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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. Though, may also want to consider a smaller bank if privacy is important. Many credit unions will be happy to assist. We work closely with Relay and recommend them most often.
In truth, opening an account for an anonymous LLC is not much different than for a "normal" LLC. You will provide the same documents to the bank, but will need to explain your name does not appear as Organizer on the Articles. Fortunately, private companies are increasingly common and many bankers are familiar with them.
There is technically no such thing as a "New Mexico Bank Account". You can open your company's account with any bank, regardless of whether they have branches in our state. They just need to be comfortable opening accounts for out-of-state entities. Below are the ways to establish a bank account for your New Mexico (or other) limited liability company.
Before You Start
Every financial institution is different, but they generally require the same steps and documentation, which are:
- A business entity set up in New Mexico and proof it has been accepted by the Secretary of State. This means either your Articles of Organization (for an LLC) or Articles of Incorporation (for a Corporation).
- Your governing documents. For an LLC this is your Operating Agreement and for a Corporation your Bylaws.
- Your Employer ID from the IRS. We can obtain this for you as part of our formation service, or you can follow our step-by-step guide located in the navigation menu under the "Resources" tab.
- Two forms of identification, one of which must contain a picture. Since the Patriot Act, banks are under increasing scrutiny to "know their customers".
Step-by-Step
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 does not 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.
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 due to tax evasion.
3. Start the Account Application
a. Wells Fargo and Bank of America both 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.
That's It
This same guide applies for Wyoming, Nevada, Delaware and other popular havens. 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. If you're out of state, then follow our guide above. We have many clients in Florida, for example.
However, if you're out of state, then things can be a little more complicated if you can't travel all the way to New Mexico to open the corporate bank account. This is largely because New Mexico allows anonymous LLCs and only our name, as your registered agent will appear on your Articles.
If you signed up for either our virtual office or mail forwarding, then we will forward any documents we receive from the bank, e.g. your debit or credit card and any checks.
Do not be deterred by setting up an account. The process won't change much state from state. What does change is the annual fees you will pay. If you decide our state is for you, then please contact us and we would be honored to form a New Mexico LLC for you.