Wyoming LLC bank accounts can be difficult to open for LLCs owned by foreign non-residents.
If you are in the process of registering a Wyoming limited liability company, it’s important to first understand the Wyoming LLC pros and cons (and how they relate to bank account opening).
In this article, we’ll discuss the challenges that non-resident business owners face when opening accounts, the benefits of incorporating a Wyoming LLC, and other considerations to help you successfully open a Wyoming LLC bank account.
Feel free to use the table of contents below to jump ahead to the sections that are most relevant to you.
Table of Contents
- Opening a Bank Account for Wyoming LLCs
- Can You Open a Wyoming Business Bank Account Online?
- What Are the Benefits of a Wyoming LLC?
- What Are the Challenges of Opening Wyoming LLC Bank Accounts?
- Frequently Asked Wyoming Banking Questions
- Do You Want Help Opening a US Bank Account?
Opening a Bank Account for Wyoming LLCs
Opening a bank account for your Wyoming LLC doesn’t have to be challenging. If you’re in Wyoming, it could be as easy as walking into the bank, submitting your application, and providing the proper documentation.
But, most Wyoming LLCs owned by foreign non-residents don’t have this luxury. Instead, they have to find banks that are willing to accept LLCs with foreign-non-resident owners and where they can realistically meet the account opening requirements (e.g. local address, phone number, deposit, etc.).
Fortunately, there are options available that meet the above criteria. In fact, our team helps non-resident Wyoming LLCs open accounts in the United States regularly.
Can I Open a Wyoming Business Bank Account Online?
To open a bank account online, you need to first find a US bank that is willing to open an account for an LLC owned by a non-resident. You’ll also need an EIN, a tax identification number for each member (foreign or local), standard company documentation, and the ability to meet the bank’s address, phone number, and deposit requirements. It’s also worth noting that most banks will also require the company to have a website.
But before analyzing any of these requirements, you need to choose a bank that accepts foreign-owned LLCs, accepts businesses in your industry, and allows remote account opening.
Open Accounts for Wyoming LLC Service Businesses
At the most basic level, to successfully open an account for your Wyoming LLC, you’ll need to submit the following documents:
- Articles of Organization
- Operating Agreement
- Employer Identification Number (EIN)
- Two forms of identification for each member
- Tax identification number for each member
- Proof of address in the United States
- Valid US phone number (depends on the bank)
What Are the Benefits of a Wyoming LLC?
Foreign business owners use Wyoming LLCs to access payment processing and US financial institutions, to establish credit history, and as potential tax-efficient pass-through entities (depending on their personal tax status and US business activities).
But, opening an account for a Wyoming LLC isn’t always a smooth process…
What Are the Challenges of Opening Wyoming LLC Bank Accounts?
Like banking anywhere, your application can easily be denied if you are not prepared. This is especially true in the US since not all financial institutions accept foreign-owned LLCs or foreign owners without ITINs.
What Should I Know Before Opening an LLC Bank Account?
Before applying to open a business account for your company, you should know which branch, bank, and even banker will accept your business profile.
Here are four of the most important factors to look for when looking for a bank to open a business account with as a foreign-owned LLC.
Account Opening Challenges
- Knowing which banks accept foreign-owned US LLCs
- Knowing which banks allow business owners to open accounts remotely
- Knowing how to meet the account opening requirements & supporting documents
- Bankers are unaware of the requirements for a foreign-owned LLC
Frequently Asked Wyoming Banking Questions
Below are two of the most common questions we receive from people exploring a Wyoming LLC bank account. If you have further questions you would like answered, don’t hesitate to get in touch.
Can I Open a Bank Account With a Wyoming LLC?
Yes, you can open a bank account with a Wyoming LLC. The specific financial institutions available depend on the type of business activities, available supporting documents, deposit amount, and whether you require a remote or in-person opening.
Can a Wyoming LLC Open a Bank Account in Another State?
Yes, a Wyoming LLC can open a bank account in another state. Most foreign non-resident owners of Wyoming LLCs open bank accounts outside of Wyoming. The bank that a Wyoming LLC can access will depend on the deposit, activities, citizenship and residence of the owner, and if they can visit the bank in person.
Do You Need a Physical Address for an LLC in Wyoming?
Yes, a physical address is a requirement for an LLC in Wyoming. Most foreign-owned Wyoming LLCs hire a registered agent with a physical street address in the state of Wyoming and list them as their main point of contact. Some Wyoming LLCs, however, opt to obtain a physical address in states where they plan to open bank accounts.
Do You Want Help Opening a US Bank Account?
If so, you can get access to GlobalBanks USA (our dedicated US account opening service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate US account opening.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new USA bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about opening accounts with GlobalBanks USA, just click here now. Or, contact us directly with any questions!