It can take an entrepreneur up to four months to register their business, but EasyLex (a digital platform that streamlines business incorporation procedures) promises to do it in a maximum of seven business days.
This has been made possible by former Tec de Monterrey students Yaritza Rodelo and Andrea Durán from the Guadalajara Campus. These entrepreneurial law graduates found an opportunity to do business by making life easier for other entrepreneurs.
“When this idea (EasyLex) came up, we did some research. We realized that it was feasible and that there were already people doing it in other countries. So, we said, “Why not in Mexico?” There are many startups launching here every day, but there aren’t many that are focused on legal issues. We saw a great business opportunity there,” they recall in an interview with Tec Review.
Hope emerged from their investigation. After they graduated in May 2017, they began to throw around ideas. EasyLex gradually took shape and even attracted investment.
Building the platform
Development began from this idea, taking shape in late 2017. Once they had a plan under their belts, Rodelo and Durán received their first investment in May 2018. With the money, they prepared the first minimum viable product.
“We developed the product and the web application together with our investor. With the capital we received, we hired developers who are currently still part of our team,” says Durán.
If 2018 was the year for development, 2019 was the time to attract customers. In 2020, they are consolidating their presence. Currently, EasyLex has incorporated 300 companies and has more than 200 clients per month.
“With this issue of Covid-19, our growth has been exponential because legal needs continue to exist. They’re finally realizing the advantage of doing it completely online,” she adds.
Streamlining business incorporation procedures
Thanks to technology, the lawyers managed not only to streamline the bureaucratic process of incorporating companies but also reduced the cost.
“In Guadalajara, Mexico City, and Monterrey these procedures are more expensive. In several cities, it costs around 25,000 pesos on average. The minimum average delivery time (for documents) is from two to four months. With us, the price is 8,500 pesos and our promise of delivery is seven business days,” says Rodelo.
The entrepreneurs observed that the incorporation of companies is actually “a very simple process”. The process is bound by federal legislation, so it is the same throughout the country. It begins with obtaining a permit from the Ministry of Trade. Then, it must be formalized before a notary public or public broker and registered in the Public Registry.
Three advantages of EasyLex
With the backing of a national network of notaries public and public brokers, Rodelo and Durán already have different contracts available for business needs. “We’ve become the integrated solution for any company or business in Mexico, regardless of its size or industry,” says Rodelo.
The lawyers highlight three advantages of their platform, according to what they have found with their clients:
A personalized process, since the platform can be accessed 24/7
Clarity of service: the incorporation process consists of five steps. Every time EasyLex advances a step in the process, their customers receive a notification.
Competitive price compared to a law firm or notary’s office.
After starting to provide services, the entrepreneurs noticed that other startups were following in their footsteps. In future, the lawyers hope that more technological tools will be incorporated into how law is taught in Mexico, as this is the path to a new way of practicing law.