New Mexico is a state in the Southwestern region of the United States. Its capital is Santa Fe, and its largest city is Albuquerque with its accompanying metropolitan area. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S).

New Mexico has a total area of 121,590 square miles (314,900 km2).

Population

The United States Census Bureau estimates the population of New Mexico was 2,1 million as of 2019.

Language

New Mexico does not have an official language, however all state officials are required to have a good knowledge of English. According to the U.S. Census, 28.45% of the population speak Spanish at home, while 3.50% speak Navajo.

The Constitution of New Mexico established New Mexico's governmental structure. The New Mexico Legislature consists of the House of Representatives and Senate. The judiciary is composed of the New Mexico Supreme Court and lower courts. There is also local government, consisting of counties, municipalities and special districts.

In 2019, the real GDP of New Mexico was about $103 billion. The GDP per capita of New Mexico was $46,304 in 2019.

Oil and gas production, tourism, and federal government spending are important drivers of the state economy. State government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies.

Currency:

United States Dollar (USD)

The business laws of New Mexico are user-friendly and often adopted by other states as a standard for testing business laws. As a result, the business laws of New Mexico are familiar to many lawyers both in the US and internationally. New Mexico has a common law system.

Type of Company/Corporation:

One IBC supply incorporation in New Mexico service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.

Business Restriction:

The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.

Company Name Restriction:

The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";

• May contain the name of a member or manager;
• Must be such as to distinguish it upon the records in the office of the Secretary of State from the name on such records of any corporation, partnership, limited partnership, statutory trust or limited liability company reserved, registered, formed or organized under the laws of the State of New Mexico or qualified to do business.
• May contain the following words: "Company," "Association," "Club," "Foundation," "Fund," "Institute," "Society," "Union," "Syndicate," "Limited" or "Trust" (or abbreviations of like import).

Company Information privacy:

No public register of company officers.

Just 4 simple steps are given to start a business in New Mexico:

• Step 1: Select basic Resident/Founder nationality information and other additional services that you want (if any).
• Step 2: Register or log in and fill in the company names and director/ shareholder(s) and fill in the billing address and special request (if any).
• Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal, or Wire Transfer).
• Step 4: You will receive soft copies of necessary documents including Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in New Mexico is ready to do business. You can bring the documents in the company kit to open a corporate bank account or we can help you with our long experience of Banking support service.

* These documents required to incorporate a company in New Mexico:

• Passport of each shareholder/beneficial owner and director;
• Proof of residential address of each director and shareholder (Must be in English or certified translation version);
• The proposed company names;
• The issued share capital and par value of shares.

Read more:

How to start a business in New Mexico, USA

Share Capital:

There is no minimum or a maximum number of authorized shares since New Mexico incorporation fees are not based on the share structure.

Director:

Only one director required

Shareholder:

Minimum number of shareholders is one

New Mexico company taxation:

Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.

• Us Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.
• State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return.

License Fee $ Levy:

The New Mexico Franchise Tax Board requires all new LLC companies, S-corporations, C-corporations that is incorporated, registered or doing business in New Mexico must pay the $800 minimum franchise tax

Read more:

• New Mexico trademark
• New Mexico business license

Payment, Company return due date:

Filing statuses for gross receipts tax and their due dates are:

• Monthly - the 25th of the following month if combined taxes average more than $200 per month, or if you wish to file monthly regardless of the amount due;
• Quarterly – the 25th of the month following the end of the quarter if combined taxes for the quarter are less than $600 or an average of less than $200 per month in the quarter;
• Semiannually - the 25th of the month following the end of the 6-month period if combined taxes are less than $1,200 for the semiannual period or an average less than $200 per month for the 6-month period;
• Seasonal - businesses doing business only during a specific time of year, e.g., firewood vendors or Christmas tree sales;
• Temporary – usually set up for one-time filing. A start date and an end date are required. There is a maximum of six months.