Mexico s Legal and Business Regulatory Framework

Size: px
Start display at page:

Download "Mexico s Legal and Business Regulatory Framework"

Transcription

1 Mexico s Legal and Business Regulatory Framework

2 Mexico s commercial openness has benefited Mexicans by both creating jobs, and promoting their products and services in international markets. 10 free trade agreements with 45 countries Mexico has executed 30 Investment Promotion and Protection Agreements (APPRI s) 9 Economic Complementation Agreements and partial scope agreements as part of the Latin America Integration Association (ALADI) Mexico actively participates Information Source:

3 Mexico has improved more than 20 places in international indexes of competitiveness and starting a business India 132 Brasil 130 Rusia 112 China 91 In the environment for doing business, according to the Doing Business, Mexico has improved 25 places in seven years, of which advanced five in the last year In competitiveness, according to the index of the World Economic Forum (WEF), Mexico has improved 38 places in eight years. Source: Doing Business 2013( World Bank) y Review of Global Competitiveness (World Economic Forum).

4 Doing business in Mexico In Mexico, an investor needs only 6 procedures in order to open a company. In Mexico, a business can be opened in 9 days. Information Source:

5 Corporate Aspects Vehicles to do business in Mexico: Subsidiary Branch Sociedad Anónima / Corporation. Sociedad de Responsabilidad Limitada / Limited Liability Company. Sociedad Anónima Promotora de Inversión / Corporation for Investment Promotion. Doesn t qualify as legal entity but has basically the same legal and tax obligations as any other legal entity in Mexico. Authorization from the Ministry of Economy is required to establish the branch. The procedure to establish a branch takes approximately one month.

6 Corporate Aspects Corporation Minimum of 2 Shareholders. No minimum corporate capital is required. Management: Board of Directors or Sole Director. Inspector of Accounts. The Bylaws and Articles of Incorporation govern. The Liability of the Shareholders is limited to the contribution in the corporate capital. The Shareholders have the preferential right to acquire the shares transferred by other Shareholder. The incorporation process takes at the most one week. Limited Company Liability Minimum of 2 Partners. The minimum corporate capital shall be agreed by the Partners at the incorporation. Management: One or more managers. Inspector of Accounts is not required. The Bylaws and Articles of Incorporation govern. The Liability of the Partners is limited to the contribution in the corporate capital. The Partners shall obtain the consent from the other partners to transfer their partnership. The incorporation process takes at the most one week. Corporation for Investment Promotion It is governed by the General Law of Business Corporations and Stock Exchange Law but may be used by the companies not listed. This vehicle is efficient in case of investments by different group of investors in the same company with different level of investments. The shareholders may agree among others: non-compete agreements, stock options, tag-along and agreements to exercise the voting rights.

7 Foreign Investment There are no foreign exchange controls. Repatriation payments can be made with no restrictions. The Foreign Investment Law allows the 100% foreign investment, except in the following areas of activity: Activities reserved to the Mexican State: Petroleum and Hydrocarbons Basic petrochemicals (ethanol, propane, butane, pentene hexane, gasoline, etc.). Electricity Generation of nuclear power Radioactive minerals Telegraphs and radiotelegraphy. Mail service. Issuance of bank notes and minting. Control, supervision and oversight of ports, airports and heliports. Activities reserved to Mexican citizens or Mexican companies with foreign investment exclusion clause: National land transport of passengers, tourist and cargo, not including messenger and parcel services. Retail sale of gasoline and distribution of liquid petroleum gas. Provision of radio broadcasting and other radio and television services other than cable television. Development bank institutions in accordance with the applicable law.

8 Foreign Investment Activities allowed to foreign investments in accordance to the following percentages: Up to 10%: Producers cooperatives. Up to 25%: National air transport, air taxi transport and specialized air transport. Up to 49%: Insurance companies, bonding companies, money exchange firms, public bonded warehouses, financial leasing companies, factoring companies, special purpose financial institutions, pension fund management companies, printing and publishing of newspapers for national circulation, port administration, companies that hold a concession in Telecommunications. Activities that require authorization from the Foreign Investment Commission to participate in a percentage higher than 49%: Port services for ships carrying out interior navigation operations. Shipping companies engaged in the exploitation of ships exclusively in high traffic. Concession or permits holding companies of airfields for service to the public. Private services of preschool, elementary, junior high, high-school or college education or combination thereof. Legal services. Credit information companies. Securities ranking institutions. Insurance agency. Cellular telephone services. Construction of pipelines for the transportation of oil and its derivatives. Perforation of oil and gas wells. Construction, operation and exploitation of railways and provision of rail transport services to the public.

9 Labor Federal Labor Law regulates labor relationships with employees and unions Labor obligations: Profit sharing Christmas bonus Holidays Retirement savings fund Vacations Social Security Housing pension fund 10% of the annual profit An amount equivalent to at least 2 weeks 8 paid holidays per year Employers must pay 2% on the employee s salary Determined on seniority Employer must register all employees and pay the corresponding quotas Employer must register all employees and pay on bimonthly basis 5% wages and benefits with a limit of 25 minimum monthly wages

10 Recent reforms and proposals Labor reform Energy reform Recent Reforms Telecomm unications reform Financial reform

11 Labor reform We summarize the salient provisions, as follows: Adequacy of Labor Work Standards consistent with the principles of the International Labor Organization. Dignified work, non-discrimination and training, among others. New Subcontracting Regime ("outsourcing"). An important aspect to consider is the potential characterization of the Contractor as Employer New Hiring Categories: seasonal period, trial period, non continual work, initial training period and part work. New Payment Alternatives. Hourly pay, rules for payment via bank transfer. Telecommuting. Using information technology Regime for Employees Assigned Abroad. Amendment to rules Work in Coal Mines. Responsibility for employers and managers in charge. Protection of women and child Rights. Recognition of rights and new features New agricultural workers Rules. New obligations for employers regarding temporary agricultural workers. Limitation of Accrued Salaries up to one year during litigation. Procedural Changes in Litigation. Trial Lawyer representation, witness procedures, powers of attorneys requirements, acceptable evidence, among others. System for Determining Sanctions. Penalties for noncompliance are substantially increased with considerable discretion for assessing these increases

12 Telecommunications reform The Constitutional Reform regarding Telecommunications, Broadcasting and Economic Competition, which highlights six main areas: Freedom of expression and access to information are reinforced, together with the rights of telecommunications and broadcasting service users. Updating the legal framework of the telecommunications sector. To reinforce legal certainty, a single order will be issued to ensure the convergent regulation of the spectrum, networks and services under the single concession system. Strengthening the institutional framework. The decree establishes the Federal Institute for Telecommunications and the Federal Economic Competition Commission as autonomous constitutional bodies. Furthermore, courts specializing in telecommunications, broadcasting and economic competition will also be established. Promoting competition. Up to 100% DFI will be permitted in telecommunications and satellite communications. A maximum of 49% DFI will be permitted in broadcasting, subject to reciprocity in the country where the investor has set up business. Establishing a Universal Digital Inclusion Policy and a National Digital Agenda. The Policy will provide for infrastructure, accessibility, connectivity, information technology, communication and digital skills. The goal is for at least 70% of households and 85% of micro, small and medium enterprises have sufficient speed to be able to download information, in adherence to international standards. Promoting greater coverage in infrastructure. To this end, a national backbone fiber optic broadband network will be promoted, together with a wholesale wireless access shared network, based on the radio-electric spectrum of the 700 megahertz band.

13 Financial reform This reform seeks to increase competition in the financial sector, to benefit the small and medium corporations; it even empowers the Federal Government to review the commercial bank s compliance on the issue of competition, for which, in the event an irregularity is being detected, a sanction will be applied. It also proposes a periodical evaluation scheme to monitor the banks which provide more credits, such evaluation will be executed by the Banking and Securities National Commission (CNBV). It seeks to strengthen the aforementioned institution and the Protection and Defense of Users of Financial Services National Commission (CONDUSEF) to supervise and sanction the banking system. The financial reform includes four sections: Development Bank. Incentive credit. Boost the financial system for the families benefit. Broaden the credit in priority areas for the development, encouraging innovation, patent creation and infrastructure. Private Institutions. Broaden credits and lower interest rates. Strengthen the CONDUSEF for its determinations are enforceable. Prohibit tied sales, encouraging more competition and benefits for the users. Increased competition. Simplify schemes to grant and execute loan guarantees. Evaluate Bank s performance. Strong system. Ministry of Finance will evaluate the performance of banks. Upraise to the category of law, the rules for stock s incorporation. Federal Courts specialization in financial matters. Improve the process of bank failure to protect the bank s customer funds.

14 Energy reform On August 12th, 2013 President submitted a Bill of Amendments to Articles 27 and 28 of the Federal Constitution, which confirm the ownership of hydrocarbons by the Nation and allows the country to take advantage of its huge energy resources under a strict State rector ship. The energy reform includes fundamental elements: Allow the Federal Government to enter into shared profit contracts with the private sector, thereby generating cheaper energy for all Mexican families. With those shared profit contracts, the country remains as the sole owner of the oil reserves, of the oil revenue and of PEMEX. The Federal Government would have the authority to grant permits to private parties for refining, petrochemical, transportation and storage activities. With a new tax regime for PEMEX, the Mexican State shall act as the owner of the petroleum wealth with a longterm view and not as a mere collector with short-term needs. PEMEX and Federal Electricity Commission re-structuring, which will help reduce costs.. Improving the transparency conditions and accountability of PEMEX and CFE. Participation of private parties in the generation of electric power. The State shall maintain on an exclusive basis the control of the National Electric System..It is a green reform in favor of sustainability, which shall allow investing more in the technological development and the adoption of clean energy sources, amicable to the natural environment. Promotes the use of less contaminating and low cost energies, such as solar, aeolian and gas energies. The purposes of the Energy Reform are: Improving the economy of families, by lowering the cost of their power and gas bills. Increasing investment and jobs. With new companies and lower rates, there will be close to 500,000 new jobs in the current Federal Administration and an additional 2,500,000 jobs in the whole country by year Strengthening PEMEX and CFE. In order for them to update and produce better results. PEMEX and CFE will continue to be 100% Mexican and 100% public companies.

15 In the near future, Mexico will have to invest in infrastructure involving deepwater exploration in the Gulf of Mexico, highways, power generation, seaports and many other areas

16 Paseo de la Reforma , México, D.F. Tel: + 52 (55) mirest@mirest.com

Foreign Investment Regulation

Foreign Investment Regulation CHAPTER II Foreign Investment Regulation Foreign investment is essential for Mexican development. It makes possible the use of foreign currency in domestic economic activity, thereby contributing to the

More information

ENERGY REFORM. Strengthen the stewardship of the State as the owner of the oil and gas, and as regulator of the oil industry.

ENERGY REFORM. Strengthen the stewardship of the State as the owner of the oil and gas, and as regulator of the oil industry. I. The Objectives of the Reform. The bill being submitted by the Federal Executive for the consideration of the Congress of the Union, proposes that Constitutional Article 27 return to state what President

More information

Mexico s Energy Reform. 2 LATAM Oil & Gas Summit

Mexico s Energy Reform. 2 LATAM Oil & Gas Summit Mexico s Energy Reform 2 LATAM Oil & Gas Summit September 10th, 2014 Dirección Jurídica Why was the Energy Reform necessary? Because PEMEX had to be strengthened and it had to diversify its risks The inertial

More information

Mexico. Rodolfo Trampe, Jorge Díaz, José Palomar and Carlos López. Von Wobeser y Sierra, S.C.

Mexico. Rodolfo Trampe, Jorge Díaz, José Palomar and Carlos López. Von Wobeser y Sierra, S.C. Mexico Rodolfo Trampe, Jorge Díaz, José Palomar and Carlos López Market overview 1 What kinds of outsourcing take place in your jurisdiction? In Mexico, a subcontracting regime (understood as the regime

More information

Mexico is living in very interesting times. With a new reform

Mexico is living in very interesting times. With a new reform Mexico s ongoing energy reform and infrastructure trends: new investment opportunities Julián J Garza C and Héctor Arangua L of Nader Hayaux & Goebel in Mexico City look at the possibilities opening up

More information

FOREIGN INVESTMENT: A LATIN AMERICAN LEGAL FRAMEWORK COMPARISON

FOREIGN INVESTMENT: A LATIN AMERICAN LEGAL FRAMEWORK COMPARISON FOREIGN INVESTMENT: A LATIN AMERICAN LEGAL FRAMEWORK COMPARISON Considering that a friendly regulatory framework regarding Foreign Direct Investment (FDI) constitutes an extremely important factor in its

More information

Global Stock Options. COLOMBIA Brigard & Urrutia Abogados

Global Stock Options. COLOMBIA Brigard & Urrutia Abogados Global Stock Options COLOMBIA Brigard & Urrutia Abogados CONTACT INFORMATION: Pilar Lopez Brigard & Urrutia Abogados Calle 70A No. 4-41 Bogota, D.C. Colombia 571. 346 2011 plopezb@bu.com.co To understand

More information

Investment Property and the Mexican Securities Market

Investment Property and the Mexican Securities Market 7 Securitisations in Mexico Daniel Kuri-Breña In Mexico, the market for securitisations has considerably expanded. While mortgage-backed securitisations played a leading role in terms of market growth

More information

Due Diligence Checklist for the Purchase of a Local Retail Business (No Intellectual Property) 1 I. FINANCE/TAX

Due Diligence Checklist for the Purchase of a Local Retail Business (No Intellectual Property) 1 I. FINANCE/TAX Due Diligence Checklist for the Purchase of a Local Retail Business (No Intellectual Property) 1 I. FINANCE/TAX 1. Financial Matters. 1.1 Seller s year end financial statements for the past 5 years and

More information

CUBAN FOREIGN INVESTMENT LEGISLATION

CUBAN FOREIGN INVESTMENT LEGISLATION CUBAN FOREIGN INVESTMENT LEGISLATION Decree Law 50 of 1982 ( Decree Law 50 ) was Cuba s first foreign investment act authorizing the formation of international joint-ventures with foreign investors. In

More information

HANDOUT 1 EXAMPLE OF A DUE DILIGENCE REQUEST LIST

HANDOUT 1 EXAMPLE OF A DUE DILIGENCE REQUEST LIST HANDOUT 1 EXAMPLE OF A DUE DILIGENCE REQUEST LIST 1 PROJECT [ ] LEGAL DUE DILIGENCE REQUEST LIST We refer to the attached Due Diligence Request List. This memorandum sets forth a proposed list of legal

More information

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS LAW ON FOREIGN CURRENCY TRANSACTIONS ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) The present Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers

More information

News FINANCIAL SURVEILLANCE BALANCE OF PAYMENTS (BOP) CATEGORIES

News FINANCIAL SURVEILLANCE BALANCE OF PAYMENTS (BOP) CATEGORIES News GLOBAL TRADE FINANCIAL SURVEILLANCE BALANCE OF PAYMENTS (BOP) CATEGORIES The South African Reserve Bank (SARB) has introduced new BOP categories and sub-categories, effective 19 August 2013. The guide

More information

INVESTING IN TURKEY THE NEW INVESTMENT INCENTIVE SYSTEM

INVESTING IN TURKEY THE NEW INVESTMENT INCENTIVE SYSTEM INVESTING IN TURKEY THE NEW INVESTMENT INCENTIVE SYSTEM Warsaw, February 2013 New Program Policy Orientation The year 2023 would be the centenary of Turkish Republic s establishment. Therefore we set up

More information

Official English translation of the investment law. In the Name of God, Most Gracious, Most Merciful. In the Name of the People

Official English translation of the investment law. In the Name of God, Most Gracious, Most Merciful. In the Name of the People Official English translation of the investment law In the Name of God, Most Gracious, Most Merciful In the Name of the People President s Office - Kurdistan Region - Iraq Pursuant to legislation by the

More information

ANNEX 8A SCHEDULE OF THE UNITED STATES. Atomic Energy. Sector: Obligations Concerned: National Treatment (Articles 8.3 and 15.

ANNEX 8A SCHEDULE OF THE UNITED STATES. Atomic Energy. Sector: Obligations Concerned: National Treatment (Articles 8.3 and 15. ANNEX 8A SCHEDULE OF THE UNITED STATES Sector: Atomic Energy Atomic Energy Act of 1954, 42 U.S.C. 2011 et seq. Investment A license issued by the United States Nuclear Regulatory Commission is required

More information

MANAGING LEGAL RISKS IN MEXICO

MANAGING LEGAL RISKS IN MEXICO MANAGING LEGAL RISKS IN MEXICO New Entrants and Continuing Operations James C. Bruno Butzel Long, a professional organization 150 West Jefferson, Suite 100 Detroit, Michigan 48226 bruno@butzel.com Tel:

More information

Mexico Shipments Made Simple. Third-party logistics providers help streamline the U.S. Mexico cross-border process WHITE PAPER

Mexico Shipments Made Simple. Third-party logistics providers help streamline the U.S. Mexico cross-border process WHITE PAPER Mexico Shipments Made Simple Third-party logistics providers help streamline the U.S. Mexico cross-border process WHITE PAPER Introduction With the cost of manufacturing rising in Asia, many companies

More information

DUE DILIGENCE CHECKLIST Acquisition of Stock

DUE DILIGENCE CHECKLIST Acquisition of Stock Buyer Buyer Consultant [Financial Consultant/Investment Banker] Buyer Legal Counsel KEY Seller Seller Entity or Seller Entities Seller,, and any other individual or entity that is an affiliate of the Seller

More information

Law of Georgia On the Investment Activity Promotion and Guarantees

Law of Georgia On the Investment Activity Promotion and Guarantees Law of Georgia On the Investment Activity Promotion and Guarantees The present law defines the legal bases for realizing both foreign and local investments and their protection guarantees on the territory

More information

MEXICAN TAX BILL FOR 2016

MEXICAN TAX BILL FOR 2016 MEXICAN TAX BILL FOR 2016 On September 8, 2015, the President sent to Congress the Tax Bill where some proposals are made to change current Mexican tax legislation. The main proposals are the following:

More information

THE CODE. On Taxes and Other Obligatory Payments

THE CODE. On Taxes and Other Obligatory Payments THE CODE of the Republic of Kazakhstan On Taxes and Other Obligatory Payments TO THE BUDGET (THE TAX CODE) Effective January 1, 2015 Developed by ITIC in cooperation with the Information Bulletin of the

More information

TOP 10 THINGS TO KNOW ABOUT DOING BUSINESS IN INDIA

TOP 10 THINGS TO KNOW ABOUT DOING BUSINESS IN INDIA TOP 10 THINGS TO KNOW ABOUT DOING BUSINESS IN INDIA By Dezan Shira & Associates, Delhi Office delhi@dezshira.com 1. What are my options for investment? Foreign investment into India can come in a variety

More information

Setting up your Business in France Issues to consider

Setting up your Business in France Issues to consider Around 20,000 foreign companies are already established, running businesses under many different legal forms. The reforms that France has pursued to improve competitiveness and the business environment

More information

New UAE Commercial Companies Law: Legal reforms to strengthen the legal and regulatory landscape of doing business in the UAE

New UAE Commercial Companies Law: Legal reforms to strengthen the legal and regulatory landscape of doing business in the UAE from Legal Middle East New UAE Commercial Companies Law: Legal reforms to strengthen the legal and regulatory landscape of doing business in the UAE May 2015 In brief After years of speculation regarding

More information

Nigeria. Folasade Olusanya, Adekunle Soyibo & Oluwaseye Ayinla Jackson, Etti & Edu

Nigeria. Folasade Olusanya, Adekunle Soyibo & Oluwaseye Ayinla Jackson, Etti & Edu Folasade Olusanya, Adekunle Soyibo & Oluwaseye Ayinla Jackson, Etti & Edu Overview of merger control activity and procedure M&A activity in has continued to be vibrant. The year 2013 witnessed remarkable

More information

Brazil Economic Overview

Brazil Economic Overview Brazil Economic Overview New York Alexandre Tombini Governor February 2013 1 Macroeconomic Policy and Social Development Macroeconomic fundamentals, combined with adequate prudential policies and strong

More information

Useful information for Export Promotion and Foreign Investment attraction in Uruguay

Useful information for Export Promotion and Foreign Investment attraction in Uruguay Useful information for Export Promotion and Foreign Investment attraction in Uruguay 1. Export incentives 1.1. Temporary admission Supply imports for export industries are subject to a system that permits

More information

Contact Points on Government Procurement as of January 1, 2005

Contact Points on Government Procurement as of January 1, 2005 Contact Points on Government Procurement as of January 1, 2005 A. Entities Covered by the Agreement on Government Procurement House of Representatives Accounts Div., General Affairs 03(3581)5111 2323 House

More information

Supplementary materials

Supplementary materials Supplementary materials VIII Investment framework Over the last several years, Mexico has removed significant foreign investment barriers as part of an ambitious economic development plan that aims to

More information

REGULATION ON MEASUREMENT AND ASSESSMENT OF CAPITAL REQUIREMENTS OF INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES

REGULATION ON MEASUREMENT AND ASSESSMENT OF CAPITAL REQUIREMENTS OF INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES REGULATION ON MEASUREMENT AND ASSESSMENT OF CAPITAL REQUIREMENTS OF INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES Official Gazette of Publication: 19.01.2008 26761 Issued By: Prime Ministry

More information

List of Purpose Code of Payment

List of Purpose Code of Payment List of Purpose Code of Payment Gr. No Purpose Group Name Purpose Code Description S0017 Acquisition of non-produced non-financial assets (Purchase of intangible assets like patents, copyrights, trademarks

More information

PRACTICAL LAW EMPLOYEE SHARE PLANS LABOUR AND EMPLOYEE BENEFITS VOL 2 MULTI-JURISDICTIONAL GUIDE 2011/12. The law and leading lawyers worldwide

PRACTICAL LAW EMPLOYEE SHARE PLANS LABOUR AND EMPLOYEE BENEFITS VOL 2 MULTI-JURISDICTIONAL GUIDE 2011/12. The law and leading lawyers worldwide PRACTICAL LAW MULTI-JURISDICTIONAL GUIDE 2011/12 EMPLOYEE SHARE PLANS LABOUR AND EMPLOYEE BENEFITS VOL 2 The law and leading lawyers worldwide Essential legal questions answered in 21 key jurisdictions

More information

NEWSFLASH October 2009

NEWSFLASH October 2009 NEWSFLASH October 2009 INVESTING IN INFRASTRUCTURE IN VIETNAM Vietnam's need for investment in infrastructure to keep pace with and to sustain economic growth has been voiced loudly. To date, the State

More information

Sanford C. Bernstein Strategic Decisions Conference. May 2014. Tom Lynch Chairman and Chief Executive Officer

Sanford C. Bernstein Strategic Decisions Conference. May 2014. Tom Lynch Chairman and Chief Executive Officer Sanford C. Bernstein Strategic Decisions Conference May 2014 Tom Lynch Chairman and Chief Executive Officer FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES Forward-Looking Statements -- This presentation

More information

Please refer to the category description to assist you in determining the main category to be used for your transaction type.

Please refer to the category description to assist you in determining the main category to be used for your transaction type. BOP category description aid Outward Please refer to the category description to assist you in determining the main category to be used for your transaction type. Main description Category description

More information

Contents of Online Data Room

Contents of Online Data Room Form: Contents of Online Data Room Description: In many M&A transactions, an online data room is prepared to house key documents that a buyer will want to review as part of its due diligence process. This

More information

John P. Barker, Raul R. Herrera, Arturo Caraballo, and John B. Bellinger III September 2015. Introduction

John P. Barker, Raul R. Herrera, Arturo Caraballo, and John B. Bellinger III September 2015. Introduction Obama Administration Promulgates Further Revisions to Cuba Regulations Designed to Encourage Economic Engagement and Other Exchanges Between the US and Cuba John P. Barker, Raul R. Herrera, Arturo Caraballo,

More information

Creating and Retaining Sustainable Good Green Jobs

Creating and Retaining Sustainable Good Green Jobs RESOLUTION 10 Creating and Retaining Sustainable Good Green Jobs Submitted by the Executive Council Referred to the Legislation and Policy Committee ADDRESSING GLOBAL CLIMATE CHANGE, protecting our environment

More information

L A W ОN FOREIGN EXCHANGE OPERATIONS

L A W ОN FOREIGN EXCHANGE OPERATIONS L A W ОN FOREIGN EXCHANGE OPERATIONS This Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers between residents and nonresidents in foreign means of payment and dinars;

More information

EMPLOYMENT CONTRACT BETWEEN

EMPLOYMENT CONTRACT BETWEEN This sample is for illustrative purposes only and should not be used as a template. STMA recommends that you utilize professional legal counsel whenever entering into an employment contract or agreement.

More information

LEGAL GOVERNANCE FOR BUSINESSES IN MYANMAR

LEGAL GOVERNANCE FOR BUSINESSES IN MYANMAR LEGAL GOVERNANCE FOR BUSINESSES IN MYANMAR GOH WANJING PARTNER, INFRASTRUCTURE, CONSTRUCTION AND ENGINEERING GROUP MYANMAR REPRESENTATIVE WongPartnership LLP (UEN: T08LL0003B) is a limited liability law

More information

Article 12.3 (Most-Favored-Nation Treatment); Article 12.4 (Market Access for Financial Institutions); Article 12.5 (Cross-Border Trade); or

Article 12.3 (Most-Favored-Nation Treatment); Article 12.4 (Market Access for Financial Institutions); Article 12.5 (Cross-Border Trade); or ANNEX III FINANCIAL SERVICES NON-CONFORMING MEASURES SCHEDULE OF KOREA INTRODUCTORY NOTE 1. The Schedule of Korea in this Annex sets out: (a) (b) headnotes that limit or clarify the commitments of Korea

More information

HOW TO START-UP. Doing Business in the Kurdistan Region INVEST IN GROUP. In partnership with 1

HOW TO START-UP. Doing Business in the Kurdistan Region INVEST IN GROUP. In partnership with 1 HOW TO START-UP Doing Business in the Kurdistan Region INVEST IN GROUP In partnership with 1 How to Start-Up Doing Business in the Kurdistan Region Deloitte in Kurdistan How will you benefit? Using our

More information

Infrastructure in Colombia Key investment considerations. June 18, 2014

Infrastructure in Colombia Key investment considerations. June 18, 2014 Infrastructure in Colombia Key investment considerations June 18, 2014 With you today Stephen Best Stephane Villeneuve Senior Manager Global Infrastructure KPMG General Manager New Markets and Strategy

More information

Only in case of serious legal break

Only in case of serious legal break MEXICO Electricity and Hydrocarbons Regulator NAME WEBSITE LATEST ANNUAL REPORT Comisión Reguladora de Energía or Energy Regulatory Commission CRE http://www.cre.gob.mx http://www.cre.gob.mx/pagina_a.aspx?id=25

More information

Latin America/Caribbean. Andrews Kurth in Latin America and the Caribbean. Legal Services in Latin America and the Caribbean

Latin America/Caribbean. Andrews Kurth in Latin America and the Caribbean. Legal Services in Latin America and the Caribbean Andrews Kurth in Latin America and the Caribbean With experience in leading projects and counseling clients in virtually every Latin American country and the Caribbean region, Andrews Kurth lawyers are

More information

A Guide to Crowdfunding for Companies Seeking to Raise Capital

A Guide to Crowdfunding for Companies Seeking to Raise Capital A Guide to Crowdfunding for Companies Seeking to Raise Capital A publication of the Securities Law Practice mefiifmp=kfwbo LLP June 2012 On April 5, 2012, President Obama signed into law the Jumpstart

More information

Comparison of 1997 NAICS-based ISI codes with 2002 NAICS-based ISI codes

Comparison of 1997 NAICS-based ISI codes with 2002 NAICS-based ISI codes Comparison of 1997 NAICS-based ISI s with 2002 NAICS-based ISI s The following table shows how the international surveys industry (ISI) s based on the 1997 North American Industry Classification System

More information

Pilot Free Trade Zone Shanghai

Pilot Free Trade Zone Shanghai Pilot Free Trade Zone Shanghai Shanghai s first Free Trade zone was launched in September 2013, targeted to make Shanghai an international trade and finance hub. It was established on the strategic decision

More information

HUMAN RESOURCES COMMITTEE OF THE BOARD OF DIRECTORS OF THE TORONTO-DOMINION BANK CHARTER

HUMAN RESOURCES COMMITTEE OF THE BOARD OF DIRECTORS OF THE TORONTO-DOMINION BANK CHARTER HUMAN RESOURCES COMMITTEE OF THE BOARD OF DIRECTORS OF THE TORONTO-DOMINION BANK Main Responsibilities: CHARTER ~~ Responsible for Management s Performance Evaluation, Compensation and Succession Planning

More information

TAXATION AND FOREIGN EXCHANGE

TAXATION AND FOREIGN EXCHANGE This appendix contains a summary of laws and regulations in respect of taxation and foreign exchange in Hong Kong and the PRC. I. TAXATION IN THE PRC 1. Taxes Applicable to Joint-Stock Limited Companies

More information

Mexico s Energy Reform A Game Changer in the Nation s History

Mexico s Energy Reform A Game Changer in the Nation s History December 2013 David Enríquez Senior Partner Oil & Gas Maritime Mexico s Energy Reform A Game Changer in the Nation s History I BACKGROUND AND PARLIAMENTARY WORK A 3 PROPOSALS Contract model Concession

More information

TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK

TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK TRINIDAD AND TOBAGO Introduction TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK CONTACT INFORMATION Myrna Robinson-Walters M. Hamel-Smith &Co Eleven Albion, Dere and Albion Streets, Port-of-Spain,Trinidad

More information

CITIZENS' LABOR RIGHTS PROTECTION LEAGUE N.Narimanov street, 11 \ 16, Baku AZ1006, Azerbaijan

CITIZENS' LABOR RIGHTS PROTECTION LEAGUE N.Narimanov street, 11 \ 16, Baku AZ1006, Azerbaijan CITIZENS' LABOR RIGHTS PROTECTION LEAGUE N.Narimanov street, 11 \ 16, Baku AZ1006, Azerbaijan INTERNATIONAL COVENANT ON ECONOMIC, SOCIAL AND CULTURAL RIGHTS ANNEX TO THE ALTERNATIVE REPORT SUBMITTED BY

More information

Pursuant to Article 95, item 3 of the Constitution of Montenegro I hereby pass the ENACTMENT PROCLAIMING THE LAW ON BANKS

Pursuant to Article 95, item 3 of the Constitution of Montenegro I hereby pass the ENACTMENT PROCLAIMING THE LAW ON BANKS Pursuant to Article 95, item 3 of the Constitution of Montenegro I hereby pass the ENACTMENT PROCLAIMING THE LAW ON BANKS I hereby proclaim the Law on Banks, adopted by the Parliament of Montenegro at

More information

Home Health Agency Due Diligence Document Request INSTRUCTIONS

Home Health Agency Due Diligence Document Request INSTRUCTIONS Home Health Agency Due Diligence Document Request INSTRUCTIONS Please provide copies of all of the documents listed in this Home Health Agency Due Diligence Document Request. is referred to in this document

More information

U.S. Immigration Options for Hiring and Transferring Foreign Personnel

U.S. Immigration Options for Hiring and Transferring Foreign Personnel U.S. Immigration Options for Hiring and Transferring Foreign Personnel by H. Ronald Klasko * One of the critical concerns of foreign-owned companies establishing U.S. operations and of U.S. businesses

More information

INDONESIA Ali Budiardjo, Nugroho, Reksodiputro

INDONESIA Ali Budiardjo, Nugroho, Reksodiputro Bank Finance and Regulation Survey INDONESIA Ali Budiardjo, Nugroho, Reksodiputro I. BANKS AND FINANCIAL INSTITUTIONS SUPERVISION 1) Applicable laws and regulation. Provide a list of the main laws and

More information

GUIDE FOR COMPANY REGISTRATION IN IRAQ

GUIDE FOR COMPANY REGISTRATION IN IRAQ THE USAID -TIJARA PROVINCIAL ECONOMIC GROWTH PROGRAM GUIDE FOR COMPANY REGISTRATION IN IRAQ JUNE 2012 This report was produced for review by the U.S. Agency for International Development (USAID). It was

More information

Treatment of capital gains in mining projects in Ecuador

Treatment of capital gains in mining projects in Ecuador Treatment of capital gains in mining projects in Ecuador September 2015 CAPITAL GAINS TA IN LATIN AMERICA Is the indirect disposal of shares taxed? Country Taxes Does not tax Brazil Argentina Chile Colombia

More information

TOP TEN Reasons to Invest in Portugal

TOP TEN Reasons to Invest in Portugal TOP TEN Reasons to Invest in Portugal October 2012 Reasons to Invest in Portugal Qualified, Motivated, Flexible and innovation-oriented Human Resources High Quality of Logistics, road, airport and seaport

More information

Supporting technology development: The role of the public sector in Mexico

Supporting technology development: The role of the public sector in Mexico Supporting technology development: The role of the public sector in Mexico Heavy Oil Working Group August 2011 Dr. Edgar Rangel Germán Commissioner 1 Outline Mexico s s energy reform and the new E&P regulatory

More information

UNEP IMF GIZ - GSI workshop. Reforming Fossil Fuel Subsidies for an Inclusive Green Economy

UNEP IMF GIZ - GSI workshop. Reforming Fossil Fuel Subsidies for an Inclusive Green Economy UNEP IMF GIZ - GSI workshop Reforming Fossil Fuel Subsidies for an Inclusive Green Economy April, 2014 1 Index I. Pricing Policy and Implicit Subsidies: a) Fossil fuels b) Electricity II. Mexican Fiscal

More information

How To Calculate Napcs

How To Calculate Napcs NAPCS List for NAICS 54133: Engineering Services 54133 1 Engineering services Applying physical laws and principles in the design, development, and utilization of machines, materials, instruments, structures,

More information

OUTSOURCING IN LATIN AMERICA

OUTSOURCING IN LATIN AMERICA OUTSOURCING IN LATIN AMERICA 6 Key Questions to Consider Are there any specific laws or regulations in your jurisdiction regarding outsourcing contracts? Based on legislation or case law, in your country,

More information

PART C: GENERAL BUSINESS CREDIT

PART C: GENERAL BUSINESS CREDIT PART C: GENERAL BUSINESS CREDIT 15. CREDIT FOR INVESTING IN PROPERTY IN SOUTH CAROLINA South Carolina Code 12-14-60 allows a taxpayer a credit against income taxes for qualified manufacturing and productive

More information

EMPLOYER S SOCIAL CONTRIBUTIONS AND EMPLOYEE SOCIAL, MEDICAL AND PENSION BENEFIT IN RUSSIA

EMPLOYER S SOCIAL CONTRIBUTIONS AND EMPLOYEE SOCIAL, MEDICAL AND PENSION BENEFIT IN RUSSIA Authors: Jon Hellevig, Anton Kabakov, and Artem Usov. Jon Hellevig, Managing partner of Awara Group LinkedIn: http://www.linkedin.com/in/jonhellevig Facebook: http://www.facebook.com/jonhellevig E-mail:

More information

Session EF1 Terminations Roundtable (double session) Presented by: David Whitten, Whitten & Lublin, LLP & Annie Chong, Thomson Reuters

Session EF1 Terminations Roundtable (double session) Presented by: David Whitten, Whitten & Lublin, LLP & Annie Chong, Thomson Reuters Session EF1 Terminations Roundtable (double session) Presented by: David Whitten, Whitten & Lublin, LLP & Annie Chong, Thomson Reuters Termination Presented by: Annie Chong Thomson Reuters Agenda Reasons

More information

C. Resources - are factors of production that are used in the production of goods and services. Types of resources are:

C. Resources - are factors of production that are used in the production of goods and services. Types of resources are: I. CE.11a A. People make choices about how to use limited resources, decide the ownership of resources, and structure markets for the distribution of goods and services. B. Scarcity there is never enough

More information

Balance of Payments Methodology. I. General

Balance of Payments Methodology. I. General Balance of Payments Methodology I. General The DNCI (Dirección Nacional de Cuentas Internacionales) is responsible for compiling Argentina s balance of payments statistics. These data are published quarterly

More information

General Director Regulations EuroChem Mineral & Chemical Company, OJSC

General Director Regulations EuroChem Mineral & Chemical Company, OJSC APPROVED By decision of the Annual General Shareholders Meeting of Minutes dated 25 June 2008 General Director Regulations (new revision) Moscow 2008 Contents 1. GENERAL PROVISIONS... 3 2. THE GENERAL

More information

Regulations on the Employment of Human Resources, Insurance and Social Security in the Free Zones of the Islamic Republic of Iran

Regulations on the Employment of Human Resources, Insurance and Social Security in the Free Zones of the Islamic Republic of Iran Regulations on the Employment of Human Resources, Insurance and Social Security in the Free Zones of the Islamic Republic of Iran Chapter one: General Article 1 In these regulations, the following terms

More information

SPECIMEN. (1) advising, counseling or giving notice to employees, participants or beneficiaries with respect to any Plan;

SPECIMEN. (1) advising, counseling or giving notice to employees, participants or beneficiaries with respect to any Plan; In consideration of payment of the premium and subject to the Declarations, limitations, conditions, provisions and other terms of this Policy, the Company and the Insureds agree as follows: I. INSURING

More information

Setting up your Business in UAE Issues to consider

Setting up your Business in UAE Issues to consider The UAE has a vibrant free economy, a significant proportion of its revenues arising from exports of oil and gas. The establishment of free zones has been an important feature of a diversification policy

More information

National Digital Strategy

National Digital Strategy National Digital Strategy November 2013 National Digital Strategy INDEX Address by Mexican President 5 Foreword 7 Executive Summary 9 Introduction and Overview 11 1. Digitization for Economic, social

More information

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Tanzania kpmg.com Tanzania Introduction Taxation of individuals under the Income Tax Act 2004 (ITA) is on the basis of both residence and source.

More information

Thailand. Introduction. Terminations. Restrictions On Employers

Thailand. Introduction. Terminations. Restrictions On Employers Thailand Introduction The major laws that determine the relationship between employers and employees in Thailand are the Civil and Commercial Code, the Labor Relations Law, the Labor Protection Act, the

More information

BUSINESS VALUATION QUESTIONNAIRE

BUSINESS VALUATION QUESTIONNAIRE BUSINESS VALUATION QUESTIONNAIRE The responses to the questions contained in this questionnaire will be used in our valuation analysis. As such, please provide as much detail in your responses as possible.

More information

North Bay Industry Sector Rankings (By County) October 2015 Jim Cassio

North Bay Industry Sector Rankings (By County) October 2015 Jim Cassio North Bay Rankings (By County) October 2015 Jim Cassio North Bay Rankings (By County) Source: EMSI (Economic Modeling Specialists, Intl.) Contents Lake County... 3 Jobs... 3 Job Growth (Projected)...

More information

IN DEFENSE OF THE JONES ACT

IN DEFENSE OF THE JONES ACT IN DEFENSE OF THE JONES ACT ASBA Annual Cargo Conference Miami, FL September 26-28, 2012 Background of the Jones Act Section 27 of the Merchant Marine Act of 1920 (46 U.S.C. 883), commonly referred to

More information

MEXICAN ENERGY REFORMS

MEXICAN ENERGY REFORMS MEXICAN ENERGY REFORMS JOHNS HOPKINS UNIVERSITY School of Advanced International Studies Dr. Francisco Barnés de Castro Comisión Reguladora de Energía Abril 29, 2014 1. Brief history of the energy industry

More information

REGULATORY OVERVIEW. PRC Laws and Regulations Relating to the Product Liability

REGULATORY OVERVIEW. PRC Laws and Regulations Relating to the Product Liability Although our Company was incorporated in the Cayman Islands, a substantial part of our Group s operations are conducted in the PRC and are governed by PRC Laws and Regulations. This section sets out summaries

More information

Military Transactions

Military Transactions 8 Military Transactions In this section: Coverage and definitions Estimation methods overview U.S. receipts Transfers under U.S. military agency sales contracts U.S. payments Direct defense expenditures

More information

Investment Business in Bermuda

Investment Business in Bermuda Investment Business in Bermuda Foreword This memorandum has been prepared for the assistance of those who require information about the Investment Business Act 2003. It deals in broad terms with the requirements

More information

Retention Period for Specific Records. Retention Period. Permanent. Permanent. Permanent

Retention Period for Specific Records. Retention Period. Permanent. Permanent. Permanent for Specific s Corporate/Organization s Board records, including agendas, resolutions, and minutes Corporate maps or hierarchy charts Incorporation records, including articles of incorporation and bylaws,

More information

2015 NEVADA TAX REFORMS. Commerce Tax, Modified Business Tax, Business License Fee

2015 NEVADA TAX REFORMS. Commerce Tax, Modified Business Tax, Business License Fee Joshua J. Hicks Attorney at Law 775.622.9450 tel 775.622.9554 fax jhicks@bhfs.com 2015 NEVADA TAX REFORMS Commerce Tax, Modified Business Tax, Business License Fee Current as of June 10, 2015 A. Commerce

More information

PERSONAL LIABILITY OF DIRECTORS AND OFFICERS

PERSONAL LIABILITY OF DIRECTORS AND OFFICERS PERSONAL LIABILITY OF DIRECTORS AND OFFICERS WHO ARE DIRECTORS AND OFFICERS? A director is a person appointed to manage business affairs of a corporation. There may be different types of directors, for

More information

Bank Finance and Regulation Survey. Bolivia

Bank Finance and Regulation Survey. Bolivia Bank Finance and Regulation Survey Bolivia I. Banks and Financial Institutions Supervision 1. Applicable laws and regulations: Laws: Law No. 1178 dated Jul. 20, 1990: Law No. 1488 dated Apr. 14, 1993:

More information

Canadian Spirit Resources Inc.

Canadian Spirit Resources Inc. This management discussion and analysis ( MD&A ) of the financial conditions and results of operations should be read in conjunction with the audited financial statements for the year ended December 31,

More information

RESTATED AND AMENDED CERTIFICATE OF INCORPORATION TRECORA RESOURCES. As of May 22, 2014. ******** FIRST. The name of the corporation is

RESTATED AND AMENDED CERTIFICATE OF INCORPORATION TRECORA RESOURCES. As of May 22, 2014. ******** FIRST. The name of the corporation is RESTATED AND AMENDED CERTIFICATE OF INCORPORATION OF TRECORA RESOURCES As of May 22, 2014 ******** FIRST. The name of the corporation is TRECORA RESOURCES SECOND. Its principal office in the State of Delaware

More information

Andres Manuel Lopez Obrador President For a Stronger and Better Mexico

Andres Manuel Lopez Obrador President For a Stronger and Better Mexico Andres Manuel Lopez Obrador President For a Stronger and Better Mexico A VISION FOR THE FUTURE OF A GREAT NATION Lopez Obrador is a strong leader who stands for values, social responsibility, economic

More information

LAW ON FOREIGN EXCHANGE OPERATIONS OF FEDERATION OF BOSNIA AND HERZEGOVINA

LAW ON FOREIGN EXCHANGE OPERATIONS OF FEDERATION OF BOSNIA AND HERZEGOVINA The translation of BiH legislation has no legal force and should be used solely for informational purposes. Only legislation published in the Official Gazettes in BiH is legally binding. LAW ON FOREIGN

More information

Legal Guide to Forming a Corporation in Luxembourg

Legal Guide to Forming a Corporation in Luxembourg Legal Guide to Forming a Corporation in Luxembourg March 2008 Business in the Grand-Duchy of Luxembourg (the GDL ) may be carried out by individual trader(s) or by way of forming a corporate entity, whereby

More information

Business in Egypt Your step-by-step guide to doing business in Egypt

Business in Egypt Your step-by-step guide to doing business in Egypt egypton.com Business in Egypt Your step-by-step guide to doing business in Egypt Egypt enjoys working with the world We are committed to encouraging the world s ICT companies to come and do business in

More information

TABLE OF CONTENTS. (2007 and planned).. 9

TABLE OF CONTENTS. (2007 and planned).. 9 TABLE OF CONTENTS Section 1. Executive Summary.... 2 Section 2. Survey Coverage and Analysis... 3 Section 3. Ownership and Organization of Airports... 3 Section 4. Ownership and Organization of Air Navigation

More information

INFONAVIT. Alejandro Murat Hinojosa

INFONAVIT. Alejandro Murat Hinojosa INFONAVIT Alejandro Murat Hinojosa INSTITUTO DEL FONDO NACIONAL DE LA VIVIENDA PARA LOS TRABAJADORES This presentation may contain forward looking statements. These statements may include the plans and

More information

This summary covers decrees containing secondary energy laws issued by the Federal Executive in the Official Gazette dated August 11 of this year.

This summary covers decrees containing secondary energy laws issued by the Federal Executive in the Official Gazette dated August 11 of this year. * This summary covers decrees containing secondary energy laws issued by the Federal Executive in the Official Gazette dated August 11 of this year. 2 Index The Mexican Petroleum Law..5 The Federal Electricity

More information

IN ASSOCIATION WITH BAKER & MCKENZIE LIMITED. An Outline of Various Forms of Doing Business in Saudi Arabia

IN ASSOCIATION WITH BAKER & MCKENZIE LIMITED. An Outline of Various Forms of Doing Business in Saudi Arabia IN ASSOCIATION WITH BAKER & MCKENZIE LIMITED An Outline of Various Forms of Doing Business in Saudi Arabia April 2012 Table of Contents I. Limited Liability Company... 1 1 General... 1 2 Features of a

More information

West Japan Railway Company

West Japan Railway Company (Translation) Matters to be disclosed on the Internet in accordance with laws and ordinances and the Articles of Incorporation NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTES TO NON-CONSOLIDATED FINANCIAL

More information