EY Law Flash - Unipersonal Companies

EY LAW Flash
INCORPORATION OF SOLE PROPRIETORSHIPS OR
UNIPERSONAL COMPANIES THROUGH ELECTRONIC
MEDIA WITHOUT THE INTERVENTION OF A PUBLIC
NOTARY
As part of the efforts to impulse the entrepreneurship in Mexico and with the purpose of stimulating
investments, the growth of businesses, and national economic development, the Economy Commission
of the Chamber of Deputies (Comisión de Economía de la Cámara de Diputados) approved on
February 9, 2016 the minute to reform and supplement the General Law of Business Entities (Ley
General de Sociedades Mercantiles) adding to the existing types of companies a new type identified as
“Simplified Shares Company” (Sociedad por Acciones Simplificada or S.A.S. for its acronym in Spanish),
incorporating to the business regulations a simplified mechanism adaptable to the requirements of micro,
small and medium-sized business which currently represent 99.8% of the economic units in the country.
This amendment facilitates their access into the formal sector of the economy, through a simplification of
the incorporation procedures, which will ultimately lead to the creation of new work positions.
Additionally, this reform enables the creation of a mechanism that streamlines the process to set up a
company through an electronic system. The referred system will be operated by the Ministry of Economy
(Secretaría de Economía), and is expected to work with a platform that will only require a few hours to
complete the incorporation of a company. The process will eliminate the requirement of formalization
before a notary public and will enable the online and free registration of the companies before the Federal
Tax Payers’ Registry (Registro Federal de Contribuyentes) and the Public Registry of Commerce (Registro
Público de Comercio).
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Aseguramiento | Asesoría | Fiscal | Transacciones
Some of the features planned for the incorporation process and the administration of a Simplified Shares
Company or S.A.S. are the following:
• A S.A.S. may be incorporated by one or more individuals who will only be responsible for the
payment of their capital contributions.
• The shareholder(s) must express their consent to incorporate a S.A.S. under the bylaws provided
by the Ministry of Economy through the electronic system.
• One of the shareholders must be granted with the authorization for the use of the corporate name
issued by the Ministry of Economy.
• All the shareholders must have a valid Advance Electronic Signature (Firma Electrónica
Avanzada), as it will be provided in the general rules to be issued by the Ministry of Economy.
• The total annual profits of the S.A.S. shall not exceed of $5,000,000.00 (Five Million Mexican
pesos 00/100). The updated amount will be annually published by the Ministry of Economy. In
the event that the aforementioned amount is exceeded, the Simplified Shares Company must be
transformed to other legal type of company provided in the General Law of Business Entities.
• To be effective before third parties, the S.A.S. shall be registered with the Public Registry of
Commerce. Such registration can be made online.
• The S.A.S. is not obligated to separate a legal reserve from its annual profits.
• Unless otherwise is agreed, the profits of the company will be proportionally distributed among the
shareholders in proportion to the shares held in the company.
• S.A.S. must publish their annual financial reports in the electronic system of the Ministry of
Economy; in the understanding that the failure to comply with this provision will result in the
dissolution of the Company.
• S.A.S. will be regulated, in all the applicable provisions , by the articles governing the Sociedad
Anónima, and it must observe and comply with the legal provisions regarding with merger,
transformation, spin-off, dissolution, and liquidation provisions set forth for those companies.
This reform may have a significant impact in the Mexican Corporate and Business environment,
considering that, according to data from the Inter-Secretarial Commission on Industrial Policy (Comisión
Intersecretarial de Política Industrial), 72% of employment in Mexico comes from micro, small and
medium-sized business, which contribute with 52% of the GDP (Gross Domestic Product).
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The approved minutes were sent to the Federal Executive Power for its enactment. It is expected that the
reform will become effective within the six months following its publication in the Federal Official Gazette.
For further information about this bulletin, please contact any of the following professionals:
Contacts:
Francisco Forastieri
[email protected]
Tatiana Treviño
[email protected]
Marisol Altamirano
[email protected]
Este boletín ha sido preparado cuidadosamente por los
profesionales de EY, contiene comentarios de carácter
general sobre la aplicación de las normas fiscales, sin
que en ningún momento, deba considerarse como
asesoría profesional sobre el caso concreto. Por tal
motivo, no se recomienda tomar medidas basadas en
dicha información sin que exista la debida asesoría
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que la contenida en este documento sea vigente y
correcta al momento que se reciba o consulte, o que
continuará siendo válida en el futuro; por lo que
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