IMMEX Program definition

IMMEX Program means an authorization issued by the Mexican Department of Economy (Secretaría de Economía) for a business entity to temporarily import goods and equipment under a foreign commerce program, for further export.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

IMMEX Program means the temporary importation program under the Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación , successor to the “PITEX” program, pursuant to which the Mill is in Mexico under temporary importation and may only be bought by another company with an IMMEX Program, or by, prior to its sale, importing definitively into Mexico;

IMMEX Program means Programa para la Industria Manufacturera, Maquiladora y de Servicios de Exportacion published by the Ministry of Economy, in effect and valid in Mexico, as may be amended, substituted or replaced from time to time.

Examples of IMMEX Program in a sentence

Any Mexican Seller operating as an IMMEX company is in all material respects compliant and in good standing with its IMMEX Program and income Tax Laws, including without limitation, periodic reports, inventory control system, tariff classification, permits and licenses, sensitive goods authorizations, wastes and disposals, among other obligations applicable to IMMEX companies.
As of the date hereof, the IMMEX Program, and other permits, authorizations, registries and licenses that are required to conduct the operations of the Mexican Sellers Related to the Business are valid, in force and, to the Sellers' knowledge, not threatened with suspension or cancellation.
In particular, the Mexican Sellers are in compliance and in good standing in all material respects with the Mexican Importers Registry, IMMEX Decree, IMMEX Program, Mexican Foreign Trade General Rules, Mexican Foreign Trade General Rules and Criteria and the Mexican Income Tax Act applicable to maquiladora (IMMEX) companies, and other applicable provisions and regulations specific to maquiladoras.
Such Company Entity is not in possession of any other personal tangible property and assets, except for those owned by the Company Entity and that are duly registered in its accounting books, and those assets that are imported into Mexico under the Company Entity’s IMMEX Program.
At Closing, the IMMEX Program, VAT Certification, permit to import steel to Mexico and other material permits, authorizations, registries and licenses required to conduct the operations of such Company Entity in Mexico are valid, in force and to the best of the Company’s knowledge not threatened with revocation or cancellation.
Such Company Entity is in all material respects compliant and in good standing with its IMMEX Program, and VAT Certification, including without limitation, periodic reports, inventory control system, wastes and disposals.
Determine tariff classification of components and materials to be imported — Act as importer of record to import components and materials on a temporary basis under Service Provider’s IMMEX Program — Claim PROSEC preferential duty rates under Service Provider’s PROSEC Program at the time of importation of components and materials — Export finished goods incorporating components and materials that were imported under Service Provider’s IMMEX and PROSEC Program, within the legal timeframes.

More Definitions of IMMEX Program

IMMEX Program means (i) the Manufacturing Industry, Maquila and Export Services Program of Mexico (Programa de la Industria Manufacturera, Maquiladora y de Servicios de Exportación), (ii) the VAT certification (Certificación para empresas IMMEX en materia de IVA e IEPS), and (iii) all permits, licenses, certifications, registrations, consents and authorizations required under applicable Law to conduct import and export activities under a IMMEX Program and VAT certification.