Open a Bank Account

 

Opening a bank account in Mexico might seem like a daunting task, especially if you’re not currently residing in the country. Fortunately, there are streamlined processes that allow you to complete this task without having to set foot in Mexico. 

1. Understand the Basics When you need to open a bank account in Mexico but can’t be physically present, the use of a power of attorney (poder notarial) and a representative (proxy) can simplify the process. This legal arrangement allows you to appoint someone in Mexico to handle the account opening on your behalf. 

2. Appointing a Proxy A proxy is an individual you trust to act on your behalf. This person will handle the bank account opening process and any subsequent dealings with the bank. The key steps involved are: 

• Select a Trustworthy Representative: Choose someone reliable, as they will manage your financial matters in Mexico. 
• Prepare a Power of Attorney: This document authorizes your proxy to act in your name. It should be detailed, specifying the scope of authority, including opening and managing a bank account, apostilled and sealed by official government 

3. Preparing the Power of Attorney The power of attorney document must be: 

• Drafted in Mexico: While the document can be prepared and signed outside Mexico, it needs to be legalized for use in Mexico. This typically involves having it apostilled or notarized by a local authority in your country. 
• Apostilled: An apostille is an international certification that authenticates the document’s validity. It’s required for documents that will be used in foreign countries. 
• Translated: If the document is not in Spanish, it will need to be translated by a certified translator in Mexico. 

4. Submitting the Documents 

Once the power of attorney is prepared, apostilled, and translated: 

• Send the Documents to Your Proxy: Forward the original documents to your representative in Mexico. 
• Proxy’s Role: Your proxy will present these documents to the bank, complete any required forms, and open the account on your behalf. 

5. Additional Tips 

• Bank Requirements: Different banks may have specific requirements. It’s advisable to contact the bank directly or visit their website to understand their particular needs. 
• Legal Advice: Consider consulting with a legal professional familiar with Mexican banking laws to ensure all documents and processes are correctly handled. 
• Due to beneficial owner regulation, the bank can ask for personnel information of the company´s shareholders.