Side-by-side comparison
| Wyoming | New Mexico | |
|---|---|---|
| Year 1 service fee (WyomingLLC) | $297 + state fee | $347 + state fees |
| Annual report fee | $60 minimum | $0 (no annual report) |
| Franchise tax | $0 | $0 |
| Privacy (members listed publicly) | No | Members not listed |
| Asset protection strength | Strongest in US (charging order) | Moderate |
| Non-resident friendly | Yes | Varies |
| BOI applicability | Exempt (per March 2025 IFR) | Same as Wyoming |
Wyoming wins for these founders
- No annual report required (NM is the only state that doesn't require LLC annual reports).
- $50 one-time filing fee, cheapest in US.
- Strong privacy.
New Mexico wins for these founders
- Slightly cheaper year 1 only.
- Slightly less established as a non-resident hub.
Honest verdict
Pick New Mexico if cost is the absolute primary driver and you have no asset protection concerns. Pick Wyoming for the established non-resident infrastructure, better asset protection, and Wyoming-specific bank acceptance norms.
What you get with WyomingLLC Wyoming
- Wyoming LLC formation in 24 hours via Wyoming Secretary of State under Wyoming Statutes Title 17, Chapter 29
- Wyoming registered agent for year 1 (Section 17-28-101 requirement)
- Custom operating agreement with Wyoming-specific charging-order language under Section 17-29-503
- EIN via IRS Form SS-4 (no SSN required)
- Direct introductions to Mercury, Relay, and Wise Business
- $297 + state fee all-in pricing
- WhatsApp and email support across NYC and Dhaka time zones
How banks treat both states
Mercury, Relay, Wise Business, Brex, and Bluevine all accept Wyoming and New Mexico LLCs equally. Bank approval depends on your country profile and business description, not state of formation. We have facilitated hundreds of approvals across both states with similar approval rates (about 70% for non-residents at Mercury).
Specifically: Mercury approves both states. Relay approves both states. Wise Business accepts both. There is no state-of-formation discrimination in US business banking.
Foreign qualification: when you might need both
Foreign qualification is the process of registering an LLC formed in state A to do business in state B. This is required if your LLC has substantial activity (office, employees, inventory) in state B.
Most non-residents do not need foreign qualification because they operate entirely from outside the US. Selling to US customers from outside the US does not by itself create foreign qualification requirements.
If your business has FBA inventory in New Mexico warehouses, or if you have US employees in New Mexico, you may need to register your Wyoming LLC as a foreign LLC in New Mexico. This adds an annual filing and registered agent in New Mexico (typically $50 to $500/year in additional costs).
If you change your mind later
You can move your LLC between states later via domestication or by dissolving and reforming. Typical cost: $500 to $1,000 including state fees. Most founders never need to switch, but the option exists if your business changes (e.g., you start raising VC and need Delaware, or your operations shift to a different state).
Statutory anchors
- Wyoming Statutes Title 17, Chapter 29: Wyoming Limited Liability Company Act
- Wyoming Statutes Section 17-29-503: Charging order is the exclusive remedy for a member's creditor (Wyoming's strongest asset protection provision)
- Wyoming Statutes Title 17, Chapter 31: Decentralized Autonomous Organization Supplement (DAO LLC, unique to Wyoming)
- Wyoming Statutes Title 13, Chapter 12: Special Purpose Depository Institutions Act (SPDI for digital asset banking)
- New Mexico LLC Act: Each state has its own LLC statute. Check the state's code for member listing requirements, franchise tax, and annual filings.
- FinCEN Interim Final Rule, March 26, 2025: Both Wyoming and most other domestic US LLCs are exempt from BOI reporting.
Decision framework: Wyoming vs New Mexico
Form Wyoming if you check any of these:
- Solo founder or small partnership, not raising VC
- E-commerce, dropshipping, SaaS, freelancing
- Real estate holding company
- Year 2+ cost matters
- Privacy is a priority
- Crypto or Web3 business (Wyoming-only DAO statute)
Consider New Mexico if you check any of these:
- Substantial in-state operations in New Mexico
- State-specific reasons (caselaw, banking relationships, attorney recommendations)
- Existing business relationships rooted in New Mexico