Does Vietnam have CFC rules?

No. Owning 50% or more of a foreign company does not by itself trigger deemed-dividend attribution; tax applies on actual distribution, and foreign dividends received by a resident are typically taxed at a flat 5%.

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

For a founder in Vietnam, yes. US LLC formation does not require US residency, a US visit or a Social Security Number. Founders based in Vietnam 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.

How do I send money from Vietnam to fund my LLC?

Vietnam treats it as an outbound investment. Decree 103/2026/ND-CP applies from April 3, 2026, small projects under about VND 7 billion are exempt from the registration certificate, and State Bank of Vietnam foreign-exchange registration is still needed, with funds moved through an offshore investment capital account.

How long does a New Mexico LLC take from Vietnam?

For a founder in Vietnam, 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 Vietnamese founder need for a New Mexico LLC?

For a founder in Vietnam, 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 Vietnam?

The IRS international line is open 6 a.m. to 11 p.m. Eastern. Vietnam is on UTC+7, so that is 5 p.m. to 10 a.m. in US daylight time and 6 p.m. to 11 a.m. in US standard time.

Is Vietnam on Mercury's prohibited-countries list?

Yes. Mercury's list is based on country of residence, and Vietnam is on it, so a founder living in Vietnam cannot open a Mercury account. A citizen of a listed country who lives elsewhere may still be eligible after review.

Form a New Mexico LLC from Vietnam: Complete 2026 Guide

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

Start your formation View pricing

$50 · State filing fee

None - New Mexico requires no an… · Annual fee

3-7 business days · Avg. filing time

Capitalizing a foreign company i… · Transfer method

Quick Summary

Country: Vietnam
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)
Transfer method: Capitalizing a foreign company is treated as a commercial outbound investment under Decree 103/2026/NĐ-CP, requiring SBV foreign exchange registration and funding through an Offshore Investment Capital Account (OICA) — separate from Vietnam's simpler personal foreign-exchange allowance.

Why New Mexico

Why do Vietnamese founders look at New Mexico? Mostly because the state-level side is predictable. The filing fee is $50 ($50 online), the ongoing requirement is $0 ever — New Mexico is one of the only states with no ongoing annual report or annual fee for LLCs, and the state applies 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. Keep in mind that the state says nothing about how Vietnam taxes you; that depends on Vietnam law and is covered further down this page. What New Mexico offers is the least ongoing paperwork of any of the five states.

For Vietnamese Founders

Vietnamese software developers, designers and online sellers form US LLCs to invoice overseas clients in dollars and to hold a US business bank account. Vietnamese tax residents are taxed on worldwide income, so the LLC does not move profit outside the Vietnamese system. Two points set Vietnam apart from most countries we cover: there is no US-Vietnam income tax treaty in force, and funding a foreign LLC is treated as an outbound investment under Vietnamese foreign-exchange rules.

After Formation Checklist

Three things to do straight after formation. First, the paperwork: an Operating Agreement, and a note of the EIN letter's location (if it is lost, ask the IRS for Form 147C). Second, the money side: bank account, then Stripe or PayPal subject to their review. Third, the calendar: there is no New Mexico annual filing to calendar and the federal Form 5472 and pro forma 1120. 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.

If You Live Outside Vietnam

Mercury's rule is based on where the founder lives, not on nationality. A Vietnamese citizen who lives in another country is judged on that country, and Mercury says such a person may still be eligible after review. Relay looks at citizenship or residency of the owners. If you split your time between countries, decide which country is your residence for each bank before applying, and keep proof.

Is New Mexico Right For You

The case for New Mexico: 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. The case against is simply that another state may suit your priorities better, and changing states after formation means closing the LLC and starting a new one.

Forming In New Mexico Step By Step

For a Vietnam-based owner the order of operations is: registered agent first (you need their New Mexico address for the filing), then the Articles of Organization, then the EIN, then the bank account. The EIN application is Form SS-4; leave the SSN field as "Foreign" or "N/A". Calling the IRS international line (267-941-1099) is the fast route at about 45-60 minutes; faxing or mailing the form takes 4-6 weeks. Once you hold the EIN letter, bank and payment applications can begin.

New Mexico LLC For Vietnamese Founders

New Mexico gives a Vietnamese owner the lightest US upkeep: $50 to file and no annual report or fee. With outbound-investment and foreign-exchange registration already adding Vietnamese paperwork, that simplicity helps.

Why The 5 Percent Dividend Rate Matters

Because Vietnam taxes foreign dividends at a flat 5% and only on distribution, the timing of withdrawals from the LLC is a planning point. Income left in the LLC is not attributed to you, while money you take out and receive as a resident falls within the dividend rule. Ask your Vietnamese accountant how distributions, salary-type payments and loans from the LLC would each be classified.

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 Vietnamese owner, the bigger variable is not this US state cost but the outbound-investment and foreign-exchange rules, and the fact that Mercury will not open accounts for founders living in Vietnam.

What A New Mexico LLC Costs From Vietnam

Budgeting for a New Mexico LLC from Vietnam? The one-time state fee is $50 ($50 online). Every LLC then needs a registered agent (typically $100-150 a year); the EIN itself costs nothing when you apply to the IRS directly; and Mercury or Relay accounts are usually free. The yearly state-side item is $0 ever — New Mexico is one of the only states with no ongoing annual report or annual fee for LLCs. Bundled, EasyBrise Global Launch costs $295 for year one with a registered agent included and $149 a year to renew.

Your Recurring Dates As A Vietnamese Owner

As a Vietnamese 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 5 p.m. to 10 a.m. Vietnamese time in US daylight time (6 p.m. to 11 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.

Vietnam Taxation And The Absence Of CFC Rules

Vietnam has no controlled-foreign-company regime, so owning 50% or more of a foreign company does not by itself trigger deemed-dividend attribution. Tax applies when income is actually distributed rather than as the LLC earns it, and foreign dividends received by a Vietnamese tax resident are typically taxed at a flat 5% under the personal income tax rules. A new Personal Income Tax Law, 109/2025/QH15, took effect on July 1, 2026, so check the current position with a Vietnamese adviser. 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.

Outbound Investment Rules For Funding A US LLC

Vietnam treats capitalizing a foreign LLC as a commercial outbound investment, not a personal transfer, whatever the amount. Decree 103/2026/ND-CP, effective April 3, 2026, replaced the earlier outbound-investment decree. Projects under about VND 7 billion (roughly USD 280,000) in non-conditional sectors are exempt from the Outbound Investment Registration Certificate, but State Bank of Vietnam foreign-exchange registration is still required, and funds should move through an offshore investment capital account rather than a personal transfer. More procedural guidance is expected during 2026.

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

Alternative Options
Vietnam is on Mercury's prohibited-country list, but Relay does not currently restrict Vietnam-based founders and is the realistic starting point instead.

Frequently Asked Questions

More guides for founders in Vietnam

Or browse all formation guides by country.

Ready to start your New Mexico LLC?

No SSN and no U.S. address required. Get your LLC, EIN and banking readiness handled in one place.