New Mexico LLC: The Cheapest US Company with No Annual Report Required

What Makes New Mexico Unique

In the United States, most states require LLCs to file an annual report and pay a corresponding fee to maintain good standing. Wyoming charges $62 per year. Delaware charges $300 or more. Florida charges $138.75. Nevada charges over $350.

New Mexico is one of the very few states that does not require LLCs to file an annual report at all. Once your LLC is formed, there is no recurring state government fee. The only ongoing cost is your registered agent, which typically runs $50–$100 per year with most providers.

This makes New Mexico the absolute cheapest US LLC to maintain over time — an important factor for entrepreneurs testing a business idea, running a lean operation, or wanting to minimize administrative overhead.

Cost Breakdown

With MP Partner, forming and maintaining a New Mexico LLC costs significantly less than other states. The state filing fee is $50 (one-time). Your registered agent costs typically $50–$75 per year. EIN application is included in our service. The annual cost going forward is only the registered agent fee of approximately $50–$75 per year. There is no state annual report fee — ever.

Compare this to Wyoming: $62 per year state fee plus registered agent equals approximately $112–$130 per year ongoing. Over 5 years, that is a difference of $560–$650 in fees alone.

Privacy Benefits

Like Wyoming, New Mexico does not require member names to be disclosed in the Articles of Organization that are filed with the state. The public record shows only the LLC name, the registered agent, and the organizer (which can be MP Partner's address on your behalf).

This provides a meaningful layer of privacy. Your ownership of the company is not searchable in any public state database.

Who New Mexico Is Best For

New Mexico LLC is an excellent choice for budget-conscious entrepreneurs who are just starting out and want to minimize upfront and ongoing costs while still having a legitimate US legal entity.

It is also excellent for testing a business idea — if you want a US company for a new venture but are not sure it will take off, starting in New Mexico lets you form cheaply with no annual renewal obligations.

Businesses that do not need US banking immediately will find New Mexico works well if their primary goal is having a US entity for payment processing (Stripe, PayPal) rather than a US bank account. Digital product and online service businesses with low overhead requirements are also well-served.

Limitations Compared to Wyoming

While New Mexico has compelling cost advantages, it does have some limitations compared to Wyoming.

There is no charging order protection in single-member LLCs. Wyoming's charging order protection — which prevents creditors from seizing control of your LLC — applies to single-member LLCs. New Mexico's equivalent protection is less clearly defined and may not protect single-member LLCs from all creditor actions.

New Mexico is also less recognized internationally. Wyoming has a stronger global reputation as a business-friendly state. Some overseas banks and partners may be less familiar with New Mexico companies.

Wyoming's LLC laws are among the most comprehensive in the country. If you plan to use the LLC for complex asset protection strategies, Wyoming offers more legal clarity.

Bottom Line

If your priority is cost minimization and you run a straightforward online business without complex asset protection needs, New Mexico is hard to beat. If you want the strongest legal protections available in a US LLC, Wyoming is worth the small additional annual cost.