Requirements and documents in Mexico

What banks ask for in Mexico

Banks in Mexico apply know your customer rules set by the authorities, so they verify who owns and controls the company and where it operates before they open an account. For a persona moral the request usually centres on four things: the legal existence of the company, its tax identity, where it is based, and who is authorised to act for it. The exact documents and how recent they must be vary by bank, and a foreign owned company or a foreign legal representative may face additional checks. Read the current requirement list from the bank before you start, since lists change.

Company and tax documents

The acta constitutiva is the founding deed that records the company name, its purpose, its shareholders and the powers of its representatives. It is prepared before a notary and registered with the Registro Público de Comercio, and banks usually want a certified copy along with any later powers of attorney. The company also needs an RFC, its tax registration number with the SAT, and most banks ask for the Constancia de Situación Fiscal that displays it. The e.firma, the electronic signature issued by the SAT, is needed for many tax procedures and some banks request it during onboarding.

Address and the legal representative

For the business address banks ask for a comprobante de domicilio, commonly a utility bill or statement that is no more than three months old and shows the business address. The legal representative presents official identification, usually an INE card for residents or a passport, and in most cases attends in person to sign the account opening. Where the representative is foreign, the bank may ask for migration documents and apply enhanced due diligence. If the position is unclear for your case, verify it with the provider rather than assuming.

Documents to prepare before you apply

Gather these items before you start, because a missing or outdated document is the most common reason an application stalls. Verify with the provider

• The acta constitutiva with certified copies, plus any powers of attorney that name the legal representative and set out what that person can sign.
• The company RFC and the Constancia de Situación Fiscal, and the e.firma where the bank requests it.
• Official identification of the legal representative, an INE card or passport, and a comprobante de domicilio for the business that is no more than three months old. Some banks add proof of business activity.

How to use this list

1. Confirm whether you are opening as a persona moral, a company, or a persona física con actividad empresarial, a sole trader, since the document list differs.
2. Download the current account opening requirement list from the bank you have chosen and match each item to a document you hold, checking the age limits on the comprobante de domicilio.
3. Confirm whether the legal representative must attend in person and whether the e.firma is needed, then book the appointment. Verify the current requirements with the provider before applying.