At this time last year, entrepreneurs seeking to start businesses in New Mexico faced wait times of 110 days for the Public Regulation Commission (PRC) to process their registration documents.
Today, that wait has been reduced to three days, thanks to a constitutional amendment merging the PRC's corporate registration unit into the Secretary of State's existing business services division. This constitutional amendment was sponsored by Representative Tom Taylor (R-Farmington), based on a proposal in Think New Mexico's 2011 report, Rethinking the PRC.
Equally as impressive as the improvement in processing times is the fact that the new division is being run for only $1.1 million a year, a 71% decrease in cost from the $3.8 million annual price of the PRC's old corporate registration unit.
We are very grateful to Representative Taylor for his leadership on this important issue which has made it easier to do business in New Mexico while saving millions of taxpayer dollars. The citizens of Farmington are fortunate to have him representing them in Santa Fe.
Executive Director of Think New Mexico