This article first appeared in Forbes Mexico here.
Andrea Durán and Yaritza Rodelo created a platform that reduced the time it takes to incorporate a company from one month to seven days.
Andrea Durán and Yaritza Rodelo know first-hand how difficult and slow it is to form a company. They both worked for law firms dedicated to registering and incorporating companies. They remember the process very clearly: meetings with the founders, tons of paperwork, filing records, and going back and forth to the public notary. In the best case scenario, the process would take at least 30 days.
But instead of writing off this poorly-executed process, Durán and Rodelo decided to turn it into an opportunity. They created EasyLex, a company that used technology to cut the time to incorporation down to seven days, for a single charge of 10,000 pesos.
The first thing they did was develop an online platform where users complete a few simple steps: fill out basic demographic data on the company, information on the partners involved, and the company’s location. That way, the founder(s) can visit a local notary throughout Mexico to sign and collect their company formation documents.
This information also helps to determine the most appropriate corporate structure for the new company.
Business Number 2
Along with this service, EasyLex offers companies a suite of all types of contracts that their customers can find on their site. “Many times when you’re starting a company, you do not know what kind of legal documents you’ll need in the future, such as employee contracts or a stock purchase agreement, and we have them readily available in our system,” Rodelo says.
EasyLex received a seed investment of $200,000 dollars from Agave Lab Ventures seven months ago. They are using the money to strengthen their technological platform and boost their branding.
Easylex’s goal is to incorporate at least 230 companies by December, explain the co-founders.
Refreshing a traditional process
For Andy Kieffer, founder of Agave Lab Ventures, there is a huge business opportunity to modernize services for small and medium-sized Mexican companies. “When I arrived in Mexico, I couldn’t believe the number of inefficient processes required for something as simple as setting up a company. The idea that EasyLex brought to the table is a perfect fit for our investment thesis – modernizing large traditional industries.” he says.