CHAPTER XII

Regarding foreign corporations

Article 250.- Foreign corporations legally constituted have legal personality in the Republic.
Article 251.- Foreign corporations may only engage in commerce from the time of their
registration in the
Registry.
Registration shall only be made with the prior authorization of the Ministry of Economy, under the
terms of Articles 17 and 17A of the Law of the Republic.
The foreign companies must publish annually, in the electronic system established by the
Ministry of
Secretariat of Economy, a balance sheet of the negotiation approved by a certified public
accountant.

TITLE FOUR
INVESTMENT BY FOREIGN LEGAL ENTITIES

ARTICLE 17.- Without prejudice to the provisions of the international treaties and agreements to
which Mexico is a party, the following shall Mexico is a member, they must obtain authorization
from the Ministry:

I.- Foreign legal entities that intend to habitually carry out acts of commerce in the Republic, and

II.- The persons referred to in article 2,736 of the Civil Code for the Federal District in common
matters, and for the whole and for the entire Republic in federal matters, that intend to establish
themselves in the Republic and that are not are not regulated by laws other than said Code.

ARTICLE 17 A.- The authorization referred to in the preceding article shall be granted when the
following requirements are fulfilled the following requirements:

a) That said persons prove that they are incorporated in accordance with the laws of their
country;

(b) That the articles of incorporation and other constituent documents of such persons are not
contrary to the precepts of public the precepts of public order established in Mexican laws; and

c) In the case of the persons referred to in section I of the preceding article, that are established
in the Republic or have an agency therein.the Republic or have an agency or branch office
therein; or, in the case of the persons referred to in Section II of the preceding II of the preceding
article, that they have a representative domiciled in the place where they are going to operate,
authorized to answer for the obligations they contract.

Chapter II. On reserved activities

Article 5

The activities determined by the relevant laws in the following strategic areas are reserved
exclusively for the State:

Article 6
The economic activities and companies mentioned hereunder are reserved exclusively to
Mexicans or to Mexican companies with foreigners exclusion clause:
1. Domestic land transportation for passengers, tourism and freight, not including messenger or
courier services;

Except as set forth in Title Five hereof, foreign investment may not participate directly in the
activities and companies mentioned in this article nor through trusts, contracts, partnerships
or by-law agreements, pyramiding schemes, or other mechanisms granting any control or
participation.