To get started, you’ll need to pick a suitable business name, choose a registered agent, and file your Articles of Organization with the New Mexico Secretary of State ($50 processing fee).
While many websites talk about tax rates and advantages of certain states, none of that applies if it’s not the state where you live and do business.
Business Licensing
When Do You Need a Business License in New Mexico? The documents required to obtain a business license in New Mexico will vary depending on the type of business, but generally will include proof of identity and legal authorization to conduct business in the state.
How much does a New Mexico business license cost? Business license fees differ between different counties and municipalities in New Mexico, but most charge $35 to initially acquire the license, as well as a $35 annual renewal fee.
How do I get a New Mexico business license? You can register for the state’s gross receipts tax online with the New Mexico Taxpayer Access Point website, by mail, or by email.
How Much Time It Takes to Get a New Mexico Business License? Getting your business license usually takes about five to seven business days. If you apply online, it can be even faster.
The amount you’ll pay your accountant will also vary, but most accountants for a new business starting out will cost between a few hundred dollars per year to about $900 or $1,200 on the more expensive end.
Forming an LLC in New Mexico
New Mexico LLCs are relatively inexpensive — especially when you consider that an LLC can protect your personal assets and help grow your business. That’s why forming an LLC is the best choice for most small businesses.
To get a business license in New Mexico, apply with the relevant licensing agency depending on your business location and activities. The application requires basic information like your LLC name, EIN, address and contact details. Not every business needs a license, but many require specific licenses and permits, often from the county clerk’s office.
Licenses for different businesses vary. To start any business, have a clear plan choosing structure, licenses, permits, name, marketing and growth. A local license usually costs $35 per year. Most counties require annual renewal.
Advantages of starting a business in New Mexico include low living and labor costs and a thriving startup ecosystem. As a sole proprietorship, you automatically have a business license. LLC fees depend on specifics. Comply with all applicable laws and terms to sell on Shopify.
Follow our 8 step guide to incorporate your New Mexico business, with careful planning and patience. The necessary foundation for success starts here.