Every bank can open an account for a New Mexico LLC. In general, the larger banks tend to be easier to deal with as they are familiar with handling a variety of accounts. You may also want to consider a smaller bank if privacy is important. Below are the ways to establish a bank account for your limited liability company. If you’re physically in the state of New Mexico, it’s as simple as walking to the bank you prefer, corporate documentation in hand, and opening up the bank account.
However, if you’re off state, things get a little more complicated if you can’t travel all the way to New Mexico to open the corporate bank account. However, we’ve created a small guide to show you the way to create a corporate or LLC bank account in New Mexico without having to leave your own state.
● A business entity set up in New Mexico (LLC or corporation)
● Corporate documentation (EIN, Articles of Incorporation/Organization & Operating Agreement/Bylaws)
1. Hire us as your registered agent in New Mexico.
a. We can serve as your New Mexico registered agent if you haven’t hired us to do so already. That way, you’ll get a unique New Mexico address with us to use on the bank application. Our agent service includes limited free mail forwarding.
2. Picking a Bank
a. The bank you work with doesn’t have to have locations in New Mexico. Technically, any bank can open an account. We have found, while not completely uniform, local banks don’t offer accounts for out of state people or companies. However, an option which has worked for many of our clients and doesn’t require you to travel all the way to New Mexico is Small Business Bank. A lot of our clients have had a successful experience with them. The downside: their only location available is in Lenexa, Kansas, and they can’t currently assist certain business types (please read more about it in their FAQs). Small Business Bank has free checking and debit cards, and they offer a completely remote opening process. So, if your business qualifies, you don’t even have to get out of bed to open a an account with them!
b. SBB does require a SSN or EIN, as well as a state-issued passport or ID. So if you’re not an American Citizen, this is not an option. If this is the case, then you will need a US representative to handle the account opening. Unfortunately, due to increased regulations, banks will no longer allow us to open accounts for clients.
3. Start the Account Application
a. Wells Fargo and BoA wboth have different options you can choose from for checking accounts. There is also Small Business Bank. Pick what fits your needs and is the most convenient for you. Once in the application, use our address so you have a physical address in the state of New Mexico. The application will require some basic contact information and the EIN of your company
4. Supplemental Documentation
a. When you open an account with Wells Fargo or Bank of America, you will have to provide copies of your Articles, EIN and operating agreement. SBB will only have you send the IRS confirmation letter for the EIN.
Learn more about the incorporating in New Mexico.