President Enrique Peña Nieto has announced his intention to simplify the process of starting a business in Mexico, with a new initiative that would allow entrepreneurs to register online in only one day.
The president said that while under the previous administration it took six days to start a business and had an average cost of 20,000 pesos (US$ 1,130), under the new plan the process would be free of charge, could be carried out from the comfort of one’s own home and would take no more than 24 hours.
“Never before has it been so simple, so quick and so economic to start a business in Mexico,” Peña Nieto said.
The new law is due to enter into effect in six months.
According to the president, the Mexico of today “has more space for opportunity, as well as better mechanisms to support entrepreneurship.”
Peña Nieto also said that his administration offered full support to budding entrepreneurs.
“Even when there are setbacks or stumbles, these entrepreneurs learn from them, and they should know that they are not alone on this demanding road. They can all count on the institutions of the Mexican state.”
The president made the announcement at the National Entrepreneur Prize ceremony held in Mexico City.