Requirements to constitute a SOFOM: Everything that you have not been told

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Financial companies over the years they have been gaining fame and popularity. Each country has a different way of calling them, in México these societies have different ways of manifesting and calling each other.

Each of these specialize in different financial aspects for the country and the company. In addition, these are created with the purpose of what is stipulated in the legislation of México.

Notwithstanding said entities they have different classifications that for many people is often very confusing. So if you want to establish a sofom within Mexican territory and you don’t know how to do it, you are in the right place.

Today we bring to all our faithful readers a complete guide to everything you need to know about sofom and all its functions. In turn, we will share various tips and advice so that you can create your sofom quickly and safely.

What is SOFOM?

A Multiple Purpose Financial Company by its acronym SOFOM It is an entity or company whose purpose is to grant credits. In turn, these are contemplated in Mexican legislation.

These are classified in multiple ways, on the one hand are regulated or unregulated companies. On the other hand, leaving this classification there are the popularly called SOFOL which are translated as Limited Purpose Financial Companies.

In turn, these entities must follow certain parameters or mandatory rules to avoid problems. Such as placing the initials of the entity type after the SOFOM, if it is regulated (ER), if it is unregulated (ENR).

It should be noted that these entities must be following the orders of the regulatory bodies. In the case of non-regulated ones, they are governed based on administration by the National Banking and Securities Commission, thus avoiding corruption and money laundering.

Procedure to constitute a SOFOM

Below we will tell you the steps you must follow to establish a SOFOM quickly and safely:

  1. check the request suggestion to the Authorizations Subdirectorate of the Unit of Banking, Values and Saving of the Secretary from tax authorities and Credit Public. In order to be able to use words and words of use reserved for the nomenclature of the entity.
  2. The CONDUSEF will process the permits required for and in the Record from Providers of Financial Services of the Institutions Financial What consequently the applicant must exhibit to bliss Delegation its and bylaws for its I study through of the Portal from Inspection.
  3. The applicant will be constituted as a public limited company before the State, that is, before a notary or public broker. Complying with the provisions of the General Law of Commercial Companies.
  4. Therefore, you must process to register with the SAT, to then register as a financial entity and obtain the RFC.
  5. Once this is done, the applicant will be able to make use of his folio, which will notify the CONDUSEF of the constitution of the SOFOM.
  6. For this reason the process is completed, it should be noted that the CONDUSEF informs the CNBV of the SOFOMs that they are in the registration period. After this, the SOFOMs have a period of ten business days to make them effective before the laws and the State.

If you want more detailed information about this procedure you can visit the following web page Processing of a SOFOM. Keep in mind that in addition to these, certain requirements must be met, which can be specified in detail on the aforementioned page.

Necessary documents

Next, and based on the Mexican laws on the constitution of a SOFOM, the following requirements must be met to carry out said process:

  • Non-regulated financial companies must be duly identified with the corresponding acronyms. In this case, since it is not regulated, its acronym will be: «SOFOM, ENR».
  • Regulated financial companies must be duly identified with the corresponding acronyms. In this case, as its acronyms are regulated, they will be: «SOFOM, ER».
  • In the event that the entity’s nomenclature contains words similar to “banking”, “credit”, “savings”, or “financial”. An authorization must be issued by the Ministry of Finance and Public Credit.

What we mentioned above are the requirements or characteristics that a SOFOM must have for its constitution. The documents to process them have been present at the headquarters of the managing bodies of said documents.

Legal framework

This process of constitution of a SOFOM is endorsed by the following Mexican laws:

  • The General Law of Credit Auxiliary Organizations and Activities.
  • General of Titles and Credit Operations.
  • Law of Transparency and Promotion of Competition in Guaranteed Credit.
  • To Regulate Credit Information Companies.
  • The Law for Transparency and Regulations of Financial Services.

What is FMEA?

To finish and not least we want to tell you what the modal failure analysis and FMEA effects. This is a potential failure analysis process system within a classification system.

Turn this it is determined by the degree of severity or by the consequences caused by failures in the system. This system is used in large companies to carry out diagnoses and offer better services for the consumer.

It is also used by SOFOMs to prevent failures and provide a better service to the public or clients of said entity. However, it is of great relevance for its stability when making loans.


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