TBY talks to Ignacio Dominguez Torrado, Partner at Uhthoff, Gómez Vega & Uhthoff, on challenges facing investors and structural reformers in Mexico.

 Ignacio Dominguez Torrado
Ignacio Dominguez Torrado holds a law degree from Universidad Panamericana (UP), a master of law from University of Virginia, and a diploma of graduate studies on business law from UP. He is the author of several books on various law topics including franchising and trademarks, and has been a professor at UP and Universidad Iberoamericana (UIA). He serves as an active member of many associations such as the Mexican Bar Association, the Mexican Association for the Protection of Industrial Property, and the National Association of Corporate Lawyers. He has been a partner since January 2007 and is in charge of the firm’s corporate law area.

What are the biggest challenges that your international clients face when they make the decision to come and do business in Mexico?

They may face many different challenges, but the most important ones, in my opinion, are the strictness in the formalities of law, ignorance on the real scenario in Mexico, bureaucracy and time-consuming requirements, and, in some cases, corruption.

The past few years have seen a number of major structural reforms to the Mexican economy. How would you characterize the effectiveness with which these reforms have been implemented since they came into law?

We have seen huge major foreign investments; however, for the regular citizen, the situation has not changed. Unfortunately, corruption has been a major issue on the implementation of these major reforms, and the results were not close to the ones wished for by the government and by the people.

To what extent should issues like corruption and insecurity be a concern for international investors?

They cannot be left aside. For a normal business, one may encounter some corruption issues; however, there are some businesses that from their nature are certainly subject to insecurity concerns and corruption. For normal businesses, insecurity may depend on the geographical area of business but would be normal for a country of more than 120 million people.

What are the advantages of working with Uhthoff, Gomez, Vega and Uhthoff?

Quality of service and closeness to our clients. For more than a century we have worked with major foreign clients and most of our clientele are from abroad, thus speaking the same language and understanding each other minds certainly is an advantage. Clients receive top-quality service for a reasonable investment, without sacrificing the knowledge and professionalism of the staff.