The numbers at a glance
| New Mexico | Wyoming | |
|---|---|---|
| Filing fee | $50 | $100 |
| Annual report | None | $62 (annual) |
| Franchise tax min | $0 | $0 |
| Top state income tax | 5.9% | 0% |
| Privacy score | 9/10 | 9/10 |
| Banking accessibility | 6/10 | 8/10 |
| Standard processing | 3d | 1d |
| 5-year total cost | $300 | $660 |
On pure 5-year cost, New Mexico comes out ahead by $360. But cost is rarely the only factor.
When New Mexico wins
- No annual report
- Anonymous LLC native
- Lowest total cost
- You physically operate in New Mexico — staying in-state avoids foreign-LLC qualification costs.
When Wyoming wins
- No state income tax
- Strongest charging-order protection
- Anonymous LLC allowed
- Low $62 annual fee
- Series LLC available
Hidden costs of forming in Wyoming from outside
If you live and operate in New Mexico but form in Wyoming, you almost always pay both states' annual fees because you must register as a foreign LLC in New Mexico. The advertised cost difference often disappears entirely once foreign qualification fees and dual registered agents are factored in.
Decision framework
- Operating in New Mexico? Form in New Mexico.
- Pure holding company or non-resident? Wyoming wins on cost and privacy.
- Raising VC money? Delaware C-Corp is the standard. New Mexico won't be accepted by most institutional investors.
See the full Wyoming guide for Wyoming-specific details, or jump to our 5-question quiz to get a personalized shortlist.