Wyoming LLC Formation For Non-Residents

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Wyoming is a great state to register a company in if the applicant is ready to launch an American business from outside the US.

Forming a Wyoming LLC for non-US residents or Wyoming corporations does not require the applicant to be a citizen or resident of the United States, and filing the company’s articles is the same whether they live there or across the ocean. The only restriction is that you cannot directly form or become the owner of an S-Corporation.

wyoming llc non resident

Time required to register a Wyoming LLC
7 Days

DIFFERENCES BETWEEN WYOMING LLCS AND CORPORATIONS

Wyoming LLCs for non-residents

The Wyoming LLC requirements and process are the same for citizens and non-residents of the US as it is for Wyoming residents. A Wyoming non-resident LLC’s members are its owners, and ownership of the LLC takes the form of membership interests.

Because Wyoming LLCs do not have to disclose membership (ownership) information to the public, some foreign clients choose to open an LLC in Wyoming.

Wyoming corporations for non-residents

Wyoming Corporations, in contrast to LLCs, do need that personal information to be made public.

A Wyoming corporation’s ownership is split up into stocks for its shareholders. Physical stock certificates are not required. The shareholders choose the corporation’s directors. The corporation’s officers, including the president, treasurer, and secretary, are chosen by the directors. The individuals in charge of managing the company’s daily operations are called officers.

There are federal limitations that apply to non-citizens of the United States. An S corp cannot have foreign shareholders. Business owners who do not reside in the US have the option of choosing to be taxed in the US as a C-corp or as a partnership (LLC).


PROCESS TO FORM AN LLC IN WYOMING

Name the company

Choose a name for the company, and then use the Wyoming Secretary of State’s website to search for it. There’s no need to reserve a name once you have found one. Once the company’s filing has been activated by the Wyoming Secretary of State, the business name will automatically be assigned to the business entity.

Hire a Wyoming registered agent

On behalf of the Wyoming business, all official correspondence and process serving are received by registered agents in Wyoming. To keep the Wyoming company in good standing, the applicant needs to keep a registered agent in Wyoming. State law mandates that registered agents be based in Wyoming. Most people in this situation hire registered agent services as a necessary expense because they cannot meet these requirements if they do not reside in the US.

If a friend or relative resides in Wyoming, they may try to designate them as their registered agent; however, doing so would grant them access to the private company data and obligate them to accept the official documents lawfully.

File Articles of Incorporation or Articles of Organization

The applicant’s choice of entity will determine the name of the formation document. Articles of Incorporation are filed by corporations. Articles of Organization are filed by LLCs. The applicant can hire service providers to handle it or file these documents online to establish their Wyoming company instantly.

Get an EIN

Wyoming businesses will require an Employer Identification Number (EIN) to conduct business and file taxes in the United States. The applicant can apply for an EIN by submitting Form SS-4 to the Internal Revenue Service (IRS) by mail or fax after the state activates the Wyoming LLC or Wyoming corporation (non-US citizens cannot apply online or by phone).

Submit a Report on Beneficial Ownership Information (BOI)

Whether the company is owned domestically or abroad, as of January 1, 2024, all corporations and LLCs, unless exempt, are required to file a federal Beneficial Ownership Information (BOI) report about the beneficial owners of the company within 30 days of formation. Beneficial owners control an important part of the company or hold more than 25% of its equity.

In addition to standard company data, the applicant will require copies of photo IDs of each beneficial owner and company applicant—that is, the person who supervised the incorporation of your business and, if not, the person who filed.

Companies established before 2024 have a little more leeway, but they still have to file their report by the end of the year and are exempt from providing information about company applicants. If any information in the report changes, all companies must file an update within 30 days.

BOI reports must be submitted online to the Financial Crimes Enforcement Network (FinCEN). They are not publicly available and are free to file.


COMPLIANCE REQUIREMENTS FOR WYOMING LLCS

Opening a business bank account

If the applicant is not a US citizen, it is challenging to open a bank account. To open an account, most people typically need to travel to the US and visit a bank, though some people have successfully chosen to use online-only banks.

It might also be challenging to open an account for a foreign company in the home country. For verification purposes, the applicant will require an apostille (official certification) on the formation documents if the applicant’s nation is a signatory to the Hague Convention.

Filing annual reports

The applicant will be required to file an annual report with the Wyoming Secretary of State each year to maintain the validity of the business entity. Regardless of the applicant’s citizenship status, annual reports are $60.

Every year, on the first day of the month that the company was founded, the annual reports are due. The business entity will be administratively dissolved by the secretary of state if the annual report is not filed.

Taxation of the LLC for non-residents

Foreigners with a Wyoming LLC are only subject to US taxes on income received from US sources, which means US taxes do not apply to income earned abroad. However, non-US owners of Wyoming LLCs pay a 30% initial tax on any income originating in the US. The IRS receives this 30%.

The real taxes owed by these Wyoming LLCs will be submitted on Form 1040-NR for US tax filing. The IRS will repay the excess payment if the amount owed is less than the 30% that was initially taxed.

The non-U.S.-owned LLC has to choose a tax withholding agent to determine the correct amount of tax that needs to be paid before the IRS issues any refunds to ensure the LLC is paying the correct amount in tax. Unless they are forming an LLC to conduct business exclusively outside of the US, they would not be required to pay any taxes to the IRS.

ADVANTAGES OF REGISTERING AN LLC IN WYOMING

PROS

Simplicity LLC in Wyoming

Simplicity

The ease of incorporation into Wyoming is one of the main factors influencing business decisions. Wyoming requires a minimal number of forms to be completed and submitted, both during the incorporation process and after the LLC has been formed.

Low taxation LLC in Wyoming

Low taxation

Wyoming does not impose either a corporate or personal income tax. This is a huge benefit of forming in another state since it means you can keep more of your profits.

Lower fees LLC in Wyoming

Lower fees

Lower fees are also a result of filing fewer documents. Only $150 is required to file the Articles of Organization and Annual Report Fee to form an LLC in Wyoming. In Delaware, the same would cost $390, while in Nevada, it would cost $775.

Asset protection LLC in Wyoming

Asset protection

Wyoming LLC provides excellent protection for the assets. The applicant doesn’t have to worry about creditors or potential litigants damaging your corporation veil, as some states do even if the LLC has just one member.

Reach out to us at  Relin Consultants – Leading Global Business Set Up Partners for further assistance with setting up a Wyoming LLC.

Refer to our page Delaware Company Formation if you wish to start a company there.

FAQs

Is it possible to start an LLC in Wyoming if I don’t live there?

Even if you don’t reside in Wyoming, you can still create a Wyoming LLC. It is not necessary to be a resident of the state or the United States to establish a company. Most LLCs are established by non-residents.

Can a non-US resident own an LLC in Wyoming?

LLCs can be owned by non-residents. Since owning a Wyoming LLC does not require residency, limited liability companies are a popular choice for foreign investors.

How to start a non-resident LLC in Wyoming?

In Wyoming, creating an LLC as a non-resident follows the same steps as for residents. Article submission, agent selection, and online fee payment. The main difference is that you can’t get your EIN online from the IRS.

Is a physical address necessary for an LLC in Wyoming?

Wyoming does not require a physical address for the principal place of business or mailing address, but it does require one for the registered agent.