Set Up a Non-Resident LLC in Wyoming, USA

Did you know that the USA is actually the largest offshore destination available? We usually associate offshores with tropical islands located somewhere amidst the blue waters – but in fact, an offshore jurisdiction is any country that provides beneficial conditions to non-resident entrepreneurs who wish to form companies there. If we look at the USA that way, we will easily understand why it is a good choice for those who wish to establish a company outside their home jurisdiction: there are certain states that offer really favorable conditions to foreign entrepreneurs from across the globe, and Wyoming is one of them. In this post, we will take a look at Limited Liability Companies. Please visit a trusted portal to get a more detailed article of LLC incorporation in Wyoming.

LLC Registration in Wyoming: Main Benefits

A Limited Liability Company is the most widespread legal form in the US as it combines the best features of a partnership and a corporation. When it comes to paying taxes, an LLC is similar to a partnership, while it offers its members the privilege of a limited liability.

Here are the main benefits of a Wyoming LLC:

• Favorable taxation system. In terms of tax payment, an LLC benefits from the rules applicable to partnerships: all income received is distributed among company shareholders and considered private income. If none of the company’s shareholders is a US citizen and the entity derives 100% of its profits outside the USA, there will be no tax obligations whatsoever to the United States. The personal income will be taxed in the place of the respective shareholder’s tax residence.
• Ownership peculiarities. A Wyoming LLC differs from standard corporations as it is divided into percentages rather than shares. The ownership percentage is set out in the Operating Agreement. This is a private document as it is not submitted to any authority, but it is highly recommended to have it. The members of the LLC can receive membership certificates as proof of their contribution to the company.
• Confidentiality. A Wyoming LLC is under no obligation to disclose personal details about its owner, which provides the personal safety of the owner and the privacy of the business itself.
• Asset protection and limited liability. Under local laws, even if a Limited Liability Company has only one member, the latter’s liability is limited.

If you have any questions, please click on the above link and use the live chat to talk to an expert (it comes at no fee).

Main characteristics of the Wyoming LLC:

• The company is required to have a resident agent (it will be your official address and representative for legal service) in Wyoming. You can engage an individual or a legal entity for this purpose.
• The company’s name must be unique, and you can visit the website of the Wyoming Secretary of State to check if a particular name is available. No preliminary reservation is required.
• The name of your Wyoming LLC must contain words and abbreviations like LLC, Limited, Ltd., Limited Liability Company, and so on.

Wyoming LLC: Reporting and Taxation

Wyoming does not levy state income from individuals or legal entities, which makes it special among other US states.

Let’s look at Wyoming’s taxation peculiarities:

• A Wyoming LLC is required to pay an annual fee whose amount varies depending on the assets in the company’s possession. It cannot be less than USD 52, though. If the assets held by an LLC are worth more than 250,000 US dollars, the fee equals USD 0.0002 per dollar of the entity’s assets.
• An annual report is submitted on a mandatory basis. It is usually sent online and submitted by your registered agent. The document confirms that the details about the company (its name, address, registered agent, etc.) are still relevant or specifies the changes that have taken place.
• If you want to conduct business activities in other states (for example, sell your products on Amazon), you may need a separate LLC registration. Each state has its own requirements, so you’d better find them out in advance.
• If you sell any products to local customers, the company will have to pay a sales tax. The company has to register with DOR (Department of Revenue) by completing the ETS 001.1 form and obtain a special license from this authority.
• If you intend to employ workers, you will be liable for employer taxes. First of all, you will need to receive an EIN (Employer Identification Number), and it will also come in useful if you decide to set up a corporate account with a local bank.
• Make sure to pay the annual fee and submit the report on time or the State Secretariat will have the right to dissolve your company in a matter of 60 business days. You will surely have a chance to restore your company in the register later on, but it will cost an arm and a leg. Make sure not to delay your reporting until the last minute and pay the annual franchise tax on time.
• The report is required to be signed by a specially authorized person. It is not always a company member – in fact, it can be the registered agent if you appoint him or her to perform this function.

Registered Agent in Wyoming

You cannot incorporate an LLC in Wyoming unless you appoint a registered agent. It will be your legal representative who will receive all official correspondence from the local authorities. If a lawsuit is filed against your company, a relevant notice will be sent to the registered agent’s office.

You will be able to change a registered agent at any time: all you will need to do is to fill a special application form to designate a new registered agent and submit it to the Wyoming Secretary of State.

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Operating Agreement

This is an important document for LLC formation in Wyoming as it lists the rules of company operation, as well as the LLC owners and members to the extent of their participation.

Main features of the Operating Agreement:

• This is a private document that will not be filed with any state agency.
• There are no specific requirements for drafting the Operating Agreement.
• The main purpose of drafting the Operating Agreement is to fulfill the needs of your Wyoming LLC.

Interested in Wyoming LLC formation? It may sound a bit complicated, but it is a really convenient structure once it has been set up. Do not hesitate to follow the above link to get more information or talk to a specialist using a live chat.