On October 31, 2014, a decree by means of which the Regulations to the Foreign Investment Law and the National Registry of Foreign Investments ("RLIE" for its Spanish Acronym) were amended, , was published in the Federal Official Gazette. On February 23, 2015, complementing the amendments to the RLIE, a general resolution determining the thresholds to update the information and renew the registration with the National Registry of Foreign Investments ("RNIE" for its Spanish Acronym), rules to carry out electronic filings with the RNIE, and a general resolution approving new forms for filings with the Ministry of Economy, among other government agencies, were also published. Among the main changes, as of January 28, 2015:
Entities obliged to register with the RNIE must file an economic report within the first five months of each year, in order to renew their registration, on the dates mentioned below, depending on the first letter of their name:
- From A to J, during April.
- From K to Z, during May.
only, when any of the following accounts exceeds the threshold determined by the National Commission of Foreign Investment ("CNIE" for its Spanish Acronym), which is currently set at MXN$110 million:
(i) total assets (initial or final);
(ii) total liabilities (initial or final);
(iii) book value (initial or final);
(iv) revenue (in Mexico and abroad); and
(v) costs and expenses (in Mexico or abroad).
All filings made extemporaneously with RNIE from January 29 through April 28, 2015, will be entitled to the minimum fine of MXN$2,103.00. As from April 29, 2015, a progressive fine will be implemented and there will no longer be discounts nor "combos", i.e. every late filing will have its own separate fine.
A Quarterly Update Report must be filed (within 10 business days following the end of each quarter) only if the movement being notified exceeds MXN$20 million.
A Quarterly Update Report must be filed when any of the following events takes place during a given quarter:
- Changes in the name, tax domicile, or corporate purpose;
- Changes in the ownership structure that imply changes in the equity interests of non-Mexican individuals or companies, for an amount exceeding MXN$20 million; and,
- Revenue, costs and expenses (as mentioned in the corresponding form) that exceed MXN$20 million.
Article 33 of the RLIE establishes that filings with the RNIE must be carried out through the corresponding forms and attaching any documents required therein. On February 23, 2015, new updated forms were published in the Official Gazette, the total number of forms being reduced from 14 to 12.
Registration with the RNIE shall be evidenced by:
- The document that proves the filing of the annual economic report of the preceding fiscal year (when applicable).
- For companies that did not have the obligation to file the annual economic report, the document evidencing their registration with the RNIE.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.