If you already have an LLC in another state and want a New Mexico LLC, then starting an LLC would be somewhat different. You must register as a foreign LLC. We have here a guide on how you can qualify and register for a foreign LLC in New Mexico.
On this page, you’ll learn about the following:
- Forming an New Mexico Foreign LLC
- Steps to Filing New Mexico Foreign LLC
- After Forming New Mexico Foreign LLC
Forming an New Mexico Foreign LLC
A foreign LLC does not need to be a company from another country but a business formed under the laws of another state. To start a foreign LLC in New Mexico, you need to register it with the New Mexico Secretary of State.
Step 1: Choose New Mexico Foreign LLC Name
Obtain a name reservation certificate and submit it with your foreign qualification requirements at the New Mexico Secretary of State. Your LLC’s legal name outside of New Mexico will be listed on the application, along with the name it will use in New Mexico. Take note of the requirements for naming your LLC.
Check name availability at New Mexico’s business entity names and reserve your LLC name.
Step 2: Select New Mexico Foreign LLC Registered Agent
You’ll need a registered agent to form a foreign LLC in New Mexico and take note that a New Mexico registered agent must have a local address. Here are three of the best LLC services on our list that will provide you with registered agents to ease your worries:
Step 3: File Registration of New Mexico Foreign LLC
Fill out and submit a Foreign LLC Application for Registration form via email to [email protected] or by mail to Secretary of State Corporations Bureau Chartered Documents Division 325 Don Gaspar, Suite 300 Santa Fe, New Mexico 87501.
Include the following:
- LLC’s full legal name.
- A fictitious name or a DBA (only if your LLC’s legal name is not available); Attach a statement of adoption of the fictitious name signed by all LLC members.
- LLC’s principal office and mailing addresses.
- LLC formation state and date.
- Registered agent’s name and address in New Mexico
- Date when your LLC will start operations in New Mexico.
- Credit card information on the last page of the form for the $150 application fee.
The LLC cost in New Mexico, even for foreign LLCs will differ between online filing and by mail.
Step 4: Determine How Your New Mexico Foreign LLC is taxed
Foreign LLCs are also subjected to the New Mexico Business Privilege Tax, and they must file LLC annual reports each year.
Note that forming a foreign LLC would be good for your business as you can legally operate in a different state thus reaching a larger market and opening more opportunities for higher profit.
Steps to Filing New Mexico Foreign LLC
Time needed: 5 minutes.
To start your foreign business through a limited liability company in the State of New Mexico, you must apply for Foreign Business Registration with the Secretary of State office. The cost of registration is $100. Once your application is approved, you shall receive a certified copy of your business registration document from the Secretary of State’s office. We have explained the aspects you need to cover when you register your foreign business in the State of New Mexico.
- Visit the Official Secretary of State of New Mexico website
Go to the Business services section on the official website of the Secretary of State of New Mexico. The website offers online application filing options for different business-related activities for foreign businesses. Access the E-File Portal by clicking on the link, “Application for Registration (to conduct businesses in NM)”.
- Download the Application form PDF
Upon clicking the link, the page navigates to a new page containing the Foreign Limited Liability Company Application for Registration. Download the application form PDF on your device. You can also download the Application Form PDF here.
- Follow the instructions
Make sure to read all the instructions attached to the application form carefully and accordingly fill in all the details in the form. After filling in the details, review the application to ensure that all the information entered by you is true and correct to your knowledge. Do not skip any mandatory section as well. You must also fill out the Statement of Acceptance of Appointment by Designated Initial Registered Agent form attached to the original application form.
- Make the Payment
Once you have covered every aspect of your application form, you can proceed to make the payment of $100 as the filing fee of your application. You can issue a money order or cheque payable to the New Mexico Secretary of State or NMSOS.
- Mail the application
After making the payment, arrange all the documents together and mail it to the following address, New Mexico Secretary of State Business Services Division 325 Don Gaspar, Suite 300 Santa Fe, NM 87501.
After Forming New Mexico Foreign LLC
Here are added things you need to accomplish after forming your New Mexico Foreign LLC
- Obtain Business Licenses. Find the business licenses you’ll need using the Business License Search.
- File LLC annual reports and Business Privilege Tax.
- Pay State Taxes like sales tax; you’ll need an EIN for your LLC.
It is convenient plus easy to file for the foreign LLC if you are doing it online. The steps are very easy and that’s why it’s possible to go along with the steps and form a foreign LLC in New Mexico.
How Much Does It Cost to Register a Foreign LLC in New Mexico
To register as a foreign LLC in New Mexico, you can file online by paying a filing fee of $100 to the New Mexico Secretary of State.
Incorporating a business in the United States as a foreign entity can be a great way to expand internationally, but it can be overwhelming to figure out the various costs associated with the process. One state that has increasingly become a popular destination for foreign LLCs looking to establish a presence in the US is New Mexico.
So, how much does it cost to register a foreign LLC in New Mexico? Well, it depends. The cost will obviously differ depending on the type of LLC being registered and how you choose to go about the process. However, some of the general fees involved in starting and maintaining an LLC in New Mexico include state filing fees, registered agent fees, and ongoing maintenance fees.
Foreign LLCs registering in New Mexico must first obtain a certificate of authority, and the state filing fees range from $100 to $200 based on the initial filing request. This cost includes processing and handling fees. LLCs that want to expedite the registration process can do so by paying a higher fee. Depending on the nature of the LLC’s business activities, additional licenses and fees may be required.
To operate an LLC in the state, an LLC must also have a registered agent in New Mexico. Registered agents are responsible for receiving legal and official documents on behalf of the LLC, so this is an essential role. However, this service will require separate fees, and businesses usually rely on a professional service provider. These registered agent fees in New Mexico can range from $50 to $200. It’s important to keep in mind that registered agents aren’t just a legal requirement, but they play a vital role in keeping businesses in compliance with the regulations.
After the LLC has been registered, it must also pay maintenance fees to the state of New Mexico based on its gross annual receipts from sales. Annual report and franchise tax fees require $50. Businesses can also choose to update their registration filings when major changes happen, such as joining a new owner.
Overall, registering a foreign LLC in New Mexico incurs additional costs compared to domestic LLCs. With that said, when compared to some other states’ pricing, New Mexico’s fees are relatively fair and accessible. The cost may differ depending on the course you choose to go, but, contrary to popular belief, starting and maintaining an LLC is still pretty affordable and beneficial even with these fees.
As exciting as it can be to expand the business overseas, it’s crucial to ensure you’re throwing resources clear of mismanagement. In the US, international incorporate laws are far from being consistent, and it is helpful to consult legal and accounting experts who understand the unique nuances of registering a foreign business. Cutting corners may save companies costs at certain times, largely in the long-run, the consequences could be way higher. Companies could then deal with fines, legal sanctions, and more misunderstandings; in the worst-case scenario, companies may have to start registration from scratch.
In conclusion, starting a foreign LLC in New Mexico could be an enormous advantage for businesses and entrepreneurs. Though there will be some costs associated with the registration process, it is worth taking care of legal requirements immediately in your business operation and fostering growth continuously. It’s essential to contemplate upon your former pieces of knowledge and deduct the active costs swiftly to avoid any costly blunders. Lastly, immense information and consultation will ensure businesses make more objective decisions advantageous for the business.
If your LLC is formed under the laws of another state, it is referred to as a foreign LLC in New Mexico.
Businesses incorporated outside of the state where they operate must have “foreign qualifications” issued in the other states.
A domestic LLC is a company registered in New Mexico as an LLC. The entity type that has a physical presence in another state is a foreign LLC.
Starting a foreign LLC in New Mexico does not require a lot of documentation or tasks. However, it is always good to seek help from a professional when it comes to running your business. Get a professional registered agent and form your foreign LLC anywhere without a hassle.