What is New Mexico Corporation Foreign Qualification
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You want to do business in New Mexico but are registered as a Domestic Corporation in another state.
In order to legally conduct business in the state of New Mexico you must register with the New Mexico Public Regulation Commission as
a Foreign Corporation.
The process of registering as a Foreign Corporation in New Mexico is called New Mexico Corporation Foreign Qualification.
The process of New Mexico Corporation Foreign Qualification is similar to the process of forming a Domestic Corporation in New Mexico.
Your original formation documents (usually called Articles of Incorporation) and Corporate Bylaws apply to your New Mexico Foreign Corporation.
The Board of Directors and Officers of your Domestic Corporation have the same roles in the New Mexico Foreign Corporation.
Specific requirements to qualify as a Foreign Corporation in New Mexico are explained below.
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Once you have made the decision to Qualify as a Foreign Corporation in New Mexico,
a New Mexico lawyer can file your documents and act as a middle man for a few hundred dollars an hour;
or you can use an online service provider like PCF to perform these services.
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Put the money you save with PCF right where it belongs - into your new
New Mexico Foreign Corporation
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What do I have to do to Qualify as a Foreign Corporation in New Mexico
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1. Prove that you are registered in a state other than New Mexico as a Domestic Corporation
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- PCF can get your Certificate of Existence as quickly as possible from any state
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In order to register as a Foreign Corporation in the state of New Mexico, you must first prove that you are registered in another state as a
Domestic Corporation.
You usually prove this with a Certificate of Good Standing, sometimes referred to as a Certificate of Existence or a Certificate of Fact, from the
state in which you are registered as a Domestic Corporation.
Cost of a Good Standing Certificate for your Domestic Corporation varies from state to state.
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2. Choose a name for your New Mexico Foreign Corporation
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- PCF will check to make sure that your New Mexico Foreign Corporation name is available, conforms to state of New Mexico
Corporation naming regulations, and will reserve the Foreign Corporation name with the New Mexico Public Regulation Commission.
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Your New Mexico Foreign Corporation name can identify the type of products and services your business will provide;
or it may be the name of the founder; or it can be a combination of the two or something else.
In any case, the New Mexico Foreign Corporation name that you choose must be distinguishable from the name of any other registered New Mexico Corporation or other
business entity and the name must also be different from any reserved names on record with the state of New Mexico.
Your New Mexico Foreign Corporation name must not imply that it was formed for a purpose other than that stated in the
Articles of Incorporation for your Domestic Corporation
and your New Mexico Foreign Corporation name must not be a name that is likely to mislead the public.
The name of a New Mexico Foreign Corporation must include the word "Corporation" or
"Incorporated" or an abbreviation of one of these words.
It's important to choose a good name for your New Mexico Foreign Corporation because if you want to change it after you qualify you
will have to file amended documents with the New Mexico Public Regulation Commission (and pay a fee).
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3. Select an official address and a Registered Agent for your New Mexico Foreign Corporation
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- PCF can act as the official Registered Agent for your New Mexico Foreign Corporation.
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Every New Mexico Foreign Corporation must have an address that is physically located in the state of New Mexico.
This address is "registered" with the New Mexico Public Regulation Commission.
The Registered Address is where official and legal correspondence can be delivered.
The individual or company that is registered with the state of New Mexico to receive all correspondence on behalf of the New Mexico
Foreign Corporation is called a "Registered Agent".
You may act as your own Registered Agent, however, many New Mexico Foreign Corporations hire a Registered Agent because they don't have a physical
address within the state of New Mexico or to provide a distinct level of privacy.
PCF provides Registered Agent services in New Mexico as well as any other state.
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4. File Registration Documents with the New Mexico Public Regulation Commission
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PCF can compile Registration Documents that are specific to your New Mexico business and file them with
the New Mexico Public Regulation Commission.
Should the need arise, PCF can also draft and file amendments to your Registration Documents.
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In order to Qualify as a Foreign Corporation in New Mexico you must file Registration Documents with the New Mexico Public Regulation Commission.
The Registration Documents must include certain specific information about your New Mexico business.
If the Registration Documents do not conform exactly to state of New Mexico requirements they will be rejected.
You may subsequently amend the Registration Documents for your New Mexico Foreign Corporation but you will have to pay a fee to
the state of New Mexico in order to make the changes official.
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What do I have to do after I form my New Mexico Foreign Corporation
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1. Obtain Business Licenses from the cities and counties in which you plan to do business
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The business licenses or permits that are required for your New Mexico Foreign Corporation vary depending on your specific business
activities and the New Mexico locations in which you want to conduct business.
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2. File the required reports for your New Mexico Foreign Corporation
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- PCF can file your Initial report as well as your Biennial Report each year by the due.
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| The Biennial Report includes basic information about your New Mexico Foreign Corporation including information on your Board of Directors and Officers.
Failure to submit a properly completed New Mexico Biennial Report to the New Mexico Public Regulation Commission on or before the
due date may subject the New Mexico Foreign Corporation to being administratively dissolved in the state of New Mexico or having its authority to
transact business in the state of New Mexico revoked by the New Mexico Public Regulation Commission.
Penalties may accrue if you fail to file any New Mexico Corporation Biennial Report to the New Mexico Public Regulation Commission by the due date.
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3. Keep proper records of your New Mexico Foreign Corporation on file
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Keep the following records on file and available at the principal business office of your New Mexico Foreign Corporation:
- Names and addresses of all Directors and Officers of the New Mexico Foreign Corporation
- Articles of Incorporation and any Amendments to them
- Corporate Bylaws and any Amendments to them
- List of current shareholders of the Foreign New Mexico Corporation.
If shareholders change, keep a record of old shareholders and how stock was transferred.
- Minutes of all Meetings of Shareholders and Directors
- Copies of any Corporate Resolutions which have been adopted by the New Mexico Foreign Corporation
- Copies of all tax returns and Annual Reports for the New Mexico Foreign Corporation for the last 3 years
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4. Pay your taxes to the state of New Mexico
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Foreign Corporations that either do business in the state of New Mexico or that derive income from sources within the state of New Mexico are subject to New Mexico
tax laws.
If you are engaged in intrastate business and derive income from other states besides New Mexico, you must allocate the amount of income derived
from the state of New Mexico in order to determine your New Mexico state taxes.
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