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Starting a business in Cozumel?

Syracuse
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Starting a business in Cozumel?

We are regular vacationers to Coz, we would love to expand our business there, I see a lot of Americans here on this forum who appear to be in business there. Is it a welcoming place/recommended? (I'm an Event planner)

cozumel
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1. Re: Starting a business in Cozumel?

If you want to have $1 million after your first year in business, start with $2 million, but more would be better. I have only seen one Canadian who participates here. There are a few unlicensed vacation rental owners that post here who will be in for a surprise when they get hit with back taxes. Start a business?....jajajaja

connecticut
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2. Re: Starting a business in Cozumel?

Hi Cozluvn, Just wondering what type of business.

Your best bet for this kind of info would be to visit Cozumel My Cozumel website (google it) they have a multitude of local business owners that visit the forums there daily. There is also a great facebook site called Cozumel 4 You.. again many, many business owners. The people in Cozumel are extremely helpful too newcomers. However, I must caveat that with "it is a hard row to hoe" starting a business in Coz. Just from my reading, tons of redtape, you do not have many advantages compared to Mexican business owners or any big money corporations. Good luck!

okc
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3. Re: Starting a business in Cozumel?

It is all about who you know. Getting in wth the locals is very hard.. Many more have failed than have made it. I have thought about it in the past and i would have my local freinds run it. Gringos coming to run businesses ae not well recived by locals -which i understand. After spendin time on the island and seeing how hard it is for locals to make a living, no thanks. if i ever retire to cozumel maybe start something small to keep busy , but thats about it.

I agree with Jerry- save your money.

Cozumel, Mexico
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for Cozumel, Merida
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4. Re: Starting a business in Cozumel?

Agree with save your money!

¨ visit Cozumel My Cozumel website (google it) they have a multitude of local business owners that visit the forums there daily. ¨

The site can have good information. But hardly a ¨multitude¨ since most days the site has less than 10 posts total.

Victoria, Canada
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5. Re: Starting a business in Cozumel?

I know a few people who have good businesses in Mexico. But they work very very hard and long hours, and sometimes the local governments tend to target business owners who are not Mexican for fines, etc. I think it helps to be a part of the local community before you begin your business . Also, a good grasp of Spanish, even if you can't speak it well, being able to understand it is important.

Often people have a dream to live a laid back life in Mexico and have a small business, but that is all it is - a dream. I have seen many businesses fold in less than a year and the owners leave frustrated, angry and bitter.

I would talk to people in the area that are doing the same kind of business as you are considering opening. And hopefully you will find someone who will be frank with you.

Minneapolis...
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6. Re: Starting a business in Cozumel?

As an event planner, I would think that you might need to get in with a resort or hotel. You could try independent planning. I have seen wedding planners on the island who are American. No way of knowing if they actually make a living doing this. I met someone who was "in" with a cruise line and helped plan destination weddings on the island. I do agree with others, its hard enough for locals. We have an American friend who has lived on the island for many years. He is married to a local lady. They own a business. I know that many times she takes the lead because she is recognized by the local governing bodies much more so than he is.

Good luck.

'Red

Hancock, New...
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7. Re: Starting a business in Cozumel?

There's a significant amount of competition here in the event-planning realm.

In order to work in Mexico you'll either need to start your own business (with astonishing amounts of paperwork, employing locals, preferably having physical premises, etc.) or get permanent residency (which is not particularly difficult, but must be started at a consulate in your home country and takes a couple of months during which you can't leave Mexico except in an emergency).

The expats I know with successful businesses work amazingly hard and live very frugally. Many do that and still don't succeed.

Renting vacation property *might* cover some expenses, but hardly anyone is going to make anything at it. Currently there isn't even a mechanism for a vacation rental property to pay the hotel tax, so the wise open a local account and leave the proper tax there until the day it's eventually demanded. There are, however, no licenses required (or even extant) for such activity.

North America
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8. Re: Starting a business in Cozumel?

Because a site doesn't have a huge quantity of posts, doesn't translate into not having credible information and advice. I learn a great deal from not only TA, but CMC and CZM4u as well, as the latter two sites do have a greater emphasis on living on the island and some practicalities. I have one friend who sells real estate on the island-works hard, can go for months without a sale. Another friend has a bed and breakfast, her business partner is Mexican. They work hard and probably making just enough to cover expenses. She recently received her Mexican citizenship, but has told me a few crazy stories about inspections, rules, red tape, taxes, etc. It is important to be realistic and aware of the challenges, employment laws, and to have credible and reputable professionals providing you with the correct information to assist with initial set-up. And to echo Jerry- have lots of money and a back up plan. I have witnessed numerous failures and people having to leave the island after losing everything.

Having said the foregoing, there are those that do succeed- sometimes through skill, luck, connections, or being in the right place at the right time. Or all of the above.

Edited: 19 June 2013, 20:18
Cozumel, Mexico
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9. Re: Starting a business in Cozumel?

I also look at many sites. I was only saying it is not really correct to say CMC has a multitude of posts. Last time I looked today, none. But often, if a question is asked there, it gets a good response.

Much good information here on starting a business. The best advice , have a ton of money.

Katy Texas
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10. Re: Starting a business in Cozumel?

I will start a flip flop shining business. Should be cheap to start off with and will work for beer.