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US LLC (New Mexico) · via Mercury (banking-only)·🇻🇳Founder profile

Forming a New Mexico LLC for Vietnamese Freelance Developers

VerifiedJul 2026
EligibilityEligible
Setup timeline14–30days
Year-1 total$0.00

New Mexico offers a streamlined incorporation process for non-US residents with no annual report requirements. This structure allows Vietnamese developers to operate under a US entity while managing banking through Mercury.

Founders must maintain compliance with both US federal tax reporting and Vietnam's Circular 111/2013 regarding foreign-source income.

§ 01Cost of ownership

Model the full outlay, not just the setup fee

Renewal costs sneak up on non-resident founders. Compare year-1 filing against a 3-year total to see the real bill.
Currency · USD (live FX)
2-year cost of ownership
$0.00
≈ $0.00/month amortized·USD @ live FX
Time horizon
Line items
Amount
  • SetupMercury (banking-only) setup
    $0.00
  • AnnualYear 2 renewal
    $0.00
Total$0.00
§ 02Tax residency · Vietnamese Freelance Developers

What the tax authority sees

US federal / local status

New Mexico LLCs are treated as pass-through entities for federal tax purposes, subject to US-source income reporting under IRS Form 5472 and 1120.

Home-country rule

Circular 111/2013 on foreign-source income; USD conversion rules

Editorial verdict

Use New Mexico for low maintenance, but ensure you track US-source income carefully to comply with Circular 111/2013 reporting in Vietnam.

Key compliance risks
  • 01Form 5472/1120 penalty of $25,000 for late filing
  • 02Double taxation risk if foreign-source income is not properly documented
  • 03Mercury banking access requires valid EIN and Articles of Organization
§ 03Setup timeline

From filing to funded bank account

Setup timeline
14–30days total, 3 phases
Milestone check
Filing · Tax ID · Banking
d0
d8
d15
d23
d30
01FilingMercury (banking-only) submits formation docs
d0–d11
02Tax ID / EINIRS EIN issuance
d9–d23
03BankingBusiness account approved & funded
d18–d30
§ 04Head-to-head

US LLC (New Mexico) vs Estonia OÜ (e-Residency)

Full comparison →
US LLC (New Mexico)
LLC
Estonia OÜ (e-Residency)
OÜ
Entity
LLC
OÜ
Setup cost
$50.00
$205.20
Annual
$0.00
$129.60
Local director
Remote OK
Remote OK
Physical presence
Remote OK
Remote OK
Tax regime
No annual report; federal only on US-source income
20% only on distributed profit; 0% on retained earnings
§ 05Questions founders actually ask

FAQ

No. New Mexico allows for remote formation. You can appoint a registered agent to handle the filing of your Articles of Organization on your behalf.
More profiles for US LLC (New Mexico)
Vietnamese Freelance Developers — other jurisdictions
Next step

Start filing with Mercury (banking-only)

Formation typically completes in 2–3 weeks. Use the promo below, then click through to begin the checklist directly on the platform.

Claim on Mercury (banking-only)