New Mexico has witnessed a growth in its economy as well as formation of new businesses in a range of industries and sectors. As of today, if you are planning to set up a company in New Mexico then some of the industries that you can look at for business growth and profitability include fossil fuel and alternative energy resources, Accommodation and Food Services, Mining and Oil and Gas Extraction, Finance and Insurance, food processing, and high-technology industries. Some of the top companies headquartered in New Mexico include Los Alamos National Security LLC, Lovelace Health System, Presbyterian, TriCore Reference Laboratories, MBF Inspection Services Inc., US Cotton, Mountain View Catering, and JB Henderson Construction among others.
Why Choose New Mexico for Incorporation?
Why should you opt for company incorporation in New Mexico? There are several reasons but above all are the benefits and advantages that businesses enjoy. The fact is that New Mexico provides a variety of economic incentives to small and medium sized enterprises and hence there has seen growth in the number of small businesses in the state.
Now let’s take a look at some of the salient benefits that are responsible for fuelling growth of small businesses in this state:
- Texas/New Mexico Border Residents’ Tax Exemption: This is an innovative business incentives that ensures that an enterprise involved in manufacturing, and situated within 20 miles of the Mexican border and has at least 5 New Mexico residents as employees, can qualify for this tax exemption program. The program is being administered by the NM Taxation & Revenue Department and is aimed at helping businesses that set up companies in New Mexico minimize cost, maximize productivity, as well as enhance workforce stability.
- Foreign Trade Zone (FTZ): The Foreign Trade Zone is a designated area that is situated inside New Mexico and is treated as if it is outside the U.S. border for custom entry purpose. If you plan incorporation in New Mexico FTZ then you will be able to import, and manufacture goods while reducing or completely eliminating any custom duties applicable. List of FTZ
How do you incorporate in New Mexico?
Is there a process for company incorporation in New Mexico? Do you require any specific documents? How can you submit or file these documents? These are some of the questions that you will be confronted with and hence the following steps will provide you with information on how incorporation works in New Mexico:
Type of Business
What type of business would you like to form in New Mexico? The most common business structures in the state of New Mexico are corporations, Limited Liability Companies, partnerships, and limited partnerships. If you are planning to form a corporation then you need to identify whether it is a domestic or foreign entity as the documentation, fee, and other aspects would be different. The first step towards company incorporation in New Mexico is to identify the type of business you want to set up.
Business Entity Name
What is the next step towards incorporation in New Mexico? The next step is to identify and reserve a name and this can be done as follows:
- Naming Requirements: The naming requirements for LLC should be pursuant to Section 53-19-3 NMSA 1978 while that of a business corporation should be pursuant to NM Stat § 53-6-6 NMSA 1978. The name of each limited liability company must contain words like “Limited Liability Company” or abbreviations like “L.L.C.” or “LLC”. A corporate name must contain words like “corporation”, or “incorporated” or abbreviations like “corp.” or “inc.”
- Business name search: You need to search for a business name that is not in use currently. You can conduct name search here.
- Name Reservation: Once you have identified business entity name, you can reserve the name with the Secretary of State, Corporation Department for a period of 120 days.
- Name Registration: If you are foreign entity planning to set up a company in New Mexico then you will be required to register your business name with the Secretary of State, Corporation Department pursuant to Section 53-19-50 NMSA 1978.
Choose a Registered Agent
According to NM Stat § 53-6-7 (1996 through 1st Sess 50th Legis) for business corporation and Section 53-19-5 NMSA 1978 for LLC, each business entity needs to designate a registered agent in the state of New Mexico. We are one of the respected registered agents in New Mexico and will be responsible for initiating company incorporation in New Mexico through processing of all your documents including “Articles of Incorporation” for domestic corporations and ” Certificate of Authority” for foreign corporations.
Articles of Incorporation and Certificate of Authority
If you are planning to form a domestic corporation, then you will have to file “Articles of incorporation” pursuant to NM Stat § 53-12-1 to 53-12-6 (1996 through 1st Sess 50th Legis). If you are planning to form a foreign business incorporation in New Mexico then you will be required to file a “Certificate of Authority” pursuant to NM Stat § 53-17-5 tO 53-17-6 NMSA 1978. In order to streamline the process we can file documents on your behalf through the online process or through expedited process.
Date Stamped Copies
As a part of the process of company incorporation in New Mexico, we will ensure, you receive date-stamped and filed copies that verifies the state has filed as well as formed your corporation.
Costs and Fees associated with New Mexico Incorporation
What would it cost to set up company in New Mexico? Check Fees here!