KudoZ home » Spanish to English » Law (general)

sociedad financiera de objeto múltiple (Sofomes)

English translation: Multiple Purpose Financial Institutions (SOFOMES)

Advertisement

Login or register (free and only takes a few minutes) to participate in this question.

You will also have access to many other tools and opportunities designed for those who have language-related jobs
(or are passionate about them). Participation is free and the site has a strict confidentiality policy.
GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:sociedad financiera de objeto múltiple (Sofomes)
English translation:Multiple Purpose Financial Institutions (SOFOMES)
Entered by: Julia Martínez
Options:
- Contribute to this entry
- Include in personal glossary

19:40 Sep 4, 2006
Spanish to English translations [PRO]
Law/Patents - Law (general) / Reporte sobre el marco legal de un mercado
Spanish term or phrase: sociedad financiera de objeto múltiple (Sofomes)
Hola a todos. Estoy traduciendo un reporte sobre el maraco legal de un mercado en México y me encuentro con lo siguiente:

Es un proceso que ha tomado elementos existentes capitalizando sus ventajas (fideicomiso de garantía), que ha creado entidades nuevas dotándolas de gran flexibilidad (Sofoles, futuras Sofomes), pero sobre todo, un periodo de innovación que ha contado con una estabilidad de 2 sexenios que el mercado mexicano no puede dejar de apreciar en todo lo que vale.

Sé que las Sofoles son 'sociedades financieras de objeto limitado' y lo encontré traducido aquí como 'nonbank bank', pero tengo problemas para encontrar una traducción apropiada de Somoles.
¿Habrá por ahí alguien de México que me pueda ayudar? ¡Muchas gracias!
Julia Martínez
Argentina
Local time: 17:40
Multiple Purpose Financial Institutions (SOFOMES)
Explanation:
Multiple Purpose Financial Institutions (SOFOMES) Created
On July 18th a decree amending various provisions of Mexican law was published in the Official Journal of the Federation (Diario Oficial de la Federación) establishing a new regulation for financial leasing and factoring companies, as well as creating a new form of financial entity called a multiple purpose financial institution (SOFOME). The reforms amended the General Law of Credit Instruments and Operations, the General Law of Credit Organizations and Auxiliary Activities, the Foreign Investment Law, the Income Tax law, the Value Added Tax Law and the Tax Code, among others.

The purpose of these reforms is to facilitate lending, financing and factoring transactions, permitting these activities to be carried out by SOFOMES, without the necessity of obtaining authorization from the Mexican federal government. SOFOMES may have as their principal activity the continuous and professional offering of loan transactions, leasing and/or financial factoring. Additionally, the decree eliminates restrictions on foreign investment in relation to financial leasing and factoring companies, so that the corporate capital of the new SOFOMES may be comprised up to 100% by foreign investment. From a tax perspective, SOFOMES will enjoy, in general terms, the same tax treatment that limited purpose financial institutions (SOFOLES) enjoy, with the decree establishing that interest generated from financial leasing and factoring activities of SOFOMES will not cause the imposition of Mexican Value Added Tax (IVA).

Selected response from:

Maria Luisa Duarte
Spain
Local time: 22:40
Grading comment
¡Muchas gracias María Luisa!
4 KudoZ points were awarded for this answer

Advertisement


Summary of answers provided
5 +5Multiple Purpose Financial Institutions (SOFOMES)
Maria Luisa Duarte


  

Answers


3 mins   confidence: Answerer confidence 5/5 peer agreement (net): +5
Multiple Purpose Financial Institutions (SOFOMES)


Explanation:
Multiple Purpose Financial Institutions (SOFOMES) Created
On July 18th a decree amending various provisions of Mexican law was published in the Official Journal of the Federation (Diario Oficial de la Federación) establishing a new regulation for financial leasing and factoring companies, as well as creating a new form of financial entity called a multiple purpose financial institution (SOFOME). The reforms amended the General Law of Credit Instruments and Operations, the General Law of Credit Organizations and Auxiliary Activities, the Foreign Investment Law, the Income Tax law, the Value Added Tax Law and the Tax Code, among others.

The purpose of these reforms is to facilitate lending, financing and factoring transactions, permitting these activities to be carried out by SOFOMES, without the necessity of obtaining authorization from the Mexican federal government. SOFOMES may have as their principal activity the continuous and professional offering of loan transactions, leasing and/or financial factoring. Additionally, the decree eliminates restrictions on foreign investment in relation to financial leasing and factoring companies, so that the corporate capital of the new SOFOMES may be comprised up to 100% by foreign investment. From a tax perspective, SOFOMES will enjoy, in general terms, the same tax treatment that limited purpose financial institutions (SOFOLES) enjoy, with the decree establishing that interest generated from financial leasing and factoring activities of SOFOMES will not cause the imposition of Mexican Value Added Tax (IVA).




    Reference: http://www.ccn-law.com/newsletter/MX2/August2006Eng.html
Maria Luisa Duarte
Spain
Local time: 22:40
Works in field
Native speaker of: Native in EnglishEnglish, Native in PortuguesePortuguese
PRO pts in category: 146
Grading comment
¡Muchas gracias María Luisa!

Peer comments on this answer (and responses from the answerer)
agree  Michael Powers (PhD)
0 min
  -> Thanks Michael! MLD

agree  BETA TRANSLATE
44 mins
  -> Thanks Beatriz! MLD

agree  María Eugenia Wachtendorff
2 hrs

agree  Edward Tully
13 hrs

agree  Richard Cadena
2399 days
Login to enter a peer comment (or grade)




Return to KudoZ list


KudoZ™ translation help
The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.



See also:



Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search