LLC in New Mexico for Non-Residents (2025 Guide): Cheaper Than Wyoming?
Why pay annual fees? New Mexico offers the only '$0 Maintenance' LLC for non-residents. We compare the privacy, cost, and banking ease vs Wyoming.
Table of Contents
Table of Contents
Author's Bio: The Foreign Founder Team has formed LLCs in all 50 states. We have seen the bills come in year after year. New Mexico is the only envelope we open with a smile (because there is no bill).
Everyone talks about Wyoming. The VCs talk about Delaware. But the smartest bootleggers and side-hustlers are quietly flocking to New Mexico.
Why? Because New Mexico is the only state that offers a "Set It and Forget It" LLC.
- No Annual Report.
- No Annual Fee.
- No Member Names on Public Record.
If you want to form a company for $50 and never pay the state another cent, New Mexico is your answer.
The "Forever Free" LLC Model
In most states, the LLC is a subscription service. You pay rent every year to keep it alive.
- Delaware: $300/year.
- Florida: $138.75/year.
- Wyoming: $60/year.
New Mexico is different. You pay a one-time filing fee of $50. You pay $0 to the state every year after that.
Note: You still need a Registered Agent (~$50-$150/year). But the state fee is zero.
Privacy: The Invisible LLC
New Mexico is just as private as Wyoming.
- No Names: The Articles of Organization do not require listing the members or managers.
- Only the Organizer: Only the person who filed the paper (usually your Registered Agent or formation service) is listed.
This makes New Mexico perfect for:
- Bloggers/Writers (using a pen name).
- Crypto Traders (privacy first).
- Holding Companies (owning other assets anonymously).
New Mexico vs. Wyoming: The Budget Battle
This is the only comparison that matters for 90% of non-residents.
| Feature | New Mexico 🌵 | Wyoming 🤠| Winner |
|---|---|---|---|
| Startup Cost | $50 | $100 | NM |
| Annual State Fee | $0 | $60 | NM |
| Annual Report | None | Required | NM |
| Privacy | High | High | Tie |
| Prestige | Low | Medium | WY |
| Banking Ease | Good | Better | WY |
Why choose Wyoming over New Mexico? Reputation.
- Wyoming is the "original" LLC state. Every banker knows it.
- New Mexico is less common. Occasionally, a compliance officer at a foreign bank might get confused by "New Mexico" and think it is a foreign country (Mexico). It sounds stupid, but it happens.
Step-by-Step: How to Form a New Mexico LLC
Step 1: Name Check
Search the New Mexico Business Portal.
Step 2: Registered Agent
You need a New Mexico address. Hire a Registered Agent (~$50-$100/year).
Step 3: File Articles of Organization
- Fee: $50.
- Time: Usually 1-3 business days.
Step 4: No Initial Report
Unlike Nevada or California, there is no "Statement of Information" due within 90 days. You are done.
Step 5: EIN and Banking
Get your EIN from the IRS and open your Mercury/Relay account.
The Banking "Gotcha"
While New Mexico is legally solid, banking can sometimes be slightly slower than Wyoming.
- Mercury/Relay/Brex: No problem. They understand New Mexico LLCs perfectly.
- Traditional Banks (Chase/BoA): If you walk into a branch (which you can't do remotely anyway), they might ask for "Annual Reports" or "Certificates of Good Standing." Since New Mexico doesn't have annual reports, you sometimes have to explain this to the banker.
Decision Tree: The "Cheapskate" Flow
graph TD
A["Start: Do you want to pay annual fees?"] -- Yes, for prestige --> B["Go to Delaware ($300/yr)"]
A -- No --> C["Do you care about 'Brand Recognition'?"]
C -- Yes, I want a famous state --> D["Go to Wyoming ($60/yr)"]
C -- No, I just want the cheapest option --> E["Go to New Mexico ($0/yr)"]
E --> F["Are you doing something high-risk?"]
F -- Yes --> D
F -- No --> E
style E fill:#dcfce7,stroke:#16a34a,stroke-width:4px
Frequently Asked Questions (FAQ)
Is New Mexico really $0 annual fee?
Yes. There is no annual report and no franchise tax for standard LLCs. You only pay your Registered Agent.
Can I remain anonymous?
Yes. Your name does not appear on the public state database.
Do I need a physical address in New Mexico?
Yes. Your Registered Agent provides this. You cannot use a PO Box as the Registered Office.
Final Verdict
New Mexico is the unsung hero of the LLC world. It offers the same privacy as Wyoming for half the price and zero maintenance.
If you are a solo founder, a freelancer, or running a small e-commerce store, New Mexico is the smartest financial decision.
Ready to start?
- Formation Services: Best LLC Services.
- Banking: Best Business Bank Accounts.
Fact Checked & Verified
This article was reviewed by our editorial team for accuracy. Strategies regarding LLC formation and credit building are based on current 2025 regulations.