Simplified Stock Corporations.


Dear customers and friends:

 

On September 14th, were published in the Official Gazette of the Federation the “General Rules for the Functioning and Operation of the Electronic System of Simplified Stock Corporations” (known by its acronym as “SAS)”, which are intended to determine the characteristics and requirements under which the system will operate.

 

Among the highlights established, are the following:

 

• That the electronic system (known by its acronym as PSM) is available in the website www.gob.mx/tuempresa;

 

• That the information generated, sent, received, stored or archived in the PSM, shall be considered data message in the terms of article 89 of the Mexican Commerce Code;

 

•  The operations that can be performed in the PSM are those of:

a) Consultation;

b) Incorporation, amendment and operation of SAS; and y

c) Administrative procedures relating to the opening and operation of corporations.

 

• The information of the SAS that will be made public is as follows:

a) Incorporation Folio;

b) Corporate name;

c) Information about its legal representativeormación acerca de su representante legal; and

d) Date of incorporation.

 

• The SAS could be incorporated by the applicant shareholder or by public notary.

 

• Once started the process to incorporate a SAS, the parties have a maximum term of 15 (fifteen) working days following the day when the process began, to conclude it. Otherwise, a new process must be started.

 

• The incorporation deed and the ballot of registration in the Public Registry of Commerce shall consist in an electronic version.

 

• It is established that, when the SAS is in cases of mandatory change to another corporate regime (i.e. “S.A.de C.V.”) the SAS´ shareholders will have a term of 40 (forty) working days to perform the change process before a public notary. Otherwise, it shall be subject to pay the penalties described in the applicable law.

 

• It is established that the SAS must publish in the month of March of every year the SAS´ financial information. Otherwise, it shall be subject to pay the penalties described in the applicable law.

 

For more information on this regard, feel free to contact us.

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