It’s More Feasible Importing in Mexico At Present
Economic experts indicate that Mexico is gradually elevating its trading strategies to open more lucrative global opportunities. This economic move not only motivates importing in Mexico, but it also enables exportation of more products worldwide. Factors like the accessibility of goods and geographical location make Mexico a powerhouse on its own.
Politically, Mexico has marked its relevance in the world. It has enforced government policies that augment foreign participation (12 FTA with 45 Countries) and modernized Mexican customs, which signifies globalization. While this nation strongly keeps its rich culture intact, it also maintains its growth in international trade. This is because Mexico has been recognized and respected by every nation. As a result, there’s an increasing demand for imports and exports.
Importing in Mexico is easier than ever, thanks to abridged trade barriers and simplified documentation procedures. However, difficulties may still arise if done carelessly. This results in fines, delays at customs or confiscation of goods.
Mexican Importation Requirements
If you’re importing in Mexico, you must first fulfill certain requirements. Importing in Mexico requires adequate knowledge of technicalities such as the importation system. Hiring the services of a Mexican trade lawyer can save you a lot of hassle. With proper assistance, you can successfully accomplish this list of five things you must consider when importing in Mexico.
1. Mexican Customs Broker (MCB)
A customs broker is definitely significant when importing in Mexico. Enlist a professional Mexican Customs Broker with an extensive knowledge of the Mexican importation process. This will safeguard the facilitation of your product into Mexico.
2. Official Register of Importers
To formally commence the process of importing in Mexico, you must register with the Padron de Importadores. This registration will serve as proof that you are part of the Mexican Tax Authority (SAT).
The Secretary of Treasury and Public Finance is part of the Official Register of Importers. This entity keeps an importation list of over 400 different kinds of merchandise, known as the special sectors register. Upon being officially acknowledged by the ORI, you are eligible to import products which are part of the special sectors register.
You can import a huge array of goods, including agriculture, food, textiles, chemicals, electronics, and auto parts. A trade lawyer in Mexico can assist you in applying for the special sectors list.
3. Harmonized System Tariff & HS Code Classification
Specialists refer to Harmonized System Tariff (HS Code) as an international classification system. Its main purpose is to classify products involved with the trading process across borders. The HS Code will assign a specific code to your product. You can use this code to determine specific import requirements and tariffs you have to pay.
4. Present Importation Documents (Pedimento de Importación)
Every time you import in Mexico, you need to present an importation document called Pedimento de Importacion. You must fill out a form with a Mexican customs agent. After doing so, present it to the Secretary of Treasury and Public Finance for approval. The Pedimento de Importacion must include the following documentation:
- Place and date of issue
- Name and address of the final destination
- Detailed commercial description
- Name and address of the seller
- Verification of adherence to non-tariff restrictions and regulations
- Certificate of origin
- Identification information (Serial number, part numbers, brand information, etc.)
- Certificate of weight and volume
- Verification of bond granted
5. Certificate of Origin
All goods arriving in Mexico must have an attachment known as the certificate of origin. This document will identify the origin of the goods and certify its legality. Without this document, goods cannot pass through customs.
Goods arriving from North America to Mexico must have a NAFTA Certificate of Origin. Correspondingly, goods arriving from European Union countries must contain an EUR.1 Certificate of Origin.
How to Proceed with Importing in Mexico
Mexico may have opened its arms for foreigners, but it doesn’t mean it will tolerate negligence. Many exporters commit mistakes during the entire shipping process. Take note that even small errors like incorrect documentation may cost the company dearly. To prevent this, you must exercise caution at all times. Make sure you meet the requirements completely for a smoother process. This makes the need for the Mexican trade lawyer much more apparent.
When you follow every safety measure, trading with Mexico will undoubtedly be a less stressful activity for your business. The Mexican marketplace has huge potential, thanks to the growing middle-class consumers who are opening a variety of trade opportunities for everyone. Combining this with free trade agreements results in a more feasible trading process.
The Biz Latin Hub Group aims to help both individuals and companies conduct business legally in the Latin American region. Contact our trade specialists and we will guide you through Mexican importation requirements, process, and documentation.