New Mexico Business Overview

Your New Mexico Company Formed By:

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Corporation
Wednesday
October 18th
LLC
Wednesday
October 18th

Starting a Business in New Mexico

The Basics

Incorporate Fast has years of valuable experience in the filing of New Mexico small businesses. Our experienced and knowledgeable staff members provide the best customer service to get your filing done in as little time as possible.  Once your order has been received, our staff reviewers conduct a preliminary name search within the state of New Mexico for any potential entity conflicts.  Once this step is completed, we file your articles with the Secretary of State to get your approval quickly so that your business may be officially recognized as a legal entity in the state of New Mexico.

 

Doing Business in New Mexico

Business Maintenance

All New Mexico Corporations and LLCs Must File: 

  • Articles of Incorporation
    New Mexico corporations and LLCs are formed by filing the Articles of Incorporation or Articles of Organization with the NM Secretary of State. It costs $100 or more to form a New Mexico corporation or $50 for a NM LLC.
  • Initial Corporate Report
    New Mexico corporations must file an initial report with the Secretary of State within 30 days of incorporation. It costs $25 to file the NM corporation initial report.
  • Biennial Report.
    New Mexico corporations must file their biennial report by the 15th day of the month following fiscal year close. Most corporations close their fiscal year December 31, so the report would be due March 15. The Filing fee for NM corporation biennial reports is $25. This report can be filed online.
    NM LLCs do not file annual or biennial reports with the NM Secretary of State.

New Mexico Business Taxes

Personal Income Tax
The New Mexico Individual income tax rates are as follows:

If the taxable income is not over $5,500, tax is 1.7%
If taxable income is over $5,500 but not over $11,000, then tax is $93.50 plus 3.2% of excess over $5,500
If taxable income is over $ 11,000 but not over $16,000, then tax is $269.50 plus 4.7% of excess over $11,000
If taxable income is over $ 16,000, then tax is $504.50 plus 5.7% of excess over $16,000

Corporate Income Tax
NM corporate income tax rates:

If income is not over $500,000, then tax is 4.8% of net income
If income is over $500,000 but not over $1,000,000, then tax is $24,000 plus 6.4% of excess over $500,000
If income is over $1,000,000, then tax is $56,000 plus 7.6% of excess over $1,000,000

Franchise Tax
A $50 annual tax on NM corporations.

New Mexico Business License

New Mexico does not have a state business license requirement. However, you will need to get any occupational licenses as well as local licenses necessary for your business activities.