A certificate of good standing is used to verify the existence of your business with the state and maintain its active status. When your business maintains a certificate of good standing, it is a way of confirming that you are up-to-date on filing fees and permitted to conduct business in the state. In the state of New Mexico, a certificate of good standing is referred to as a Certificate of Compliance and can be obtained by your registered agent.
Certificate of Good Standing Purpose
While a main purpose of your Certificate of Good Standing is to confirm that your business is current on its fees and filings with the state, there are a few other reasons why your business might need this certificate:
- If you are registering your business to operate in another state, that state in which you wish to operate will likely request a Certificate of Good Standing from the state in which your business was formed.
- It is possible that one of your business relationships, such as a partner or vendor, may require your Certificate of Good Standing when setting up a bank account or applying for credit.
As you can see from these scenarios, your certificate verifies the good standing of your business when registering with outside parties. So, apart from serving as a necessary requirement for operating in the state of New Mexico, your Certificate of Compliance can also prove helpful with additional business ventures.
Requesting Your New Mexico Certificate of Good Standing
If you need a Certificate of Good Standing (Certificate of Compliance) for your New Mexico business, you can obtain one either in person or by mail. The normal processing time for this request is up to 10 business days.
If you choose to request your certificate by mail, keep in mind the additional time required for mailing. Also, note that there is not an expedited option available in this case. If you obtain your certificate in person, however, your request can be processed while you wait for no additional charge.
If you choose to request your certificate by mail, you will need to provide the following in your request: the name of your business, your return address, a phone number at which you can be reached for questions, and your payment.
If you choose to request your certificate in person, you will need all the same information and payment, though you can provide this easily upon arrival. Keep in mind that you can request only one business name per day for processing.
Cost for New Mexico Certificate of Good Standing
The cost for your New Mexico Certificate of Good Standing (Certificate of Compliance) will depend on your business type. Here are the normal processing fees for each business type in New Mexico:
Corporations = $50 Limited liability companies (LLCs) = $25 Non-profit company = $10
Your payment options consist of either check or money order. Be sure to make out your check or money order to “NMPRC” (New Mexico Public Regulation Commission). Once your request has been processed your certificate will be mailed to you by regular mail. You have the option of requesting otherwise, though you must provide the prepaid, pre-addressed envelope. As noted earlier, requesting by mail or in person are your only choices. There is not a fax or online request option currently available. Alternatively, we are happy to provide this service as your registered agent.