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Wyoming

Updated time: 19 Nov, 2020, 11:23 (UTC+08:00)

Introduction

Wyoming is located on the west of the United States of America, bordered on the north by Montana and is one of the 50 states of the United States, the 10th largest by area. The geographical position represents a real advantage in terms of mineral extraction and agricultural commodities.

Wyoming is 280 miles (452 km) long and totaling 97,914 square miles (253,600 km2).

Population

The population of Wyoming was 1,359, people in 2019 with the white people accounted for the majority.

Language:

As of 2010, 93.39% of Wyoming residents aged 5 and older spoke only English at home; 4.47% spoke Spanish. German was the third most spoken language at 0.35%, followed by French at 0.28% and Algonquian at 0.18%.

Political Structure

The Governor of the State of Wyoming is an elected constitutional officer, the head of the executive branch, and the highest state office in Wyoming . The Governor is popularly elected every four years by a plurality and is term limited to two four-year terms in any 16 year span.

Economy

Wyoming is the 20th richest state in the United States, with a per capita income of over $251,000 a year. The most activity in tourism, agriculture, and energy extraction. The state's attractiveness as a corporate haven is large because of its business-friendly corporation law.

Currency:

United States Dollar (USD)

Exchange Control:

Wyoming does not separately impose exchange control or currency regulations.

Financial services industry:

The financial services industry has become a key component of Wyoming's economic strength and growth. The state has been home to many banks and financial services companies for years due to tax regulation on interest rates.

Because of its friendly business climate, many companies that you would not associate with Wyoming are incorporated in the state.

Corporate Law/Act

The corporate law of Wyoming are user-friendly and often adopted by other states as a standard for testing corporate law. As a result, the corporate law of Wyoming are familiar to many lawyers both in the US and internationally. Wyoming has a common law system

Type of Company/Corporation:

One IBC supply incorporation in Wyoming service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.

More than a million corporations have been incorporated in Wyoming and lots of U.S. publicly-traded companies. Businesses choose Wyoming because it provides modern and flexible corporate laws and a business-friendly State Government.

Business Restriction:

The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.

Company Name Restriction:

The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";

  • May contain the name of a member or manager;

  • Must be such as to distinguish it upon the records in the office of the Secretary of State from the name on such records of any corporation, partnership, limited partnership, statutory trust or limited liability company reserved, registered, formed or organized under the laws of the State of Wyoming or qualified to do business.

  • May contain the following words: "Company," "Association," "Club," "Foundation," "Fund," "Institute," "Society," "Union," "Syndicate," "Limited" or "Trust" (or abbreviations of like import) .

Company Information privacy:

No public register of company officers.

Incorporation Procedure

Just 4 simple steps are given to start a business in Wyoming:

  • Step 1: Select basic Resident/Founder nationality information and other additional services that you want (if any).

  • Step 2: Register or log in and fill in the company names and director/ shareholder(s) and fill in the billing address and special request (if any).

  • Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal, or Wire Transfer).

  • Step 4: You will receive soft copies of necessary documents including Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in Wyoming is ready to do business. You can bring the documents in the company kit to open a corporate bank account or we can help you with our long experience of Banking support service.

* These documents required to incorporate a company in Wyoming:

  • Passport of each shareholder/beneficial owner and director;

  • Proof of residential address of each director and shareholder (Must be in English or certified translation version);

  • The proposed company names;

  • The issued share capital and par value of shares.

Read more:

How to start a business in Wyoming, USA

Compliance

Share Capital:

There is no minimum or a maximum number of authorized shares since Wyoming incorporation fees are not based on the share structure.

Director:

Only one director required

Shareholder:

Minimum number of shareholders is one

Wyoming company taxation:

Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.

  • Us Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.

  • State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return

Financial statement

There is generally no requirement to file financial statements with the state of formation unless the corporation owns assets within that state or has conducted business within that state.

Local Agent:

Wyoming law requires that every business have Registered Agent in the State of Wyoming who may be either an individual resident or business that is authorized to do business in the State of Wyoming

Double Taxation Agreements:

Wyoming, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimized by providing credits against Wyoming taxation for taxes paid in other states.

In the case of corporate taxpayers, double taxation is minimized through allocation and appointment rules related to the income of corporations engaged in multi-state business.

License

License Fee & Levy:

The Wyoming Franchise Tax Board requires all new LLC companies, S-corporations, C-corporations that is incorporated, registered or doing business in Wyoming must pay the $800 minimum franchise tax

Read more:

  • Wyoming trademark

  • Wyoming business license

Payment, Company return due date

All LLC companies, corporations are required to update their records, either annually or biannually, based on the year of registration and pay the $800 Annual Franchise Tax every year.

  • Corporations:

A Statement of Information must be filed with the Wyoming Secretary of State within 90 days after filing the Articles of Incorporation and each year thereafter during the applicable filing period. The applicable filing period is the calendar month in which the Articles of Incorporation were filed and the immediately preceding five calendar months

Most corporations must pay a minimum tax of $800 to the Wyoming Franchise Tax Board each year. Wyoming Corporation Franchise or Income Tax Return is due on the 15th day of the 4th month after the close of the corporation’s tax year. Wyoming S Corporation Franchise or Income Tax Return is due on the 15th day of the 3rd month after the close of the corporation’s tax year.

  • Limited Liability Company

Limited liability companies must file a complete Statement of Information within the first 90 days of registering with the SOS, and every 2 years thereafter before the end of the calendar month of the original registration date.

Once your limited liability company is registered with the SOS it is an active business. You are required to pay the minimum annual tax of $800 and file a tax return with FTB for each taxable year even if you are not conducting business or have no income. You have until the 15th day of the 4th month from the date you file with the SOS to pay your first-year annual tax.

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