How do Wyoming and New Mexico compare?
| Wyoming | New Mexico | |
|---|---|---|
| State fee to form | $100 | $50, set by statute |
| Annual report | Yes, with a license tax of at least $60 | None for LLCs |
| Yearly due date | First day of the month the LLC was formed | Nothing due |
| How you file | Online or by mail | Online through the Secretary of State portal |
| Members named on the formation document | Not asked for | Optional |
| State income tax | None | Yes, on income from New Mexico activity |
| Tax on sales in the state | Sales tax | Gross receipts tax |
| Registered agent | Required every year | Required every year |
What is the cost difference?
Over five years, state charges come to $50 in New Mexico against about $340 in Wyoming, $100 plus four annual reports at $60 for a company with modest Wyoming assets. In practice the registered agent's yearly fee is the larger cost in both states, and it is similar in each.
Is no annual report an advantage?
Mostly, yes: nothing to file and nothing to pay the state each year. The catch is that with no yearly filing there is no yearly reminder. Owners forget to renew the registered agent, the agent resigns, and the company falls out of compliance without the owner noticing. Wyoming's annual report forces a yearly check that the company's details and agent are current.
Does the state's income tax matter?
Rarely, for an owner with no US activity. States tax income from activity in the state, not companies simply registered there. A New Mexico LLC run entirely from abroad or from another state usually has no New Mexico income. If you will have staff, property or significant sales in New Mexico, its gross receipts and income taxes can apply. See economic nexus.
Which is more private?
Both keep owners off the formation document. Wyoming's Articles of Organization do not ask for members, and New Mexico makes member names optional. Neither changes what you disclose to banks, the IRS or FinCEN, where applicable.
What state privacy does and does not hide is covered in anonymous LLCs.
Which should you choose?
- New Mexico if you want the lowest possible state cost and are organized enough to keep the registered agent paid without a yearly prompt.
- Wyoming if you prefer a yearly filing that keeps the company in order, and value having no state income tax at all.
- Neither if your business has stock, staff or an office in a particular state. Start with that state. See which state to form your LLC in.
Full steps are in how to form an LLC in Wyoming and how to form an LLC in New Mexico.
Want us to set up either one?
We form your LLC in Wyoming or New Mexico, arrange the registered agent and EIN, and keep track of what each state needs from you.
Questions people ask
Is New Mexico or Wyoming cheaper for an LLC?
New Mexico: $50 to form and no annual report, against $100 and at least $60 a year in Wyoming.
Does New Mexico require an annual report for LLCs?
No. Wyoming does, due on the first day of the month the LLC was formed.
Which is better for a non-resident, Wyoming or New Mexico?
Both work. New Mexico is cheaper to keep. Wyoming's yearly report makes it harder to let the company fall out of compliance by accident.
Do both states list LLC owners publicly?
Neither requires members on the formation document. Wyoming does not ask for them, and New Mexico makes them optional.
Sources
Every fee, date and rule on this page was taken from these official and primary sources.
- Wyoming Secretary of State: Business Division fee schedule, effective July 1, 2026
- Wyoming Secretary of State: LLC Articles of Organization form and instructions
- New Mexico Statutes, NMSA 1978 section 53-19-63: LLC filing fees
- New Mexico Secretary of State: Business Services
Rules and fees change. If you are reading this long after September 30, 2026, confirm the figures with the source before you rely on them.
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This guide is general information. It is not tax or legal advice for your situation.