123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

A Quick Glance At Mexico’s Foreign Trade Requirements

Profile Picture
By Author: martin well
Total Articles: 364
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Being surrounded by distinctly developed and excitable emerging economies, Mexico enjoys the close proximity of two continental markets. It ranks in the best top three emerging markets in which business can be done. Mexico is a country that has tremendous opportunities for foreign investors who are interested in conducting business here. With nearly 12 bilateral agreements with over 43 countries, it has more free trade agreements than any other nation in the world. The demand for imports here in Mexico has grown along with the economy. Compared to other developing countries, there is a level of economic stability that makes it a more attractive place to do business.

Mandatory Electronic Reporting of Customs Information

The recent modifications to Mexico’s foreign trade rules make it mandatory for export and import businesses to file information regarding customs transactions electronically. Export and import businesses in Mexico will not have the option of manually submitting customs information using paper forms, starting March 1, 2012.
Mexico has very comprehensive import/export declaration forms. ...
... As it is very strict about customs documentation, small mistakes can often result in excessive fines. Also, lack of prior notification of procedural changes and inconsistent interpretation of trade requirements at different ports of entry is a cause of major concern to exporters.
Customs Information Required for Electronic Reporting

The information that businesses need to include in the reporting system are:
• Customs documentation - date and place of issue
• Name and address of the receiver of the merchandise
• Details of the recipient and vendor
• The taxpayer identification number of the voucher issuer
• Identification number of the document
• Commercial description of the merchandise in detail

The online reporting system has been open for importers and exporters since January 16, 2012.


Partner with an expert while doing business in Mexico

As Mexico is very stringent about customs documentation, it is best to take the help of an expert as small mistakes can often result in excessive fines. Besides the obvious language and cultural barriers in Mexico, there is also Mexican bureaucracy, labor laws and a complicated tax regime that can be tremendously challenging. A business expert can provide the necessary expertise all the areas of your business like intercompany transfer pricing, international accounting etc. Your business can also enjoy the best advice on the overall operational, administrational and executive aspects of your business.


Read more on:
International financial accounting,
doing business overseas

Total Views: 281Word Count: 399See All articles From Author

Add Comment

Business Articles

1. How Global Trade Finance Facilitates Cross-border Transactions And Reduces Risk
Author: Riddhi Divan

2. Innovative Uses Of Nickel In Cryogenic And Marine Environments
Author: Online fittings

3. Implementing Predictive Analytics In Your Abm Toolkit
Author: SalesMark Global

4. Comparing The Top 5 Live Commerce Platforms For 2024
Author: Amy Williams

5. Data-driven Precision Marketing For Effective Demand Generation
Author: SalesMark Global

6. Supercharge Your Sales With Optimized Pipeline Velocity
Author: SalesMark Global

7. Best Japan Tour Packages
Author: bharathi

8. Adani Group Stocks Down 20%; Gautam Adani Indicted In Us Over Bribery Charges
Author: Bizzbuzz

9. High-performance Ss Round Bars: Addressing The Energy Sector's Needs
Author: Neelkamal Alloys LLP

10. The Role Of Modern Washroom Solutions In Maintaining Cleanliness
Author: ritika krishna

11. Why Choose Premium Taxi Services In Kochi?
Author: maya

12. Black Magic Astrologer In Kasaragod
Author: Sripandith05

13. The Health Benefits Of Adding Pineapple To Your Pancakes
Author: maya

14. Top Luxury Resorts In Kerala For Your Dream Vacation
Author: maya

15. How To Start Your Shopping Website In Doha: A Simple Guide
Author: maya

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: