Opening a Company in Wyoming: Requirements, Taxes, and Bank Accounts

If you would like to register a company in a country with a stable economy and good growth prospects while avoiding the red tape as well as high taxes, we recommend that you consider the state of Wyoming. Below we look at the advantages that this maneuver can bring and the requirements that a non-resident of the United States will have to meet when establishing a company in Wyoming.

What makes Wyoming better than other American States?

Wyoming is located in the western part of the USA and it is known as a corporations’ paradise thanks to its liberal corporate legislation and a wide range of opportunities that startups can find there. The economy of the state is stable, the taxes are low, and the business infrastructure is advanced. In addition to that, the climate is moderate in Wyoming and the crime rates are comparatively low.  

Main advantages for business owners in Wyoming:

●     Company founders and company directors can be non-residents of the United States;

●     Tax rates in Wyoming are lower than they are in most other American states;

●     Company registration takes little time;

●     There are no requirements as to the registered capital;

●     Company shares can be issued in exchange for ‘any valuables’ and there are no restrictions on the value and volume of shares;

●     The information about company founders is confidential.

If you want to have a business company registered in the USA, you can consider any of the fifty states, of course. But Wyoming is especially attractive for the ease of registering a company there. What is more, you can set up a company in Wyoming from the comfort of your home: remote company registration is quite possible.

In addition to that, you can gain access to numerous banks and payment systems in the USA when registering a company in Wyoming.

Wyoming-based companies have earned themselves a good reputation in the business world so your future partners will feel trustful when entering business agreements with you. Companies registered in Wyoming are very well known in the USA and beyond simply because they outnumber companies registered in other American states.

Taxes for business companies in Wyoming

No corporate income tax nor property tax nor franchise tax is charged in Wyoming. Registering a company costs nothing as well. If you establish a C-Corporation, you will have to pay only the federal profit tax of 21%. 

Besides, registering an LLC in Wyoming that has only one owner (which is legally possible) counts as registering a sole proprietorship for tax purposes. Thus, the tax will depend on the amount of the profit that the LLC makes and it can be anywhere between 10% and 37%.

Types of business ventures to set up in Wyoming

You can work in any business sphere via your Wyoming-based company. However, the following types of businesses can benefit greatly if they are registered in the state:

●     A trade company dealing in food and household products;

●     A company providing tourist, educational, or cultural services;

●     A company developing digital products including software, website design, etc.

Other business spheres are quite popular in Wyoming too, including financial services, transportation, logistics, and so on. Why are there so many Wyoming-based companies? Because the bureaucratic procedures are minimal there and the fiscal burden is smaller in comparison to most other American states.

How to register a business company in Wyoming

You have to do the following to make sure that your company is successfully registered in Wyoming:

●     Choose the company name, trade mark, and develop a company website if necessary;

●     Collect all the required application documents and submit them to the registration agent who will register the company on your behalf. The agent will help you with acquiring a mailing address in the USA. 

Please bear in mind that certain business areas require permits and licenses. This concerns agriculture, alcohol, medicine, weapons and explosives, hunting and fishing, nuclear energy, transportation, aviation, and radio and television broadcasting. Each ministry will have its own requirements.

In addition to that, you will have to obtain an insurance policy.

The process of registering a company in Wyoming

To begin with, you have to choose the company ownership form:

●     Sole proprietorship – the obvious plus is the ease of company formation and the obvious minus is unlimited liability;

●     Limited Liability Company (LLC) – the most popular form of company ownership;

●     C-Corporation – allows involving non-resident shareholders;

●     S-Corporation – up to 100 shareholders, all citizens or legal residents of the United States.

You will have to indicate the company ownership form when applying for company registration and describe the ownership structure. Besides, you will have to submit personal identification documents and provide a description of the intended business activities. If you are forming a corporation, you need to inform the Registrar how many shares you are planning to issue.

The ultimate set of application documents will depend on the type of company that you are creating. Please note that the conditions for non-residents can be dissimilar to those for residents of the USA.

What an EIN is and why do you need to apply for it

Every person forming a company in the United States has to obtain an Employer Identification Number (EIN) that is assigned to every employer by the Internal Revenue Service.

The number allows doing the following:

●     Paying taxes;

●     Opening bank accounts;

●     Hiring personnel.

You can acquire an EIN at the official website of the IRS. You should do it right after registering the company to be in keeping with the law.

Registering a company in Wyoming remotely

The legislation of Wyoming allows forming companies in the USA from other countries. Here is what you have to know if you want to register a company in Wyoming without visiting the USA:

●     No minimum charter capital is set in Wyoming;

●     The company needs to have at least one founder and one director whose nationalities do not matter – they can be from any country;

●     You have to have a registered address in the USA (a company office);

●     You have to register the company via a certified registration agent.

Please also note that you have to submit financial reports annually. General Meetings have to be held but they don't have to be held in the USA. Thus, you can use your USA-registered company for business operations without ever going to the country.

How to open a bank account for your company in the USA

After acquiring the EIN, you are well-equipped to apply for banking services and open a corporate account. You can use your American account for cashless payments both inside and outside the country. Besides, you will be eligible to apply for bank loans. Every bank will have its own specific requirements but usually what you need to bring is the EIN, company registration documents, your personal documents, and the license (if applicable).

We would like to emphasize that you can also open a corporate account with an online bank. This is a bank that exists exclusively online and does not have any offline offices. At the same time, it is a licensed financial institution that provides the same services as traditional banks. Wise and Payoneer can serve as examples of online banks.

Register a company in Wyoming and pave the road to success

Many entrepreneurs from other countries appreciate the advantages that Wyoming offers to foreigners wishing to register companies there. Your chances for success will be especially great if your company is engaged in such spheres as trade, tourism, financial services, and informational technologies. Please note, however, that you need legal assistance to form a new legal entity. Sounds logical.