Wyoming: A Great Destination for Company Setup

Published:Nov 23, 202311:56
Wyoming: A Great Destination for Company Setup

The USA is a country where taxes are not very low. However, it offers excellent conditions for non-resident company formation, at least in some states – and Wyoming is one of them. In fact, it is one of the leaders by the number of non-resident companies registered here as it offers beneficial taxes, strong asset protection, and does not set any minimum capital requirements. No wonder it has one of the highest business survival rates, and entrepreneurs from all over the world flock here to be among the lucky ones!

Welcome to our portal to find out more about Wyoming company setup and explore other sections if you are interested (international business and banking, investment, asset protection, tax optimization, and more). You can also schedule a free initial consultation with our specialist to discuss all the aspects of your business and make sure that Wyoming would be the most advantageous solution in your case. And if you need a turnkey solution, we can establish a company for you at a reasonable fee without much hassle on your part.

Why Wyoming?

Here are some reasons why we consider Wyoming to be the best US state for foreign business establishment:

  • Beneficial tax rates. You will not have to pay individual/corporate income tax, and the sales and excise taxes are quite low. 
  • Strong asset protection. In fact, this is one of the strongest in the country as it prevents the creditors from forcing the sale of your assets.
  • Business survival rate is the highest among the fifty states.
  • No minimum authorized capital requirements. You can start your company with USD 1 in your pocket if you want to!
  • Limited liability protection. Business owners are not liable for their company debts with their personal property.
  • Easy ownership transfer. You can easily sell your stock without interrupting current operations.
  • Enhanced confidentiality. The data on company managers, members, or owners is not disclosed to the public.

Let’s compare Delaware and Wyoming in terms of convenience for business:

  • Unlike Wyoming, Delaware charges corporate and individual income tax.
  • You have to pay a franchise tax in Delaware, but not in Wyoming.
  • The annual fees in Delaware range between USD 300 and USD 175,000, while you can pay USD 52 in Wyoming or a little more (see below).
  • The fees for filing and updating documents are large in Delaware and small in Wyoming.
  • In Wyoming, you are not required to submit share certificates.
  • No fees are payable for business licenses in Wyoming.
  • There are regulatory rules in Delaware that may result in information disclosure.
  • The legal fees are considerably higher in Delaware than in Wyoming.

Sounds promising? Please contact us to ask any questions if something seems unclear!

Taxation in Wyoming: Details

If you are seeking a jurisdiction with optimal tax rates, Wyoming seems to be a good choice:

  • No inheritance tax
  • No corporate taxes
  • No personal income tax
  • No tax on pension income received outside Wyoming
  • No tax on shares, bonds, and other intangible assets

If you intend to sell goods/services in Wyoming, you will have to pay the 4% sales revenue tax (+1-2% depending on the municipality). This kind of activity requires registration with the Revenue Department.

Wyoming-based companies are required to pay a real estate tax, but it is much lower than in other states: 9.5% on residential and commercial real estate and 11.5% on industrial real estate.

Establishing a Wyoming Company: Steps

If you are not a US resident, you will have to take the following steps to form a company in Wyoming:

  1. Choose a legal form (an LLC or a Wyoming corporation).
  2. Suggest a unique name for your business that is not registered in Wyoming yet and add a relevant identifier to it (Corp. or LLC).
  3. Find a registered agent to deal with your Wyoming company setup (this is mandatory!).
  4. Collect a package of documents required to set up a company.
  5. Obtain a license if it is required to carry out your business activities.
  6. Submit your application for approval to the Wyoming Secretary of State.
  7. Register your company with the State Revenue Service.

If the company is going to carry out its business activities in the US territory or hire local employees, a Federal Employer Identification Number will be required (an application to the IRS is submitted to obtain it). 

Wyoming Corporation: Requirements

You will need to keep the following corporate information with the registered agent:

  • Name, address, and phone number of the person who will receive messages from the agent.
  • Names and addresses of the directors and officers.

The information below is required to be kept at the Wyoming corporation headquarters:

  • Articles of Association (updated version)
  • Latest annual report
  • Minutes of the general meeting of shareholders (for the past three years)
  • Names and business addresses of the corporation directors and officers
  • Reports on steps taken by the corporation’s shareholders in the past three years (other than those approved by the general meeting)
  • Internal regulations of the corporation (updated version)
  • Written communications shared with shareholders in the past three years (including financial statements)
  • Resolutions approved by the directors on the issuance of additional shares with the description of restrictions, rights, and preferences

Annual Report

Any Wyoming-based corporation is required to submit an annual report on the 1st day of the anniversary month of the corporation’s setup (If the corporation was set up on June 20, the report is filed on June 1 or earlier).

You will also have to pay an annual fee:

  • USD 52 if the amount of assets is lower than USD 250,000
  • USD 0.0002 per dollar for the amount above that

You can file the annual report online via the official website of the Wyoming Secretary of State: all you need to do is specify the corporation’s ID number provided during registration and confirm that the information you submit is relevant.

The report should bear the signature of an authorized person (or an electronic signature if it is submitted online). The corporation’s beneficiary is not the only person who can sign the report: if confidentiality is important, any person can be authorized to do that.

Failure to submit an annual report within 60 days will result in cancellation of the corporation’s registration.

Interested in Wyoming company registration? Please click on the above link to find out more or get in touch with our expert to discuss the prospects of your Wyoming business.

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