General Guide to Company Incorporation in New Mexico
Updated on Tuesday 27th March 2018
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New Mexico is called the “Land of Enchantment”, it is the 36th most populous state in USA and it has a diversified economy which offers a wide range of business opportunities for locals and foreigners. We have prepared a general guide to company incorporation which can help foreign investors establish their operations in New Mexico. Our company formation agents in USA are here to support entrepreneurs through the main stages of a company registration and can offer in-depth information at any time.
How to start an LLC in New Mexico
Knowing the proper business structure before commencing any activities can help the business person choose in accordance with the future activities. A limited liability company in New Mexico may represent the suitable business form in any field of interest, considering that it is the most popular structure and has an easy incorporation. The registration starts with the preparation of documents and particularly the Articles of Association which must contain information about the owners, their nationality, the future activities, the business address, the liabilities. Likewise, when opening an LLC in New Mexico, one must appoint the registered agent who must be a resident of the state, name the board of directors and consider signing an operating agreement.
Starting a company in USA and particularly in New Mexico attracts foreign investors who want to enter the American market and generate profits. We mention that the company registration in this state starts with the requirements imposed by the New Mexico Secretary of State.
Create an operating agreement for your LLC
Even though it is not mandatory, an operating agreement is recommended at the time of company incorporation. This is a legal document which comprises information about the owners, the invested capital, their voting rights, their liabilities. Also, the same document offers information about the dissolution of a company in New Mexico. If you want to open a company in USA, including New Mexico, we suggest you address your inquiries to our team of specialists in company incorporation in USA.
Register for EIN in New Mexico
Each company in New Mexico enters the market only if the Employer Identification Number is obtained in the first place. This is the federal tax ID issued by IRS (Internal Revenue Service) and proves that the company is registered for tax purposes. Applying for EIN in New Mexico may start with the official website of the tax authority, but for avoiding any misunderstandings, our company formation representatives in USA can offer complete support.
Taxes in New Mexico
The sales tax in New Mexico is set at 5.1% and besides that, the municipalities can impose their own city taxes which do not exceed an 8.9% rate. Moreover, one must consider the lodging tax and the rental tax which are imposed for certain goods and services in New Mexico. It is good to know that the government in New Mexico offers several tax exemptions and tax credits for foreigners who operate in this state or intend to do business here.
Other company formation requirements in New Mexico
Besides the above-mentioned stages in a company incorporation in New Mexico, foreign investors should consider other important requirements linked to opening a business in USA, such as:
• open a business bank account;
• register for social security taxes;
• register for New Mexico Gross Receipts Tax if you intend to sell taxable goods and services;
• obtain the necessary business license;
• hire an accounting firm;
• obtain the Certificate of Good Standing.
The economy of New Mexico
The diversified economy helped New Mexico develop in a wide range of sectors like mining, oil extraction, tourism, IT and engineering. The state of New Mexico is placed in the fourth position among American states which produce natural gas. The capital of New Mexico is Santa Fe, an important business center with major companies that developed their operations in a successful manner. Albuquerque, Las Cruces, Farmington, Taos, Hobbs, and Clovis are other significant cities of New Mexico where foreigners can set up their activities in different fields.
If you want to open a business in USA and especially in New Mexico, please feel free to contact our team of company formation experts in USA.