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Bussines in México

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Alejandro Novelo

on 17 November 2014

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Transcript of Bussines in México

How to do business in México?
Alejandro Peraza

Diana Bargas

Natalie Osadzińska

Tunde Awoyemi

Yulia Mihaiu
TABLE OF CONTENTS
General information about México
Enterprise and business environment
Hofstede Index and other cultural dimentions
When doing business in Mexico
Do´s and don´t
BASIC INFORMATION OF MEXICO
Official name: United Mexican States
Capital: Mexico City
Official Language: Spanish and has over 66 Indian languages
Currency: Mexican Peso (MXN)
Territory: Mexico covers an area of 1,964,375 km2
Border: The Mexican Republic has borders with: United States, Guatemala and Belize
Population: Mexico has a population of more than 115 million inhabitants
Political Divisions: 31 States and one Federal District (Capital: México, Distrito Federal).
1 Euro = 17.5 MXN
Mexican Culture
Values of Mexican People
Mexican Clothing
Mexican Food
Mexican Art and Literature
Holidays and Celebrations
Doing Business in Mexico
Starting a Business in Mexico
Choice of Entities
A stock cooperation ( S.A.,S.A. de C.V.or S.A.P.I.)
General partnership( Sociedad en Nombre Colectivo)
Limited Partnership
Limited Liability company ( Tax Purpose)
IMPORTANT FACTS
Member of: UN, OECD, WTO, G-20, OAS
Free Trade Agreements: NAFTA, FTAEU, Northern Triangle, Chile, Costa Rica, Japan, Israel, Uruguay
Other Important Information
Repatriation of funds
Tax considerations( Income Tax rate of 28%)
Regulation of business
Foreign direct investment (FDI) - Restricted for the airline, telecoms and energy industries.

Hofstede Index and Other Cultural Dimentions
Time is circular
Tomorrow is another day
Relationship importance
Flexibility about time schedules
Communitarian
Hierarchical
Emotional
Formal clothing
Handshake and eye contact
+ Trust = First name, handshake, hug
Held in an office or meeting room
No rigid punctuality
Mexico´s Hofstede Index Graphic
Business Meetings
Business Enviroment
When Doing Business in Mexico
Held over breakfast, lunch or dinner
Out of the office / office-hours
Parties or casual reunions
Small talk
Personal topics → Business topics
Finally come to an agreement
REAL Business Meetings
Important Facts
Always show respect
Gaining trust = Key element
Long Relationships > Contracts/Agreements
Negociating style: Win-Win
Mexicans don’t like risk and uncertainty
Mexicans like to have the conditions to their advantage

LANGUAGE & COMMUNICATION
Main language: Spanish
Transnational companies & Franchises: English
Cordiality and kindness
Use of academic titles (Engineer, Doctor)
Emotion implies engagement
Joking
People stand closer to each other
Touching is very common, strong eye contact

Good to Know
Indirect communication
Mexicans don’t say things directly
Mexicans don’t like to say NO
The use of “ahorita”
Now but not really
The importance of having “palancas” (contacts)

About Mexico
Gifts
Invitation to Eat with the Families
Etiquette Rules for Business
Greeting
Breakfast and Lunch
Open signs of emotion
Dealing with business issues
Offer to pay, Never split the bill
Full transcript