In this article, we’ll be discussing Wyoming LLC benefits and why foreign non-residents may want to consider registering an LLC here when considering the USA.
If you would like an even more detailed explanation, you can access our free Wyoming guide on Wyoming LLC pros and cons right now by clicking here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Wyoming LLC Benefits
- Setting up an LLC in Wyoming
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Wyoming LLC Benefits
Wyoming LLC benefits include tax efficiency, low maintenance costs, minimal reporting, enhanced privacy, transferability, asset protection, and more. The extent to which benefits are available to different individuals depends on their residency and several key choices during registration.
In other words, both foreign non-residents and local US citizens residing in Wyoming can access Wyoming LLC benefits. However, the specific benefits they can access do vary.
Before diving in, if you have questions about incorporating a business and want to know if you can have multiple businesses under one LLC, you can click this link here to learn more.
Benefits of a Wyoming LLC
We’ve broken down the benefits that each prospective member can access based on their residency status. While there is some overlap for both foreign and local residents, certain benefits are only accessible to individuals within each group.
Wyoming LLC Benefits for Foreign Non-Residents
- Zero tax if the LLC does not have effectively connected income (ECI)
- Anonymous as members and managers are not listed with the state
- Credit building as Wyoming LLCs can establish and build credit
- Limited liability protecting the interest of the members
Wyoming LLC Benefits for Wyoming Residents
- No state income tax
- Anonymous as members and managers are not listed with the state
- Credit building as Wyoming LLCs can establish and build credit
- Asset protection protecting the assets held within the LLC
- Limited liability protecting the interest of the members
Why Set Up Business in Wyoming?
Considering the above Wyoming LLC benefits, if you are a foreign non-resident trying to determine where to register your US LLC, Wyoming vs Nevada is worth comparing. In fact, when compared to the other available options, Wyoming is often the best value for money in terms of affordability, ease of registration, ongoing requirements, and reputation. That said, if you’re still not sure if Wyoming is right for you, we’ll share additional considerations below.
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Setting up an LLC in Wyoming
If after reviewing the Wyoming LLC benefits shared above you’re ready to move forward with registration, there are a few important things to consider. The first relates to the agent that you hire to register your LLC and the second relates to banking.
Do I Need to Hire a Registered Agent?
You need to hire a registered agent to register a Wyoming LLC if you are not a resident of the state. As a result, any foreign non-resident that is looking to register an LLC in Wyoming will need to complete this process.
On the other hand, if you are a Wyoming resident, you can choose to be your own registered agent for the LLC. However, it’s important to note that when becoming a registered agent, your name and address will be listed in the Wyoming public registry in affiliation with the LLC.
Bank Account Opening for a Wyoming LLC
One of the many Wyoming LLC benefits is the ability to open real brick-and-mortar US bank accounts 100% remotely. To do this, you will need to identify the specific banks that offer these services, match their opening requirements, and navigate many of the common mistakes business owners make when trying to open.
Alternatively, you can open accounts 100% remotely for your Wyoming LLC by using our dedicated account opening service, GlobalBanks USA. GlobalBanks USA includes dedicated support, assistance with choosing banks, direct banker introductions, and much more. We’ll share more details on how you can use GlobalBanks USA to open accounts below.
Frequently Asked Questions
Below are three of the most common questions that we receive from people interested in Wyoming LLC benefits. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Why Is Wyoming the Best State to Form an LLC?
Wyoming may be the best US state to form an LLC because of the many benefits, low costs, minimal reporting, and privacy that it affords. Additionally, when compared to many of the other options that foreign non-residents consider, Wyoming is both more affordable and less time-consuming to maintain.
Can a Wyoming LLC Operate in Another State?
Yes, a Wyoming LLC can operate in another state. However, an LLC that is registered in one state and operates in another is considered a “foreign LLC”. Foreign LLCs must register locally. If a foreign LLC fails to register locally, it will be operating illegally and is subject to penalties.
How Much Tax Does an LLC Pay in Wyoming?
How much tax an LLC pays in Wyoming depends on three main factors. These include (a) where the business is carried out, (b) the residency status of the member(s), and (c) the type of income that the LLC generates. For example, a foreign-owned single member (FOSM) Wyoming LLC could be eligible to pay 0% in taxes, as long as it does not generate effectively connected income (ECI).
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.
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+ Plus, detailed guides to maximizing the value you get from your new US bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
