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The Mexican Institute for Competitiveness (IMCO) positioned Mexico as the 37th most competitive country in the world in a list of 43 countries, according to its 2021 International Competitiveness Index (ICI).
KEY POINTS
On October 8, 2021, Mexico’s Economy Ministry announced that it is working on a program to improve and restructure the Manufacturing, Maquiladora, and Export Services Industries (IMMEX).
The program will focus on: Job creation for the domestic market; Facilitate investments & international trade; Sector regionalization.
As a result, the program will prioritize reducing unnecessary paperwork and implement digital processes in order for a company to apply for the IMMEX program.
OVERVIEW
The IMMEX (formerly Maquiladora) program in Mexico offers favorable tax benefits to companies manufacturing in the country, especially for companies who primarily manufacture products that will be exported out of Mexico. IMMEX companies are exempt from the 16% Value Added Tax (VAT) when importing raw goods, materials, and equipment for manufacturing processes. Additionally, they do not pay duties when exporting finished goods to the US and Canada.
Mexico’s General Director of Trade Facilitation, Dora Rodriguez explained that the IMMEX program needs to be updated in order to accelerate Mexico’s economic recovery. Resultantly, the first step in renewing the IMMEX program will be to expedite certain processes required in its application by digitizing unnecessary paperwork.
LOOKING FORWARD
While there are many benefits to the IMMEX (Maquiladora) program, it comes with many strict regulations and requirements that change on a regular basis. As a result, companies operating under the program must maintain detailed records, track inventory, and their trade flows. It’s challenging for many businesses to keep up with these requirements on their own. However, Nexus’s Trade Compliance team has developed a state-of-the-art software program that is designed specifically for personalized and real-time inventory management to register the entry and exit of goods for IMMEX companies to comply with Anexo 24 and Anexo 31.
By working with Nexus, you can use an existing maquiladora certification or we can create and manage a new license for your IMMEX. Our team will take care of your operations with integral supply chain management services so that you can do what you do best, and we will take care of the rest.
Secure permits, licenses, and ensure compliance
Navigate an ever-changing regulatory landscape
Manage institutional relationships
Identify potential industrial buildings to set up your facilities
Site selection analysis
Human resources and recruiting
Accounting, payroll, and accounts payable
International trade and customs compliance
Finding contractors for building improvements
Local procurement
Customs brokerage
International logistics management
Inspection of cargo at origin
Environmental compliance
And more…
Contact us today to learn more.