What is the difference between a factura (invoice) and a sales receipt?
The factura is a fiscal receipt that fulfills the Law Income Tax requirements and allows taxpayers to fiscally credit or deduct the amounts shown on the facturas. In the facturas the VAT tax is detailed so it is in position to be credited (if applicable). The sales receipts cannot be fiscally deducted and by law each establishment has to provide the consumer at the time of the sale of product or services.
What is the meaning of RNIE?
RNIE stands for National Registry of Foreign Investment; this is the legal entity in charge of receiving and processing the registration, modifications, updates, cancellations and notes to the foreign investment capital in Mexico. All companies with foreign capital wishing to invest in a Mexican corporation or to establish a branch in Mexico are subject to register in the RNIE, pay the corresponding taxes, as well as notifying of any modification and/or cancellation, and renewing the registration every year. There is a time frame to comply with the proceedings aforementioned, after this time period companies are subject to an additional sanction.
What is the meaning of IMPI?
IMPI stands for Mexican Institute of Industrial Ownership, this entity has the soul objective of protecting the rights of industrial property, trademark, as well as promoting the benefits of assisting inventors and commercial activity of our country, as to promote the creation and development of new technologies for society’s benefit.
What is Mexico’s restricted zone?
According to the Mexican Constitution the “restricted zone” is 100 kilometers (approximately 60 miles) from any Mexican border and 50 kilometers (approximately 30 miles) from the coast perimeter. A foreigner can only purchase a property in the restricted zone through a Fideicomiso.
What is a Fideicomiso?
A Fiedicomiso is a legal structure that allows foreigners to purchase real estate in the Mexican restricted zone. To be able to obtain a Fideicomiso it is required to obtain permission from the Secretary of Foreign Affairs, which commonly is valid for 55 years. The Fideicomisos in Mexico require a bank involved which will serve as a bank trust and who will be representing the trust.
What is an Escirtura Publica?
An Escritura Publica is a Title Deed, a document formulated by a notary who under penalty of oath certifies its content. For this document to be valid needs to be register in the Land Registry Office.
What is a Public Notary?
A Public Notary in Mexico is a specialized attorney who has practiced at least for 5 years and has been appointed and certified by the State’s Governor. The notaries are subject to strict regulations and represent the public interest. He performs an important role since he is responsible for the sale-purchase transactions, inheritances, certification of documents and acts, and others.
