Multipurpose Financial Company (SOFOM)
The legal regime for the Sociedad Anónima also applies to the Multipurpose Financial Company (SOFOM). Nevertheless, and to the extent that the main activity of the Mexican company involve financial services such as grants and financial leasing, the SOFOM may provide the following benefits:
a) The certified balance statement prepared by the SOFOM’s accountant is considered as an accurate and truthful statement in court for determining the amount that the debtor owes to the company.
b) The certified balance statement prepared by the SOFOM’s accountant is considered a commercial enforceable document (título ejecutivo mercantil), which allows to demand payment in court in an expeditious proceeding.
c) SOFOM corporations are allowed to deduct losses incurred from the impossibility to recover payments arising from loans or leasing when it may be proved that such payment from the debtor is not possible.
d) SOFOM corporations are exempted from paying the Value Added Tax corresponding to the granting of loans or factoring;
The benefits set forth in subparagraphs c) and d) are only allowed when the SOFOM’s activity arising from financial leasing represents 70% or more of the accounts payable, assets or annual income of the company. Nevertheless, it is possible to obtain a resolution from the Service of Tax Administration (SAT) where such entity determines a lower percentage to the one above mentioned for the first three years of incorporation, considering it is a SOFOM of recent creation. For such purposes, the SOFOM should prepare and deliver the Service of Tax Administration a compliance program.
Furthermore, even though SOFOM companies are not supervised by the Mexican Banking and Exchange Commission (Comisión Nacional Bancaria y de Valores) it is required to obtain a favorable opinion from such entity in connection with its Articles of Incorporation & Bylaws, as well as register the company before the Providers of Financial Services Registry System (Sistema de Registro de Prestadores de Servicios Financieros).