Is moving money from Turkey to a US LLC restricted?

The lira is convertible and there is no comprehensive capital-control regime. A 2019 decree delays settlement of individual foreign-currency purchases above USD 100,000, which can slow a very large single transfer.

Can I form an LLC in New Mexico if I live in Turkey and have never visited the US?

From Turkey, yes. US LLC formation does not require US residency, a US visit or a Social Security Number. Founders based in Turkey form New Mexico LLCs remotely using a registered agent for the required US address, and they apply for an EIN with "Foreign" or "N/A" in place of an SSN.

Can a Turkish resident open Mercury or Relay accounts?

Yes in principle. Turkey is not on Mercury's prohibited list (residence-based) or Relay's (owners' citizenship/residency), subject to each bank's own review.

How long does a New Mexico LLC take from Turkey?

From Turkey, state approval in New Mexico typically takes a few business days to about two weeks depending on filing volume, and the EIN can often be obtained the same week by phone. Most founders have the LLC, the EIN and a bank application in 2-4 weeks.

What ongoing filings does a Turkish founder need for a New Mexico LLC?

From Turkey, only the federal one: Form 5472 with a pro forma Form 1120, due every year for a foreign-owned single-member LLC, with a $25,000 minimum penalty if missed. New Mexico has no annual report or fee to add.

What time can I phone the IRS from Turkey?

The IRS international line is open 6 a.m. to 11 p.m. Eastern. Turkey stays on UTC+3, so the window is 1 p.m. to 6 a.m. in US daylight time and 2 p.m. to 7 a.m. in US standard time.

What are Turkey's CFC rules for a US LLC?

Turkey's controlled-foreign-company rules need three conditions together: a Turkish resident holding 50% or more, at least 25% of the foreign company's gross income being passive, and an effective tax burden below 10%. A sole LLC owner meets the first, so the other two decide.

Form a New Mexico LLC from Turkey: Complete 2026 Guide

Everything a Turkey-based founder needs to form, bank, and run a New Mexico LLC — costs, EIN process, and tax angles specific to Turkey.

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$50 · State filing fee

None - New Mexico requires no an… · Annual fee

3-7 business days · Avg. filing time

Quick Summary

Country: Turkey
State: New Mexico
Avg. filing time: 3-7 business days
State filing fee: $50
Annual report fee: None - New Mexico requires no annual report and no franchise tax of any kind for a standard LLC (the only US state offering true zero ongoing state-level filing)

Why New Mexico

What makes New Mexico worth a look for someone in Turkey: the state fee is $50 on paper ($50 online), and after that the state-level upkeep is $0 ever — New Mexico is one of the only states with no ongoing annual report or annual fee for LLCs. The state levies no tax on LLC income earned outside the state for non-resident owners. New Mexico does not publicly disclose member or manager names in its formation records. None of this changes your Turkey tax position, which sits on top of the US picture, but it does mean New Mexico itself adds little friction. Among the five states we cover, New Mexico is the only one of the five with no annual filing at all.

For Turkish Founders

Turkish software developers, designers and online sellers form US LLCs to bill clients in dollars, accept US payment processors and keep a US business bank account. Turkish tax residents are taxed on worldwide income, so the LLC does not take profit outside the Turkish tax system. The practical question is whether Turkey's controlled-foreign-company rules reach your LLC, because that decides whether profit can be taxed to you before you withdraw it.

After Formation Checklist

Checklist once the EIN letter arrives: (1) Operating Agreement signed and stored; (2) bank account application submitted; (3) Stripe and/or PayPal applications, subject to their own review; (4) there is no New Mexico annual filing to calendar in your calendar; (5) Form 5472 with a pro forma 1120 on the federal calendar. Federal Beneficial Ownership Information reporting is not something you need to do: FinCEN's rule in force since August 14, 2026 permanently exempts all US-formed LLCs.

Is New Mexico Right For You

Choose New Mexico when minimizing ongoing paperwork is the top priority — no annual report, ever, is unique among these five states — and strict privacy matters more to you than name recognition. If your priorities lean another way, compare the other four states first, because moving a New Mexico LLC to another state later means dissolving it and forming a new one.

Moving Large Amounts From Turkey

If you plan to capitalize the LLC with a large sum, note the 2019 decree that delays settlement of individual foreign-currency purchases above USD 100,000. It is a delay, not a ban. Most founders start with the registered agent and state fee, which are small, and add working capital in stages. Ask your Turkish bank how they process foreign-currency transfers and what documents they want.

Forming In New Mexico Step By Step

Forming from Turkey is a five-step job. One: choose and check the name. Two: appoint a registered agent with a physical New Mexico address. Three: file the New Mexico formation documents. Four: obtain the EIN, entering "Foreign" or "N/A" where Form SS-4 asks for an SSN or ITIN; by phone on 267-941-1099 it takes about 45-60 minutes, by fax or mail 4-6 weeks. Five: open the business bank account online. No US trip is needed at any point.

New Mexico LLC For Turkish Founders

New Mexico gives a Turkish owner the lightest state upkeep: $50 to file, with no annual report and no annual fee. The Turkish CFC analysis is unaffected by the state, so the saving is simply less paperwork.

What A New Mexico LLC Costs From Turkey

Here is the first-year budget for a New Mexico LLC owned from Turkey. State filing: $50 ($50 online). Registered agent: typically $100-150 a year, or included in EasyBrise Global Launch at $295 for year one ($149 a year after that). EIN: free if you apply to the IRS yourself. Bank account: usually free at Mercury or Relay. Recurring state requirement: $0 ever — New Mexico is one of the only states with no ongoing annual report or annual fee for LLCs. Most founders land well under $500 all-in for year one.

Your Recurring Dates As A Turkish Owner

As a Turkish owner, your recurring dates look like this. State: New Mexico adds no state annual filing at all. Federal: Form 5472 with the pro forma Form 1120 is due on the return due date, April 15 for a calendar-year LLC, extendable with Form 7004. For the one-off EIN call, the IRS line (6 a.m. to 11 p.m. Eastern) is open 1 p.m. to 6 a.m. Turkish time in US daylight time (2 p.m. to 7 a.m. in US standard time). Put the state date and the federal date in your calendar when the EIN arrives, because a missed Form 5472 carries a $25,000 minimum penalty.

Five Year State Cost Of A New Mexico LLC

Over five years, the state-level cost of a New Mexico LLC is a $50 filing fee and nothing recurring, so $50 in total, before the registered agent. That makes New Mexico the cheapest of the five states on this measure. The same arithmetic across the five states runs from $50 to $2,110. For a Turkish owner, the bigger variable is not this US state cost but whether Turkey's three-part CFC test is met, which turns mainly on how much of the LLC's income is passive.

Turkey CFC Rules And The Three Part Test

Turkey's controlled-foreign-company rules need three conditions to be met together. First, a Turkish resident holds 50% or more of the foreign company's shares, dividend rights or voting rights; a sole owner of a single-member LLC clears that. Second, at least 25% of the company's gross income is passive, such as interest, royalties, dividends or rent. Third, the foreign company's actual effective tax burden is below 10%. Because all three are required, an LLC earning mainly active service or sales income often falls outside the rules through the passive-income leg. On the US side the LLC files Form 5472 and a pro forma Form 1120 every year, with a $25,000 minimum penalty for a missed or incomplete filing.

Dual Citizenship And The Mercury Relay Rules

Mercury and Relay test eligibility in different ways, which matters if you hold more than one passport. Mercury's prohibited-countries list is based on country of residence, not citizenship, and a citizen of a listed country who lives elsewhere may still be eligible after review. Relay's list looks at the citizenship or residency of the owners. Turkey is on neither list. If you hold another passport or live elsewhere, check that country against both lists first.

How The Passive Income Leg Works In Practice

The passive-income leg is the practical hinge. Suppose most of the LLC's revenue is consulting or software fees: that is active income, so the 25% passive threshold is unlikely to be met and the CFC rules do not bite. Suppose instead the LLC mainly earns interest or royalties: the first leg is met, and the effective tax burden becomes the deciding test. Classify the income before the first invoice and record the reasoning.

Requirements

Requirement	Needed
US Social Security Number
US visit required
Registered agent with US address
New Mexico annual filing
Federal Form 5472 + pro forma 1120

Costs

Item	Cost
State filing fee	$50 (mail) / $50 (online)
Registered agent (annual)	$100-150/yr (or included in EasyBrise Global Launch)
EIN application	Free via IRS (or via a paid service)
US business bank account	Free (Mercury / Relay)
EasyBrise Global Launch (year 1, incl. registered agent)	$295
EasyBrise renewal (year 2+)	$149/yr

Who Should Choose New Mexico

Choose New Mexico if

minimizing ongoing paperwork is the top priority — no annual report, ever, is unique among these five states — and strict privacy matters more to you than name recognition

Consider another state if

your priorities (fundraising plans, revenue level, or reporting tolerance) point more strongly to one of the other four states in the comparison table above.

Comparison

State	Filing Fee	Annual Requirement	State Income Tax	Privacy
Wyoming	$100 mail / $102 online	$60	None	No public member names
Delaware	$110	$400 flat annual franchise tax	None	No public member names
Texas	$300	$0 franchise tax for LLCs with revenue below the no-tax-due threshold	None	No public member names
New Mexico	$50	$0 ever	None	No public member names
Florida	$125	$138.75 mandatory annual report fee, due every year	None	Member names public

Banking

Mercury
Popular with non-resident founders; requires US LLC + EIN; no US visit needed
Relay
Remote-friendly for non-residents; requires formed US entity

Frequently Asked Questions

More guides for founders in Turkey

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