art. 16 A), signs the bylaws with the foreigners clause before a notary, and sets capital at MXN 50,000 (about USD 2,702) with MXN 25,000 (about USD 1,351) paid in on formation (LGSM art. 64).
Within 40 business days of incorporation it registers in the RNIE (LIE art. 32), registers in the RFC and files its foreign partner list each year by 31 March instead of registering the parent (CFF art. 27), and builds its beneficial owner file tracing the group to its controlling individuals (CFF art. 32-B Ter).
Later, the parent injects MXN 1,000,000 (about USD 54,046) of variable capital by partners' resolution recorded in the capital variations book (LGSM arts. 216 and 219), with no notarized amendment of the fixed minimum.

Step by step

1. Check the activity against the LIE reserved, capped and screened lists before choosing a vehicle (see Start here and Investing).
2. Pick the vehicle: S.A. de C.V. for a group or a future listing or for joint venture bylaws under LGSM art. 91, fraction VII; S. de R.L. de C.V. where US classification flexibility matters; S.A.S. only for Mexican resident individual founders under the revenue cap; a branch where the foreign company wants to trade directly.
3. Line up at least two shareholders for an S.A. (often parent plus an affiliate) and plan how to keep two at all times (LGSM arts. 89 and 229).
4. Apply for name authorization with the Ministry of Economy (two business days, LIE art. 16 A) and draft bylaws with the foreigners clause (LIE art. 15).
5. Sign the incorporation deed before a notary or commercial notary (LGSM art. 5) and pay in at least 20 percent (S.A.) or 50 percent (S. de R.L.) of cash capital.
6. Register the company in the Public Registry of Commerce and the RFC, obtain the advanced electronic signature, and register in the RNIE within 40 business days (LIE art. 32).
7. Set up the beneficial owner file and the share or partner registry and capital variations book (CFF art. 32-B Ter; LGSM arts. 73 and 219).
8. Calendar the recurring items: list of foreign shareholders within three months of year end (CFF art. 27), ordinary meeting within four months (LGSM art. 181), annual RNIE renewal (LIE art. 35), and, for an S.A.S. or a branch, the annual filing in the Ministry of Economy system (LGSM arts. 272 and 251).

Common traps

Using an S.A.S. under a foreign parent. Only individuals may hold S.A.S. shares, and they may not control another commercial company (LGSM art. 260).
Outgrowing the S.A.S. Revenue above MXN 7,678,849.94 in 2026 forces a transformation; if shareholders do not transform, they become liable to third parties without limit (LGSM art. 260).
Dropping to one shareholder. An S.A. needs two shareholders, and falling below the minimum is a ground for dissolution (LGSM arts. 89 and 229, fraction IV). Keep a second group shareholder in place after any restructuring.
Paying dividends too early. Profits cannot be distributed before shareholders approve the financial statements and before past losses are restored, and those who receive or pay them can be made to return them (LGSM art. 19).
Forgetting the legal reserve. S.A. and S. de R.L. companies must set aside at least 5 percent of net profit each year until the reserve reaches one fifth of capital (LGSM art. 20).
Transferring S. de R.L. interests informally. A transfer needs majority consent and has no effect on third parties until entered in the partners' book (LGSM arts. 65 and 73).
Trading through a branch before authorization. Habitual trading without Ministry of Economy authorization is fined 500 to 1,000 times the minimum wage reference in LIE art. 38, fraction II.
Missing the RNIE clock. Registration is due within 40 business days of incorporation or entry of foreign investment, and the certificate must be renewed every year (LIE arts. 32 and 35).
Stopping the beneficial owner trace at a holding company. The CFF looks through to individuals, including anyone with votes over 15 percent, and changes must be updated within 15 calendar days (CFF arts. 32-B Quáter and 32-B Quinquies).
Letting the foreign shareholder list lapse. Without the yearly list filed within three months of year end, foreign shareholders lose their exemption from RFC registration (CFF art. 27).

Sources

← Investing in Mexico: the foreign investment regime, screening and the Plan México incentivesMoving money in and out of Mexico: the FIX rate, dollar accounts, dividends abroad and cash at the border →