How to Open a Wyoming LLC for Non Residents

Wyoming registers around 40,000 new LLCs and other entities during a three-month period.¹ Known for its business-friendly regulations, Wyoming does not collect personal or corporate income tax and business owners are not required to be state resident. That makes it attractive for out-of-state and international entrepreneurs.

If you are considering starting a Wyoming LLC as a non-resident, this article sets out what you need to know about the process.

How to Open a Wyoming LLC for Non-Residents: Step by Step

A Limited Liability Company (LLC) is a common way for non-residents to establish a business in the US, including in the state of Wyoming. There are several steps you need to follow to start a Wyoming LLC as a non-US resident. These are similar to the process that a US resident would follow.

Check if You Are Eligible to Open a Wyoming LLC as a Non-Resident

Most non-residents are eligible to form an LLC in Wyoming. But before you start the process, you should make sure that there are no restrictions in your home jurisdiction that would prevent you from owning a foreign business entity.

Find an Available Business Name

First, you’ll need to decide on a name for your business. You’ll likely want to use your brand name for consistency, although you could also use a separate trading name. The business name you choose to register should be a unique name and include Limited Liability Company or LLC. It cannot be a name that might be confused with a government entity.

Conduct a business name search on the Wyoming Secretary of State’s website to make sure that your chosen name is available and complies with state requirements.

You should also check that the name is available as a web domain so that you can build your business website.

Hire a Wyoming Registered Agent in Wyoming

The state requires all non-resident LLCs to have a registered agent with a physical address in Wyoming. The registered agent receives all official mail and legal documents on behalf of the LLC and makes sure that your business remains compliant with state regulations.

Research professional agent services in the state to find one you want to work with. As the agent will be responsible for all your important documents, you’ll need to find one that is reliable and trustworthy.

File Articles of Incorporation or Organization with the Wyoming Secretary of State

To register your LLC with the state, you need to submit the Articles of Organization with the Wyoming Secretary of State. You can do this online or by mail, or have a registered agent do it for you. You must include information such as your LLC name, registered agent, and management structure. The filing fee is $100.²

Obtain a Federal EIN to do Business and Pay Taxes in the US

Once the state has approved your LLC, you need to obtain a Federal Employer Identification Number (EIN) to open a business bank account in the US and pay taxes. Non-US residents cannot apply online for an EIN through the IRS website, but can apply via mail, phone, or fax.³

File the Beneficial Ownership Information Report Within 30 Days of Formation

You must file a Beneficial Ownership Information Report within 30 days of forming your LLC to comply with federal law. The report identifies the individuals who directly or indirectly own or control the LLC.

The Corporate Transparency Act requires beneficial ownership information reporting as part of the US federal government’s efforts to make it harder for bad actors to hide assets in shell companies or other opaque ownership structures.⁴

Pros and Cons of Wyoming Non-Resident LLC

There are advantages and disadvantages to registering an LLC in Wyoming as a non-resident of the state.

Wyoming LLC Non-Resident Benefits

• No state income tax
• No requirement to disclose LLC members' names in public records.
• Low formation and maintenance fees.
• Strong legal protections for personal assets.

What to Consider Before Forming a Wyoming LLC

While there are benefits to forming an LLC in Wyoming rather than other states, consider the tax implications, especially if your business generates income from overseas. You should consult a tax professional to understand your tax obligations in the US as well as your home country.

Keep in mind that the state charges extra for filing annual reports online. The annual report fee can be expensive for businesses with assets valued above $300,000.

A Wyoming non-resident LLC is only taxed on their income from US sources, at an initial rate of 30%. Once taxes are filed for the LLC with the actual amount of tax due, the IRS will issue a refund if the amount due is less than 30%.⁵

The LLC must appoint a tax withholding agent to calculate the proper amount of tax owed. For this reason, many business owners abroad choose to form a corporation, unless the LLC will only operate outside of the US and so would not owe any taxes.

How to Maintain a Wyoming LLC as a Non-Resident

To maintain your LLC in Wyoming without being a resident in the state, you’ll need to manage your annual financial reporting and taxes. While it isn’t required, it is recommended to have a written operating agreement, as this acts as a contract between all of the LLC’s members and includes the details that are crucial to ensuring that the business runs smoothly.

Open a US Business Account to Manage Business Finances

It is easier to manage your business finances with a US business bank account. Most banks in the US will require you to provide your US EIN and tax ID.

Wise Business is a convenient option for non-residents, offering online account opening and local US account details with no monthly fees.

File & Pay Wyoming LLC Non-Resident Taxes

While Wyoming does not levy state income taxes, you still need to ensure you comply with federal and state tax obligations.

In addition to federal taxes, LLCs in Wyoming need to pay license taxes with their annual reports and sales taxes for physical products. Businesses that sell a physical product must apply for a sales tax license and pay a $60 fee, either through Wyoming’s online portal or paper application. Businesses that employ workers in Wyoming must register with the Wyoming Department of Workforce Services and pay unemployment taxes, which vary every year.

As you may need to file various tax returns each year, you should work with an international tax accountant to navigate the requirements.

File an Annual Report

Wyoming requires LLCs to file an annual report and pay a fee, which is based on the value of the LLC’s assets that are located in Wyoming. The minimum fee is $60 for LLCs with assets valued at less than $300,000, and increases it the value of the LLC’s assets is higher. The report is due on the first day of the month in which you initially registered the business. You can file the report online and pay the fee with a credit card, or save $2 if you file by paper.

The state uses the reports to track the active businesses and keep its records up to date. There is no fee for filing the report late, but if you fail to file it, the secretary of state will dissolve the business within 60 days.⁶

Open a Wise Business Account: Manage Your US Business Finances With Ease

Once you have established your business with an LLC in Wyoming, you’ll need a business account to manage your US finances. A Wise Business account is easy to open online and comes with no monthly fees. You can convert funds from your home currency to USD with low, transparent fees.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 160+ countries.

Open a Wise Business account online

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All sources checked August 2024