When creating your company you must comply with your tax obligations, regardless of your profession, so in this article we will talk about taxes for entrepreneurs.
All Mexicans have the obligation to contribute to public spending in accordance with the constitution, which we do through the payment of contributions.
The first decision you must make is to pay taxes as a natural or legal person, which we define below according to the SAT:
Physical person: individual who performs any economic activity and has rights and obligations, such as: a doctor, independent accountant, merchant.
Moral person: entities recognized by law as subjects of rights and obligations. They are usually created by a group of people who come together for a specific purpose, such as commercial companies, associations and civil societies. That is, the companies.
In general, carrying out your economic activities as a natural person tends to have lower administrative burdens and costs, which is recommended for small businesses or entrepreneurs, however, you will not have asset protection.
As a legal entity you will be able to make clear the rules of the game with your partners, have a greater business presence, and have asset protection, among other benefits. Legal entities have the disadvantage of having higher administrative costs and a higher tax burden than natural persons.
To comply with your tax obligations as an entrepreneur, you must do the following:
1.- Sign up for the Federal Taxpayer Registry (RFC).
2.- Obtain your password and e.signature.
3.- Select your tax regime, such as: RESICO, Business activity, lease, among others.
4.- Invoice all your income regardless of whether it is cash, bank transfer, check, or any other payment method.
5.- Request an invoice for expenses related to your economic activity
6.- Submit your monthly and annual tax returns.
To set up a company (moral person) you must:
1.- Request the authorization of the corporate name (name of the company)
2.- Select the type of company, such as a Public Limited Company, Civil Company, among others.
3.- Once the company's articles of incorporation are signed, it must be registered in the public registry of commerce.
4.- Register it in the RFC.
5.- Obtain your e.signature.
6.- Carry out the opening of a bank account.
7.- Bill all your income.
8.- Request an invoice for your expenses.
9.- Keep accounting according to the Fiscal Code of the Federation.
10.- Submit your monthly and annual tax returns.
Both as a natural person and as a legal person, if you have your workers, you must register with the Mexican Institute of Social Security (IMSS) and affiliate your workers to said institute, as well as registration in the state for the payment of payroll tax.
If you want to know more about how to pay taxes in Mexico, we invite you to continue reading our article.
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