Wyoming, USA vs New Mexico, USA
New Mexico is £31 cheaper in year 1. Both cost about the same each year after that.
| Wyoming, USALLCStart with Zenind | New Mexico, USALLCStart with Zenind | |
|---|---|---|
| Costs | ||
| Minimum, year 1 | £144 | £113 |
| Minimum, per year after | £67 | £75 |
| Typical year 1 | £742 | £726 |
| Government fee | £77$100 Articles of Organization | £38$50 Articles of Organization |
| Indirect setup | £0–300 | £0–380 |
| Running per year | £67–962 | £75–920 |
| Share capital | None | None |
| Rules | ||
| Directors | No local directorYou need a registered agent in Wyoming. | No local directorYou need a registered agent in New Mexico. |
| Remote setup | Fully remoteAn EIN for foreign owners takes 2 to 6 weeks. | Fully remoteAn EIN for foreign owners takes 2 to 6 weeks. |
| Audit | No audit | No audit |
| Time to form | 1 to 2 days (EIN extra) | 1 to 2 weeks (EIN extra) |
| Ease for foreign owners | 4/5 | 4/5 |
| Tax and banking | ||
| Corporation tax | 21%An LLC pays no entity tax, and Wyoming has no state income tax. | 21%An LLC pays no entity tax. Gross receipts tax of 5.25% to 9.44% on trade in New Mexico. |
| Dividend withholding | 30% dividend withholding, 15% for UK individuals. | 30% dividend withholding, 15% for UK individuals. |
| VAT / GST | 4%4% sales tax on sales in Wyoming. | 4.875% |
| Banking | 3/5Mercury, Relay and Wise work remotely once you have an EIN. Traditional banks want a visit. | 3/5Mercury, Relay and Wise work remotely once you have an EIN. |
| All company setup fees in WyomingUse ZenindAd | All company setup fees in New MexicoUse ZenindAd | |
Questions
Is Wyoming cheaper than New Mexico for company setup?
No. New Mexico is cheaper, at least £113 in year 1 against £144 for Wyoming.
Which is cheaper to run each year?
They cost about the same, at least £67 a year in Wyoming and £75 in New Mexico.
Which needs a local director?
Neither. You can run a company in either without a local director.
Which is faster to set up?
Wyoming, in 1 to 2 days (EIN extra). New Mexico takes 1 to 2 weeks (EIN extra).
How does corporation tax compare?
Wyoming: An LLC pays no entity tax, and Wyoming has no state income tax. New Mexico: An LLC pays no entity tax. Gross receipts tax of 5.25% to 9.44% on trade in New Mexico.
Sources: Wyoming Secretary of State · Ezel · NM Taxation and Revenue · IRS · Harbor Compliance