Answer ... The Federal Employment Law sets out all general and specific obligations applicable to employers, including foreign employers of Mexican individuals.
Therefore, employers must comply with the following, among others:
- Mexican law, when hiring Mexican employees who render their services inside or outside the country (Article 10 and Articles 20, 21, and 24 to 28-D);
- the obligation to pay all applicable salaries and duties (ie, social security, pensions) (Article 132(II) and Articles 143(a) to (g)); and
- outsourcing obligations, if acting either as an outsourcing company or as the employer of an outsourcing company (Articles 15(A) to (D)).
In this regard, whenever a fintech company hires a Mexican employee, it must do so under Mexican law and will be subject to the Mexican employment, social security and tax regulatory framework.
Answer ... The financial services industry in Mexico has evolved thanks to the emergence of new technologies. Mexico recently cemented its position as the largest fintech hub in Latin America, with more than 394 operating fintech companies – just ahead of Brazil, which has 380.
Therefore, the Mexican market affords abundant opportunities both for fintech companies and for talented individuals who might wish to join them.