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Wyoming vs New Mexico LLC: Which Is Better? (2026)
Wyoming and New Mexico are the two states most founders outside the US choose. Both are fast, private and low-cost. Here is how they really differ on yearly cost, upkeep, privacy and banking, so you can pick in five minutes.
Wyoming vs New Mexico LLC, in short: choose New Mexico if you want the lowest yearly cost: there is no annual report and no yearly state fee. Choose Wyoming if you prefer the state most banks, platforms and investors already know, with strong asset protection, for a $60 yearly report. Both keep owner names off public filings and both suit founders abroad.
Wyoming vs New Mexico LLC at a Glance
| Wyoming | New Mexico | |
|---|---|---|
| First-year price (LLCPronto, all-in) | $199 | $190 |
| Yearly state filing | Annual report, $60 minimum for most small LLCs | None |
| Yearly state fee | $60 minimum | $0 |
| Owner names public? | No | No |
| State income tax | None | Only if you do business in New Mexico |
| Asset protection | Strong (charging order protection) | Standard |
| Familiar to banks and platforms | Very | Familiar, less common than Wyoming |
| Best for | The best-known low-cost state | The lowest upkeep |
Yearly Cost: New Mexico Wins
After the first year, a New Mexico LLC has no state filing and no state fee; you only renew your registered agent. Wyoming charges a $60 minimum annual report, due on the first day of your formation anniversary month. Over five years the difference is around $300.
Reputation and Banking: Wyoming Has the Edge
Wyoming has been the go-to state for small LLCs for decades, so banks, payment platforms and marketplaces see it constantly. New Mexico LLCs are accepted too, but some founders feel more comfortable with Wyoming. Approval always depends on the provider and your details, not the state alone. See our bank account guide.
Privacy: A Tie
Neither state requires member names in the public formation filing. Your registered agent‘s address appears on the record instead of yours.
Which Should You Choose?
- Freelancer, agency or SaaS founder abroad, cost first: New Mexico.
- Online seller, Amazon or Stripe user who wants the best-known state: Wyoming.
- Raising money from US investors: neither; look at Delaware.
- Living and working in a US state: usually your home state.
Read the full guides: Wyoming LLC and New Mexico LLC.
Wyoming vs New Mexico LLC: Five-Year Cost
- Year one: our all-in packages are Wyoming $199 and New Mexico $190, with the state fee, registered agent, EIN and US mailing address included
- Years two to five, state cost: about $240 in Wyoming annual reports versus $0 in New Mexico
- Every year in both states: registered agent renewal, and Form 5472 with a pro forma Form 1120 for a foreign-owned single-member LLC
Mistakes Founders Make When Choosing
- Thinking “no annual report” in New Mexico means no yearly duties. The registered agent and Form 5472 still apply every year
- Choosing Wyoming and then missing the annual report, which is due on the first day of the anniversary month, not at year end
- Picking a state because a friend did, without checking yearly costs
- Assuming one state guarantees bank or Stripe approval. Your profile matters more than the state
Still undecided between a Wyoming and a New Mexico LLC? Tell us on WhatsApp where you live and what you sell, and we will recommend one in a few minutes.
Wyoming vs New Mexico: FAQs
Is Wyoming or New Mexico better for a non-resident LLC?
For the lowest yearly cost and simplest upkeep, New Mexico wins: no annual report and no yearly state fee. Wyoming costs a little more each year ($60 annual report for most small LLCs) but is the more familiar choice for many banks and platforms and has strong asset-protection rules.
Which is cheaper, Wyoming or New Mexico?
New Mexico is cheaper to keep, because it has no annual report or yearly state fee. Wyoming charges a $60 minimum annual report. Compare the first-year package prices on our pricing page.
Do both states keep owner names private?
Yes. Neither Wyoming nor New Mexico requires member names in the public formation filing.
Do I pay state income tax in Wyoming or New Mexico?
Wyoming has no state income tax. New Mexico’s gross receipts and income taxes generally apply only if you actually do business in New Mexico; an LLC run from abroad with no New Mexico activity is usually not affected.
Can I switch states later?
It is possible but costs time and fees, so pick carefully at the start.
Does a New Mexico LLC still need a registered agent every year?
Yes. New Mexico has no annual report, but every LLC must keep a registered agent in the state at all times.
When is the Wyoming annual report due?
On the first day of the month you formed the LLC, every year starting the year after formation. It is $60 for most small LLCs.
Still Not Sure? Ask Us
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