Trade relations between Colombia and Mexico
Colombia and Mexico have a strong trade relationship that has strengthened over the years, largely thanks to the Free Trade Agreement between Mexico, Colombia and Venezuela (1995), which later became the Pacific Alliance. This relationship facilitates the mobility of goods and services between the two countries, promoting mutual economic growth.
According to recent data, Mexico is one of Colombia's main trading partners in Latin America, and the exchange of goods is constant. Colombia exports various high-value products to Mexico, while many Colombian companies are entering the Mexican market to take advantage of its potential.
Colombia's main exports to Mexico
Colombian exports to Mexico are diversified and cover key sectors such as agriculture, mining, and manufacturing. Among the most notable products are:
- Agricultural and agro-industrial products
- Coffee: One of Colombia's flagship products, Colombian coffee is highly valued for its quality and unique flavor, and is in high demand in the Mexican market.
- Palm oil and derivatives: Used in the food and cosmetic industries.
- Tropical fruits: Mango, banana and avocado have increased their demand in recent years.
- Minerals and fuels
- Coal and coke: Colombia exports thermal and metallurgical coal to Mexico for industrial and energy use.
- Crude oil: Although in smaller volume than other markets, it is still relevant.
- Chemicals and pharmaceuticals
- Plastics and resins: Inputs for the Mexican manufacturing industry.
- Pharmaceutical products: Especially generics and intermediate products for their production.
- Textiles and clothing
- Colombia exports clothing, fabrics and textile products to Mexico, taking advantage of preferential trade agreements.
- Flowers
- Mexico imports Colombian flowers, mainly roses and carnations, for the ornamental sector.
Opportunities for Colombian entrepreneurs in Mexico
Given the growth of Colombian exports to Mexico, many entrepreneurs see this country as an opportunity to expand their businesses. Mexico, with a population of more than 130 million people and a constantly developing market, offers an attractive environment for foreign investment.
What are the advantages of establishing a company in Mexico?
- Access to the Mexican market and other North American countries through the USMCA.
- Tax incentives in strategic areas.
- A strategic geographical position for international trade.
How to incorporate a company in Mexico
If you are a Colombian entrepreneur interested in establishing a company in Mexico, these are the main steps you must follow:
1. Define the type of company
In Mexico, there are several types of companies. The most common for foreign entrepreneurs are:
- Public Limited Company (SA)
- Limited Liability Company (S. de RL)
- Simplified Joint Stock Company (SAS): Ideal for small business owners, as it allows a company to be set up with a single partner and simplified procedures.
2. Registering the company name
You must verify the availability of the name before the Ministry of Economy to ensure that it is not in use by another entity.
3. Preparation of the articles of incorporation
The articles of incorporation must be drawn up before a notary public and must include information such as:
- Name of partners.
- Initial share capital.
- Corporate purpose (main activities of the company).
4. RFC registration
The company must register with the Tax Administration Service (SAT) to get your Federal Taxpayer Registry (RFC) and be able to operate formally.
5. Opening a bank account
Opening a business bank account in Mexico is crucial to operating financially. Banks usually require the articles of incorporation, RFC and the identification of the partners.
6. Registration in the Public Registry
Registration in the Public Registry of Commerce guarantees the legality of the company and its formal operation in Mexico.
7. Compliance with tax obligations
It is important to comply with Mexican tax laws, such as filing periodic returns and paying the corresponding taxes.
Conclusion
The trade relationship between Colombia and Mexico is an excellent platform for entrepreneurs looking to expand their horizons. With high-quality products such as coffee and textiles, Colombia has a competitive advantage that it can leverage in the Mexican market. In addition, establishing a company in Mexico can be a strategic step to consolidate this relationship and open new opportunities in North America.
If you are interested in exploring the Mexican market or need support to establish your company in Mexico, Tax ID Mexico offers comprehensive advice for international entrepreneurs. Contact us for more information!
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