Mexico's Customs Law (Ley Aduanera) provides that companies that comply with certain requirements may request from theMexican Taxpayer Administration Services (SAT) registration as a certified IMMEX company. For its part, the Decree forthe Development of the Manufacturing, Maquiladora and Export Services Industry (IMMEX Decree) establishes thatcompanies with IMMEX programs may enjoy additional benefits such as: (i) the ability to import items necessary for theirproduction without the necessity of processing program extensions/modifications; (ii) authorization to engage in foreigncommerce transactions through multiple customs ports of entry; (iii) exemption from the obligation to register on theSectorial Importers Registry (Padrón Sectorial de Importadores); (iv) the possibility to treat items that are rejected forquality or obsolescence as waste; (v) reduced penalties; and (vi) reduced processing times for reimbursement of Value AddedTax resulting from the exportation of goods or services from 20 to five (5) working days. The main requirements forapplying for registration as a certified company include: (i) compliance with all tax and customs obligations; (ii) presentationof audited financial statements for the past five (5) years, or since the company was incorporated; and (iii) having carried outimportations during the immediately prior six (6) month period in an amount of at least $200 million pesos (approximately$18.5 million dollars).
