Wyoming vs New Mexico

Wyoming vs New Mexico LLC: which is better if you live outside the US?

New Mexico is the cheaper LLC state to keep: it costs $52 to form and has no annual report or yearly state fee, while Wyoming costs $103 to form and $60 a year. Both keep owners' names off the formation record, so for founders abroad the choice mostly comes down to Wyoming's lack of any income tax against New Mexico's lower upkeep.

StatesUpdated 7 min read

Choose New Mexico if…

  • You want the lowest total state cost over several years
  • You'd rather not track a yearly state filing
  • You run the business from abroad, with no staff or office in New Mexico
  • You're comfortable keeping your own ownership records up to date

Choose Wyoming if…

  • You want a state with no corporate or personal income tax at all
  • You like a yearly report that keeps the state's record of your company current
  • You want free certificates of good standing from the state's website
  • The $60 yearly license tax isn't a concern

Wyoming vs New Mexico LLC at a glance

WY
Wyoming
Standard · online
Formation fee$103
Documents backAbout 2 days
Each year after$60
First year with Starter$452
Wyoming LLC guide
NM
New Mexico
Standard · online
Lower yearly cost
Formation fee$52
Documents backAbout 3 days
Each year after$0
First year with Starter$401
New Mexico LLC guide
CriteriaWyomingNew Mexico
State filing fee$103 (standard · online)
Documents back inabout 2 days
Yearly state cost$60 minimum
Yearly filingAnnual report & license tax
Yearly due dateFirst day of your anniversary month
Members or managers named on the formation filingNew Mexico's articles only say whether a manager runs the LLC, not who.
State personal income taxNew Mexico taxes non-residents only on income from New Mexico sources.
Gross receipts tax on business done in the stateWyoming has a sales and use tax instead, for taxable sales in Wyoming.
First year with our Starter plan$452

Cost: how much cheaper is a New Mexico LLC?

New Mexico costs $52 to form, against $103 in Wyoming. After that, New Mexico charges nothing: its LLC law has no annual or biennial report, and its fee schedule has no yearly fee. Wyoming's annual report comes with a license tax of $60, or $0.0002 per dollar of assets located and employed in Wyoming if that's higher, which only happens above $300,000 of Wyoming assets.

State fees only, before registered agent and service fees
WyomingNew Mexico
Year 1 (formation)$103$52
Each year after$60$0
Formation + 4 yearly payments$343$52
The same in rupees (indicative)₹32,800₹5,000
State fees only, before registered agent and service fees

Over five years the gap is about $291 in state fees. That's real money for a small business, but not a lot, so choose on fit rather than price alone. Both states require a registered agent every year, and nothing about your federal filings changes. Compare every state in LLC annual fees by state.

Privacy: what each state puts on the public record

New Mexico's reputation for privacy is earned. Its Articles of Organization must include the company name, the registered agent and registered office, the principal place of business if it's different, and a statement if a manager runs the LLC or it has a single member. They don't name the members or managers, and with no annual report, names never get added later.

Wyoming is similar at formation. Its articles ask for the company name, the registered agent, a mailing address and a principal office address, signed by an organizer, with no members or managers. In both states, use a business address rather than your home address wherever the filing asks for one.

The trade-offs of an anonymous state record

  • You prove ownership yourself. With no owner names on file, banks, payment processors and partners rely on your own documents, such as your operating agreement and the IRS letter confirming your EIN.
  • Nothing prompts updates. Without an annual report, New Mexico never asks you to confirm your details. If your registered agent or office changes, you file that change yourself, and New Mexico charges $20 for it.
  • It isn't anonymity from the government. The IRS records a responsible party for your EIN, and your bank verifies who owns the LLC. US-formed LLCs no longer file federal BOI reports since FinCEN's final rule took effect on August 14, 2026; see BOI reporting in 2026.

Taxes: income tax and New Mexico's gross receipts tax

Wyoming has no corporate or personal income tax. New Mexico has both, but its personal income tax reaches non-residents, including people living outside the US, only when they have a US federal filing requirement and income from New Mexico sources. Forming an LLC in New Mexico isn't the same as earning income there.

New Mexico's gross receipts tax (GRT) is the one to understand. It's a tax on businesses for the privilege of doing business in New Mexico, and it's often passed on to customers like a sales tax. It covers services performed in New Mexico and services performed elsewhere whose product is first used in New Mexico. Sellers with no physical presence in the state owe it once they have at least $100,000 of taxable New Mexico receipts in the previous calendar year.

That remote-seller threshold depends on your New Mexico sales, not on where you formed, so a Wyoming LLC selling into New Mexico can reach it too. If you'll have customers in New Mexico or anyone working there, confirm your position with a US CPA before you rely on GRT not applying.

Your federal obligations are identical in both states. A single-member LLC owned by a non-US person files Form 5472 with a pro forma Form 1120 in any year it has reportable transactions with its owner. New Mexico's $50 corporate franchise tax applies only if your LLC elects to be taxed as a corporation. For the bigger picture, read US taxes for non-resident LLC owners.

Running the company: deadlines, reminders and good standing

Wyoming gives you one yearly state task: file the annual report and pay the license tax by the first day of your anniversary month, starting the year after you form. The state emails reminders, and certificates of good standing are free on its website. If the report is more than 60 days late, the LLC is administratively dissolved, and reinstatement has its own $100 filing fee.

New Mexico has no yearly state filing at all. That removes a common way for LLCs to fall out of good standing, but your registered agent still needs paying every year, and federal deadlines don't go away. Our LLC annual compliance checklist covers what's left in each state.

Which should you choose?

  • Lowest cost and fewest filings, run from abroad: New Mexico.
  • No state income tax of any kind, with a yearly report that keeps records current: Wyoming.
  • You'll live or work in New Mexico: form in New Mexico and ask a CPA about GRT.
  • Planning to raise venture capital: neither LLC; compare LLC vs C-corp.
  • Weighing Delaware or Nevada too: see Wyoming vs Delaware and Wyoming vs Nevada.

Frequently asked questions

Does a New Mexico LLC have annual fees?
Not to the state. New Mexico's LLC law has no annual or biennial report, and its fee schedule has no yearly fee, so after the $52 formation fee the state charges nothing unless you file a change. You still pay a registered agent every year, and your federal filings with the IRS continue as normal.
Is New Mexico or Wyoming better for privacy?
They're very close. Neither state's articles list members or managers, and New Mexico has no annual report that could add names later. Wyoming's articles include a mailing and principal office address, and New Mexico's include a principal place of business if it differs from the registered office, so use a business address in both. The IRS and your bank still know who owns the LLC.
Do I pay New Mexico income tax if I live outside the US?
Usually not, if the LLC does no business in New Mexico. New Mexico taxes non-residents, including foreign nationals, only on income from New Mexico sources, and only when they also have a US federal filing requirement. Forming the LLC there isn't the same as earning income there. If you'll work in New Mexico or sell there, ask a US CPA.
What is New Mexico's gross receipts tax?
It's a tax on businesses for doing business in New Mexico, often passed on to customers. It covers goods and many services, including services performed elsewhere whose product is first used in New Mexico. Sellers without a physical presence in the state owe it once their taxable New Mexico receipts reach $100,000 in the previous calendar year, whichever state they formed in.
What happens if I miss Wyoming's annual report?
If the report isn't filed within 60 days of its due date, Wyoming administratively dissolves the LLC. The state can reinstate it, but reinstatement carries its own $100 filing fee and takes time you'd rather spend on the business. Set a reminder for the first day of your anniversary month, or have your formation provider file the report for you.
Can I move my LLC from New Mexico to Wyoming later?
Usually. Wyoming accepts out-of-state companies through domestication, which needs a certificate of good standing from the old state, or through continuance, which ends with dissolution filed in the old state. New Mexico has its own rules for the departing side, so have a lawyer or your formation provider check both states before you start.

Sources

  1. New Mexico Secretary of State, statutes governing business (LLC Act, NMSA 1978 §§ 53-19-1 to 53-19-74)
  2. NMSA 1978 § 53-19-8, articles of organization (statute text)
  3. NMSA 1978 § 53-19-63, LLC filing fees (statute text)
  4. New Mexico Taxation and Revenue Department, gross receipts tax overview
  5. New Mexico Taxation and Revenue Department, personal income tax overview
  6. New Mexico Taxation and Revenue Department, corporate income and franchise tax overview
  7. Wyoming Secretary of State, business FAQs (annual report and dissolution)
  8. Wyoming Secretary of State, LLC Articles of Organization form
  9. Wyoming Secretary of State, business filing fees
  10. Wyoming Secretary of State, what's next after forming (reminders, free certificates)
  11. Wyoming Secretary of State, continuance vs domestication
  12. Wyoming Business Council, tax climate (no corporate or personal income tax)
  13. FinCEN, beneficial ownership information reporting
  14. IRS, Instructions for Form 5472

Facts checked on September 17, 2026 against the sources above. Rules and fees change, so confirm anything important with the official source. Register Quick LLC is not a law firm or CPA firm, and this page is general information, not legal or tax advice.

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