Starting a Business in New Mexico
LLC filing: $50 | Corp filing: $100 | Business-friendly score: 6.5/10
Business Environment at a Glance
6.5/10
Business-Friendly Score
1.7% - 5.9%
Income Tax
4.875%
State Sales Tax
$12.00
Minimum Wage
Business Filing Fees in New Mexico
| Item | Cost | Details |
|---|---|---|
| LLC Filing Fee | $50 | One-time, filed with Secretary of State |
| LLC Annual Fee | $0 | No annual fee required |
| Corporation Filing Fee | $100 | One-time, Articles of Incorporation |
| Corporation Annual Fee | $25 | Annual report/franchise tax |
Tax Rates
| State Income Tax | 1.7% - 5.9% |
| Corporate Tax Rate | 4.8% - 5.9% |
| State Sales Tax | 4.875% |
| Max Local Sales Tax | 4.313% |
| Minimum Wage | $12.00/hr |
Advertisement
New Mexico Special Requirements
- No annual report required for LLCs in New Mexico
- Gross Receipts Tax (GRT) registration required - similar to sales tax
- Workers compensation required for 3+ employees
- Combined Reporting System (CRS) registration for state taxes
Major Cities in New Mexico
Browse Industries in New Mexico
Start Your Business in New Mexico
Form your LLC in New Mexico for $50 online.
Register with LegalZoom