CRS (Customer Reference Number) and EIN (Employer Identification Number) are frequently mistaken terms. Despite the fact that both are distinctive identifying numbers given to companies, they differ significantly from one another.
First and foremost, CRS is a special identification number given to Mexican enterprises, whereas EIN is a special identification number given to American businesses. While the Internal Revenue Service (IRS) assigns an EIN to identify enterprises for tax purposes, the Mexican government issues CRS to track the tax payments made by businesses.
In New Mexico, sole proprietors are exempt from state registration requirements, but depending on the nature of their business, they might need to apply for specific licenses and permissions. For instance, a sole proprietor will require a license from the New Mexico Regulation and Licensing Department if they intend to sell alcohol or tobacco. In addition, the sole proprietor must file a trade name registration with the New Mexico Secretary of State if they intend to operate their business under a name other than their own legal name.
The Mexican government must provide foreigners a permit before they can open a business in Mexico. The authorization, known as an FM3 visa, enables foreigners to reside and conduct business in Mexico. The foreigner can launch a business in Mexico after obtaining the necessary permits, but they must adhere to all applicable Mexican rules and regulations.
If a home-based business in New Mexico complies with all applicable zoning laws and regulations, it is legal to operate there. A home-based business can occupy no more than 25% of the total floor space of the building and needs to have a separate entrance. Before a firm may run from a home office, it must also get any necessary licenses or permits.
Online sales are legal in New Mexico, however the sort of goods or services being sold may necessitate the business acquiring additional licenses and permits. For instance, the New Mexico Environment Department will require a food service authorization from any company selling food products online.
To sum up, businesses in Mexico and the United States are given distinct identification numbers called CRS and EIN, respectively. Depending on the nature of their firm, sole owners in New Mexico would need to get particular licenses and permits, and foreigners are permitted to own a business in Mexico but must first receive a licence from the Mexican government. In New Mexico, it is feasible to operate a business from home, but specific zoning rules and guidelines must be followed. In New Mexico, selling items or services online may not require a business license, but specific licenses and permits may be needed depending on the nature of the goods or services being sold.