LLC Formation in New Mexico (Overview)
In this article, we cover in detail the costs of establishing a company in New Mexico and the costs of the company to be formation in New Mexico, how you can achieve this business at the best price and the steps you need to take.
There is no annual franchise tax in New Mexico, so the annual cost is very, very low. Foreigners who do not live in America can establish a company remotely in the state of New Mexico.
New Mexico is a state with fewer formalities, foreign entrepreneurship convenience, and privacy. For entrepreneurs such as dropshiping, online marketing, digital product-service sales, it has recently become more preferred for foreigners outside the US.
You can choose a registered agent and start your new business in New Mexico in a few days.
* An EIN is a free number given to everyone on the IRS. You can fill in a form called SS4 yourself and send it to the IRS, but it is said that individual applications have been answered too late recently. For this reason, Registered Agents offer you this service a little faster, for a fee. In order to avoid problems, you can pay this fee from the very beginning and get the service through the Registered Agent.
** Annual service fee and company setup fee are calculated based on Northwest Registered Agent. Prices will change when you choose a different Registered Agent. Under the table, you can find the price list of Registered Agent companies.
*** In America, the virtual address is not included in most Registered Agent packages and you pay extra virtual address fee every year. When you receive service through the Nortwest Registered Agent, the virtual address is included in the package and you do not need to pay an extra annual virtual address.
How to Set Up an LLC in New Mexico? Steps
I recommend that you go according to the order, you can apply these processes step by step.
- First, you must determine the LLC name. The names previously found in the state database may be the same as the name you chose. So make a click here and check your name.
- In New Mexico your LLC’s name must contain the words “Limited Liability Company” or “Limited Company,” or one of the following abbreviations: “LLC,” “LC,” “L.L.C.,” or “L.C.” The word “Limited” may be abbreviated as “Ltd.” and the word “Company” abbreviated as “Co.”
- Get a virtual phone number in the USA. You should do this before the next step because you will need it in the LLC application. I would recommend using Zadarma for the virtual phone number. $ 2 or $ 3 per month. Open an account for Zadarma from this link and start using it by installing its mobile applications.
- Select a Registered Agent. There is a lot of information and pricing on which to choose here.
- After selecting the Registered Agent, you can apply through the website of the company you have chosen.
LLC company’s approval period can take up to 2 weeks for the state of New Mexico. Sometimes transactions can be completed earlier. But if you want faster installation and are in a hurry, you can shorten the process by paying extra for the Registered Agent.
After starting the installation process, the registration agency conducts the whole process. In case of an extra situation, the Registered Agent will reach you.
Define an e-mail address that you actively use while registering on the Registered Agent website during the setup process. In extra cases or general information, they will reach you from this e-mail address
What happens after your LLC company is approved in the state of New Mexico?
- You can download your company formation documents digitally from your member panel on the Registered Agent website.
- Receive a Federal Identification Number (EIN) from the IRS after you receive LLC setup documentation (digitally) You cannot open a bank account or register for payment systems without an EIN. If you want, you can get EIN by paying an extra fee during the company setup phase or you can fill in the SS4 form yourself and fax it to the IRS.
- Your LLC has no annual State tax (Franchise Tax).
- Fill in Form 5472 every year and fax it to the IRS (free of charge) This way, you are protected from legal liabilities and tax-related problems. (Non-US foreigners only)