Wyoming LLC Formation and Bank Account
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Wyoming LLC Formation
EIN for Foreigners
Wyoming Registered Address and Agent
Open company in the USA
Wyoming, a State of the United States of America, is one of my favorite jurisdictions to form a low o no tax company. These are the main reasons:
It is relatively very cheap and very fast to form a company here. Company formation can be achieved the same day.
The U.S. is not part of the Common Reporting Standars, giving you a higher level of privacy.
0% State tax if you don't trade within the State, and 0% Federal Taxes if you don't engage in U.S. Trade or Business.
Easy to open U.S. bank account remotely (online) under the name of the entity. There are several banking options.
Very good option to open offshore bank accounts under this entity, for example in Liechtenstein, Singapore, Isle of Man, UK, the Caribbean Islans, or any other jurisdiction as U.S. Companies have a lot of international prestigue.
Cheaper than Delaware as in Delaware LLCs pax an annual fanchise tax of around 300 USD per year, while in Wyoming you would only pay 50usd.
If you intend to engage in U.S. Business or Trade, a good option for tax planning purposes.
Great for any type of business.
FORM YOUR WYOMING
LLC RIGHT NOW
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Wyoming LLC Articles of Organization
A Wyoming LLC is formed by filling the Articles of Organization before the Secretary of State. The Articles of Organizations can be filled and submitted online, by mail or in person.
The Articles of Organization requires the following information to be submitted:
Name of the LLC
Duration of the LLC, which can be perpetual.
Registered Agent Name and Address.
The LLC's main place of business and mailing address.
When filling the Articles of Organization it is not required to disclose who owns the LLC, but when filling it, it must be filled correctly so we avoid the owner's name or address to be disclosed unnecessarily in case the owner wants privacy, as this information will be shown on the public records and cannot be deleted.
The Secretary of State does not require domestic LLCs to submit their Operating Agreement.
Wyoming LLC Operating Agreement
A Wyoming LLC Operating Agreement is a document that sets out the rules that will regulate the LLC, the relationship of the Members, etc. It contains, at a minimum, the following clauses, regulation, and/or information:
LLC legal name.
Initial registered agent name and address.
How it is manager (Member Managed or Manager Managed).
Interest ownership percentage of its members.
How it will elect to be taxed.
Rules for holding meetings, and voting rights, quorum, etc.
Profit and los allocation.
State and date of formation
Initial contributions made by the members.
The Operating Agreement is an internal document, but it can be asked by some banks when opening a corporate bank account, or when requesting a credit.
EIN For Non-Resident Foreigners
The Employer Identification Number (EIN), or the LLC tax number, is obtained by filling SS-4 before the IRS. This EIN number is required in order to open a Bank Account as banks will ask for the EIN Confirmation Letter, filling your yearly tax return, etc.
Non-Residents and/or Foreigners cannot generate the EIN online and automatically since they don't have a Social Security Number. SS-4 applications by foreigners is received only by mail or by fax, being fax the fastest way to obtain the EIN number from the IRS, taking about 1 to 2 weeks.
Along with the SS-4, copy Articles of Organizations approved by the Secretary of State have to be attached.
Can open U.S. bank accounts and Offshore Bank Accounts. High privacy, no CRS. (the U.S. has another version). Access to Payment gateways such as Stripe and PayPal.
If not engaged in U.S. trade, only information reports. Form 5472 and 1120, both for information reporting purposes. At the State level, only Annual Information Report
Can be used to acquire any type of property, from Real Estate, to gold, yatchs, etc, in the U.S. and in other parts of the world.
Widely used by digital entepreneurs, from Dropshipping, FBA, Freelancers, Writers, to any other type of online business.
Wyoming LLC yearly maintenance and annual fees.
There are obligations at the Federal (IRS) and State Level.
Federal yearly obligations:
The Wyoming LLC yearly federal obligations will depend mostly on whether the LLC is owned by a non-resident foreigner, or a US person, and how many Members the LLC has. In here we will focus a single member LLCs owned by a non-resident foreigner, as they are the most populars for tax purposes.
US Single Member LLCs owned by a non-resident foreigner are classified as Foreign-Owned US Disregarded Entity for tax purposes, hence the LLC itself does not file a federal US tax return. What they file is an information return comprised of form 1120 Pro Forma, and form 5472
Form 1120 For US Foreign-Owned US Disregarded Entity
What is form 1120?
Form 1120 U.S. Corporation Income Tax Return is a form filled by the U.S. Corporation as their tax returns, but domestic Disregarded Entities wholly owned by one foreign person or company (single member LLC) are required to file form 1120 Pro-Forma, so basically only the top section of the form which requires basic information of the company must be filled.
How to fill form 1120?
On top of the form you must add the phrase “Foreign-Owned US Disregarded Entity”
Fill section requiring the company name and address.
Add Employer Information Number (EIN) on section B.
Check the appropriate box in section E (1) or (2). Leave empty if none applies.
Sign at the bottom of first page, add date.
Form 5472 is what we call an information return, and not a tax return. In this form, we report information on the transactions between the LLC and the foreigner owner(s) or any other related party, like a company owned by the Owner(s) - except for other US companies - or relatives.
The company has to fill one form 5472 for each owner or related party that had a transaction with the company. These transactions include royalty payments, salaries, licenses, donations, loans, etc.. We also have to report transactions that had no monetary value, such as royalty-free licenses.
It is worth noting that also the expenses for forming the company are reported if those expenses come from the owner or a related party.
Where to mail: form 1120 and 5472 are mailed or faxed to a different address than the one set for corporations who fill 1120. It is better to confirm this address each year to avoid relying on information not updated.
When to file form 1120 and 5472 for a Foreign-Owned US DE Entity: you must file it before around the second week of April.
It is true that other service providers charge less for LLC formation, but what makes us different is that we are offshore specialists, hence, unlike them, we set up the LLC in a way where (1) we keep the owner(s) name off public records, and (2) request the EIN in a way where there is less tax liability for the owner.
We have had cases where the client needs a whole new LLC formed because they hired a service provider not specialized in their needs, and the owner's name appear publicly as the Organizer of the LLC, or in the Articles of Organization.
All you need to form a Wyoming LLC as a non-resident foreigner
Wyoming LLC Articles of Organization
EIN for non-resident foreigner.
State Filling Fee
Registered Agent and Address for a year
Extra: Free referral to one or two of our fintech banking partners
Extra: Free Single Member LLC Operating Agreement
Bank Accounts for a Wyoming LLC
in partnership with
We have partnered with Wise in order to provide you a perfect solution to your needs
Multicurrency Business Account.
No need to wait for EIN.
Can be connected to Stripe or PayPal.
Opened online, almost instantly
in partnership with
We have partnered with Mercury to provide banking solution to clients who will have US customers.
Can be linked to Stripe and PayPal.
get $250 cash when you spend $10K on your debit card within 90 days