Business license fees differ between counties and municipalities in New Mexico, but most charge $35 to initially acquire the license, as well as a $35 annual renewal fee. If you want to operate your business, you’ll have to wade through all the red tape. So get started on these regulatory hurdles as early as possible and clear the way for your entrepreneurial journey.
Licensing Process
You can obtain a business license by applying with the relevant licensing agency. The agency will depend on your business location and activities. The application requires basic information and a questionnaire about your activities. The cost varies based on your location and license type. Getting your license usually takes five to seven days.
You might also need specialized professional licenses like those for pharmacists, architects and chiropractors. You’ll likely need to take an exam, apply to the relevant board, and pay accompanying fees.
There is no general state-wide business license. You need sales certificates from individual cities. Costs vary but generally start around $35. You may need additional occupational licensing from counties/cities where you operate.
You don’t need to register a sole proprietorship. But there are benefits to doing so, like protection from liability. You can register online through the Secretary of State.
Steps to Starting a Business
The process involves several steps:
- Determining your structure
- Registering your name if needed
- Getting an EIN if you have employees or certain structures
- Applying for necessary licenses and permits
Forming an LLC only costs $50 in state fees. But you may owe additional local fees. An LLC can protect your assets and help grow your business, so it’s usually the best choice.
Home-Based & Small Businesses
Can you run a business from home in New Mexico? New Mexico’s governments have rules that entrepreneurs must follow to operate from their homes. Applying requires filing a letter that describes the business and submitting a sketch of the floor plan that identifies the office or business space and a map of where the home is located.
What is considered a small business in New Mexico?
Licensing Fees
Additional license fees are dependent on which license is being applied for. Costs span a range, such as $350 for a funeral establishment license to $750 for a tobacco license. Jumping through all the hoops to acquire the necessary licenses and permits can be exhausting. But if you want to operate your business, you’ll have to wade through all the red tape. So get started on these regulatory hurdles as early as possible and clear the way for your entrepreneurial journey to success.