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 ZenindNew 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 capitalNoneNone
Rules
DirectorsNo local directorYou need a registered agent in Wyoming.No local directorYou need a registered agent in New Mexico.
Remote setupFully remoteAn EIN for foreign owners takes 2 to 6 weeks.Fully remoteAn EIN for foreign owners takes 2 to 6 weeks.
AuditNo auditNo audit
Time to form1 to 2 days (EIN extra)1 to 2 weeks (EIN extra)
Ease for foreign owners4/54/5
Tax and banking
Corporation tax21%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 withholding30% dividend withholding, 15% for UK individuals.30% dividend withholding, 15% for UK individuals.
VAT / GST4%4% sales tax on sales in Wyoming.4.875%
Banking3/5Mercury, 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 ZenindAdAll company setup fees in New MexicoUse ZenindAd
+ Add a country

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