Registration in the Mexican Business Information System (SIEM)

March 23, 2007
Registration in the Mexican Business Information System (SIEM)

The Mexican Business Information System (SIEM) is an obligatory public business registry on which all industrial,commercial or service businesses must register in conformity with the provisions of Articles 28 and 29 of the Law ofBusiness Chambers and their Confederations. Registry before the SIEM may be made through business chambers authorizedby the Department of the Economy (SECON), in accordance with the trade, activity or location of the business, whichrequires the completion of a form and payment of corresponding registration fees as determined by the sector to which thebusiness belongs, as well as the number of employees of such business. This registration must be renewed each year beforethe end of February with the SECON being authorized to impose fines for not complying with this obligation or for providingincorrect information to the SIEM. It is important to mention that it is not a requirement to be affiliated with a particularchamber in order to be registered or renew a registry with the SIEM, given that affiliation with the Chamber of Commerce inMexico is voluntary and Mexican Chambers of Commerce may not condition membership in their organizations, or paymentof additional fees, as a requirement for membership in any such chamber.

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