Mexico adopted a plan that strives to welcome as many visitors as feasible, irrespective of their country of residence or traveling spending plan, to become a hotspot for everyone. The Mexican tourist sector is constantly expanding, offering new economic prospects to entrepreneurs. Initiatives to construct resorts with large capacity and reasonable pricing as well as a sizable port on the Isla Cortes are already initiated. Tennis courts, luxury lodges, docks for over 400 ships, and 20 mega yachts are all being created to turn it into Central America’s Monte-Carlo.
These federal programs have attracted numerous people who wish to take advantage of these benefits by establishing a tour company here. Nevertheless, to accomplish their aims, people must carefully plan their tour business and adhere to all legal regulations. The step-by-step guide on how to launch a tour company in Mexico is provided below.
- Choose the business structure
The following corporate structures are available to tourism-related businesses in Mexico:
It is the easiest and most popular company type. There is no separation between the company and the owner. All revenues belong to the owner, and he is also liable for any damages or debts incurred by the company. This corporate form may be appropriate for you if you intend to launch a tour business by yourself with a minimal down payment.
Limited liability firm
The Governor of State’s office can assist you with registering a New Mexico LLC. Such an organizational framework is created by two or more partners. Shareholders of an LLC are its proprietors. No shareholder of a limited liability corporation is responsible for its debts. The most ideal business structure for a travel agency is this one.
Partnerships can be a useful option for parties that wish to explore their corporate notion before establishing a more formalized firm. Because it is the basic structural unit for two or more individuals to operate a company together.
A corporation is a distinct corporate body. It is created by selecting investors and submitting a memorandum of association in the jurisdiction where the business is based. To manage company affairs, the firm also establishes a governing board.
- Choose the location
Your area’s tourist sights are a solid guide to what would and wouldn’t create a profitable travel enterprise. For instance, escorted vineyard trips, regional b&bs, and airport transit systems are all potential business possibilities if your region is remote from the population and abundant with winemakers.
Before deciding which site is best for you, make sure to assess the competitors and fully investigate the travel industries in the places you are planning. You should pick a venue that is not extremely crowded and where you can add something special.
- Obtain tax id
Your national tax ID is your business identification code. It is required to create a checking account, submit state tariffs, recruit staff, and request corporate licenses and approvals. Applying for a tax id is free, and you should do it as soon as you incorporate your firm.
If your company pays staff, conducts operations as an LLC, or submits tax filings for staff, it requires a national tax ID number. You can apply for a CRS tax number with the local department of revenue once you have a tax identification number.
- Obtain the permits
Businesses in the tourism industry require a variety of licenses and permissions from national and local organizations. Your company’s operations, location, and corporate standards all affect the requirements and costs. You must get in touch with the New Mexico State Regulatory Board if your local trip organization will use compact passenger cars for trails and touristic operations.
Furthermore, the Unified Carriage Registry (UCR) applies to you if your travel company intends to drive a van or coach within state lines. UCR mandates registration and yearly fees depending on the van size.