Wyoming VS New Mexico LLC What is better?

[Luganese]

I'd like to know which one provides more privacy, easier to maintain and create emi/bank accounts

Thanks! / Grazie mille!

 

[JohnSeed]

Depends on what EMI you consider or do we speak bank accounts? If banking I would travel to New Mexico to register the company and open an account, that will work for you. If it is EMI both will work with Transfwerwise as it is now.

 

[Luganese]

Depends on what EMI you consider or do we speak bank accounts?

TW, Mercury

 

[Sols]

New Mexico provides a bit more privacy, although you can achieve the same level of privacy in Wyoming by using a nominee.

Wyoming is probably more understood by EMIs, but Mercury is US based so I don't think it'll make much difference.

 

[Luganese]

Thank guys, you've been very helpful
I'll try new mexico next time, anybody here offers that service ?

 

[Patrick846]

New Mexico is cheaper (registered agent $35/year and $50 to open an LLC with no yearly filing fee). Wyoming has much better asset protection (charging order as sole remedy) but will cost $50 a year to maintain + around $50/y for a registered agent. Both of them have great anonymity.

 

[Clip]

Then for operating company: NM
For asset protection: WY

And have the WY as the owner of the NM

 

[JohnSeed]

New Mexico is cheaper (registered agent $35/year and $50 to open an LLC with no yearly filing fee). Wyoming has much better asset protection (charging order as sole remedy) but will cost $50 a year to maintain + around $50/y for a registered agent. Both of them have great anonymity.

Guys we speak below 100$ for a company setup, what is it we discuss here? If someone has to consider if he want to spend $50 or $100 he shouldn't be at this forum nor consider any company anywhere but get a job at McDonalds or the forum used Pizza Hut !

 

[Patrick846]

Guys we speak below 100$ for a company setup, what is it we discuss here? If someone has to consider if he want to spend $50 or $100 he shouldn't be at this forum nor consider any company anywhere but get a job at McDonalds or the forum used Pizza Hut !

No the setup is a little bit more expensive; But the original question was which one was better.
Also, $100 a year difference is not negligible. I own over 12 companies and corporations in multiple jurisdictions. I spend over $5000 a year in maintenance fee. A few of them are in WY and in NM for different reasons. I can tell you that the maintenance cost, while not being the primary, is still a factor in my choice. And I don't work at McDonalds.

 

[JohnLocke]

Is it possible to open an TW or other EMI account for a New Mexico company, does someone has first hand experience with it?

I assume the rules are the same one has to file taxes and do accounting for a New Mexico company?

 

[Clip]

Is it possible to open an TW or other EMI account for a New Mexico company, does someone has first hand experience with it?

I assume the rules are the same one has to file taxes and do accounting for a New Mexico company?

It's possible, the only state that I know don't work with TW is Nevada, don't know the exact reason, but seems that Nevada doesn't share tax information with the IRS

Don't need to pay the annual fee

 

[JohnLocke]

Great, that's actually good news. What do you mean there is no annual fee? we still have to maintain accounting and file tax each year right?

 

[Clip]

https://www.llcuniversity.com/new-mexico-llc/annual-report/

New Mexico LLCs don’t have to file an Annual Report or pay an annual fee. The New Mexico Secretary of State doesn’t require it.
Although most states have annual reports and fees, New Mexico is one of the few states that doesn’t require LLCs to file (or pay) an Annual Report.
This doesn’t mean that New Mexico LLCs don’t pay taxes though. Depending on how you derive your income in New Mexico, and how your LLC is taxed, you may have to file (and pay) state taxes.

You may need to keep the invoices in case the authorities request it

 

[JohnLocke]

So there is no accounting you say

https://www.llcuniversity.com/new-mexico-llc/annual-report/


You may need to keep the invoices in case the authorities request it

 

[JohnSeed]

sorry to bump this thread, but to sum up all this:

New Mexico compnay an LLC

- Total privacy granted, no public records
- No accounting required
- No tax filing other than a simple form with 3 points
- No tax to be paid

Is that how we have to understand all of this?

 

[JohnLocke]

If someone has the answers to the listed points by @moneynetwork I would really appreciate to know them. New Mexico looks like a totally overlooked offshore jurisdiction.

 

[Patrick846]

New Mexico does not requires annual state or tax filing if you don't do business in the state.
When you open your LLC, your registered agent has to record your information in their book but they do not record it with the state. When I opened mine, I was never asked to provide any ID, I just needed to write a name and an address.
The only fee that you have to pay annually for a NM LLC is your registered agent (around $35 for the cheapest).

However, NM LLC does not have great asset protection statutes as the charging order is not the only remedy. So you may want to have it owned by a WY holding LLC that has excellent asset protection. But if you only are looking for anonymity, NM is a great state to have your company registered in.

 

[JohnLocke]

Thank you for clarification this sounds good. Really informative what agent have you been using or do you know some reliable?

 

[Patrick846]

Also it is not because you don't have to file state tax in NM that you don't have to file federal taxes :-(

 

[Patrick846]

I have been using NEW MEXICO REGISTERED AGENT | $35 A YEAR but most of them are part of the same nationwide network of registered agent.
Some will provide limited mail forwarding included in the price, some will not. The job of a registered agent in the US is minimum, and I don't know if there are good or bad ones. That is definitely a service where I will go with the lowest bidder. Unless you are looking for additional services like virtual office or premium remailing, I wouldn't worry too much.