General Guide to Company Incorporation in Wyoming
Updated on Friday 15th June 2018
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Wyoming is the “Equality State”, the 10th largest by area, and a representative business hub for both foreign and local entrepreneurs who decide to open companies in this American state. For a better understanding of the business conditions, we have prepared a general guide to company incorporation in Wyoming. Also, our team of company formation agents in USA are at your disposal with in-depth support and information when registering a company in Wyoming or in any other American state.
How can I set up an LLC in Wyoming?
The registration of a limited liability company in Wyoming starts with the Business Division of the Secretary of the State of Wyoming. This is the most popular business structure in the USA and it is formed after drafting and sending several documents like the Memorandum and the Articles of Association which comprise the following information:
- the name of the business and the owners, plus information about their nationality;
- the name of the registered agent for the LLC in USA, with residency in Wyoming;
- the purposes and the activities of the limited liability company in Wyoming;
- the appointed board of directors and their responsibilities in the firm.
If you want to start a business in USA, including Wyoming, we suggest you talk to our team of specialists in company incorporation in USA, as they can help you register the business, and more than that, they can act as representative agents of the firm.
Do I need an operating agreement for my company in Wyoming?
Normally, there is no need for an operating agreement, but this is recommended for your company in Wyoming. This is an internal document that offers information about the owners, the managers, their working relations, the voting rights in the firm, the structure of the ownership, and the capital contribution of each member. We can help you create such document if you would like to have it for your LLC in Wyoming.
What is the EIN and how do I apply?
The Employer Identification Number or simply, the EIN, is the federal tax ID necessary for each company with financial activities in Wyoming. This shows that the firm is a taxpayer in Wyoming, USA. The local IRS (Internal Revenue Service) in Wyoming issues the EIN for companies in this state.
What is the sales tax in Wyoming?
The sales tax in Wyoming is set at 4% and it is among the lowest rates in the USA. Foreign entrepreneurs should know that there is no city sales tax enforced by municipalities in Wyoming. The sales tax is imposed on particular products and services offered by companies in Wyoming.
The annual reports for LLC in Wyoming
Among the legal obligations of LLCs in Wyoming, we mention the annual financial statements which need to be submitted to the Secretary of the State of Wyoming. It is good to know that each company needs to hire the services of an accounting firm that handles the payroll, bookkeeping, tax minimization methods, tax advice and annual financial statements. If you want to open a company in USA, let our advisors help you with the registration and with accounting services.
Hiring employees in Wyoming
If you want to open a business in Wyoming and hire staff, you should register for social contributions, workers compensations and pay the employees with at least the minimum wage. The registration of workers of your company is made with the Wyoming Department of Workforce Services.
Economy facts about Wyoming
Wyoming is a representative state in the mining field and particularly for mineral extractions. Also, the agriculture is well-developed and an important part of the overall economy, just like the tourism field. It is good to know that investors in Wyoming benefit from several tax exemptions like the corporate tax. Cheyenne is the capital of Wyoming and the states’ important business center. Foreigners can set up companies in cities like Jackson, Cody, Sheridan, Rock Springs or Casper, a few of the important business destinations in Wyoming.
If you would like to know more about how to set up companies in Wyoming, we invite you to contact our team of company formation representatives in USA.