Setting your company up for success can be a difficult task. “Where do I even begin?”.
Starting from the ground up and constructing a solid foundation sounded like a manageable way to think about the steps that you needed to take. We don’t want you to squander any time when it comes to getting started! We’ll go through the fundamentals of how to get a business license in New Mexico in this article.
You’ll learn whether it is required in this state, how to apply for one, how firm insurance is related, and more.
Are you ready to learn the details? Continue reading!
Is it necessary to obtain a business license in New Mexico?
The short answer is typically you may not, but only because there is no general New Mexico state business license. Rather, it is the responsibility of each local city or municipality to issue the licenses and permits you will need to conduct your job. So make sure to visit the websites of the town or city where your company is located!
However, the state may need you to obtain a NM professional certification, which is a separate type of license. If this sounds like it could apply to you, we’ll go over it later in the post.
You might discover that you don’t require a business license after investigating your local legislation on company licenses. Nonetheless, we recommend that you apply for a license. There are numerous advantages to holding a company certification. A New Mexico business license can assist you in the following ways:
- Obtain potential customers’ trust
- Fulfill requirements of vendors, landlords, etc.
- Seem more favorable when applying for loans, grants, or financial assistance
- And much more
If this has piqued your interest, continue reading to learn how to apply, pay, and obtain your license.
Step 1. Make a New Mexico online account
In order to apply for a business license in NM, you must first create an online account. While it isn’t normally required right away, it is required for filing annual reports, requesting a certificate of existence, and other situations, so it’s best to have it done now.
You can download and mail a PDF application to the Secretary of State at this address:
Office of Secretary of State
325 Don Gasper, Suite 300
Santa Fe, New Mexico 87501
Filing fees vary by region and profession, but they are usually paid by check or money order.
Step 2. Get your Employee Identification Number
New Mexico requires you to have an EIN, which you can apply for with the IRS, regardless of your profession or location of the firm.
Having an EIN is essential regardless of whether you have a limited liability company, a partnership, a sole proprietorship (with employees), or any other sort of business entity. Even if you plan to be a sole proprietor and have no employees now, you should still file for an EIN because you never know what the future holds!
Step 3. Submit an application for a CRS ID number
Every business in NM must apply for a Combined Reporting System Identification Number from the Taxation Revenue Office, which will help to pay and report taxes on gross receipts from doing business in the state.
You can apply for a CRS Identification Number either in person or online at a local tax office. There is usually no expense involved in applying in either case.
Depending on your entity, you’ll file in a different way. You can pay the Secretary of State by check or money order. If you’re relocating your company from another state, you’ll almost certainly require a certificate of good standing from the state where you first registered.
Step 4. Research the requirements of your local government
While the state of New Mexico does not require a general certification, each city has its own set of rules for how businesses register and operate. After you’ve completed the preceding steps, contact your local municipality to find out what the local requirements are.
When applying for local permits or zoning ordinances, you’ll almost certainly need to use the CRS identity number you registered.
When applying for local permits or zoning ordinances, you’ll most likely need to use the CRS identity number you registered.
Step 5: Determine whether you’ll need a professional license.
You may also need to obtain a professional certification, as we discussed previously. Professional licenses are considered independent from business licenses in NM, and whether or not you need one depends solely on what you perform.
Follow the links here to see if your profession necessitates a license.
How Much Does a New Mexico Business License Cost?
It’s understandable that one of the first questions that come to mind when considering obtaining a certification in New Mexico is, “How much will it cost me?”
The cost of registering your business and obtaining professional and business licenses in NM varies depending on your occupation and the local municipality where your firm is located.
Registration fees can start as low as $35, but there may be additional expenses if you run a certain type of business, such as a nonprofit organization in Albuquerque or a home-based occupation firm in Rio Rancho.
What types of companies are in the consumer services sector? The Consumer Services Sector is one that includes a vast array of industries from marketing, telecoms and entertainment to health care and fashion. Consumer services includes a wide range of companies that deal directly with consumers. Such businesses are often custom-built to fit their specific clients’ needs – much like retail shops, but on a more personal level. There is an increasing number of companies operating within this wide range as the economy has been growing and as we begin to cultivate our population one person at a time.