6 Major Benefits of a Wyoming LLC For Non-Residents

According to the US Chamber of Commerce, Wyoming has the most new business applications per capita of any state in America.

This is because it has several key advantages (especially for non-residents) that make it the most desirable state in the US to start a business. Here are the top six benefits of a Wyoming LLC for non-residents.

If you want an LLC formed by an attorney, take a look at our Wyoming LLC for Non-Residents. Our attorney can be your Wyoming registered agent, register your Wyoming LLC, and file your EIN and BOI. Get Started in Wyoming the right way.

1. Privacy with Anonymous LLCs

Wyoming offers privacy protections through anonymous LLCs. Wyoming does not publish your personal information on public records like most U.S. states.

To make your Wyoming LLC private; you must use a registered agent service. This means the agent’s details will appear on public records, not yours. Non-residents will likely have to use a registered agent service anyway, as the registered agent has to have a physical presence in Wyoming.

Privacy should be a concern for every business owner. Do you really want customers or creditors to be able to search for your personal information? If not, then Wyoming is the state for you.

If you have an attorney form your LLC, then those conversations are subject to attorney-client privilege. Involving an attorney provides a second layer of protection.

However, it’s important to note, that as of January 1, 2024, all US LLCs must declare their beneficial owners to the US Treasury Department.

2. No State Income Tax

Wyoming doesn’t impose state income tax on individuals or corporations like many states in America. This makes a Wyoming LLC a low-cost entry into the U.S. market.

This doesn’t just mean you potentially save money compared to other states, but it has a number of other benefits too.

• Less forms to fill out making it simpler to run your business
• Can increase your personal income and/or reinvest the profits
• Fewer outgoings mean more competitive prices to beat your competitors

Everyone’s tax situation will be different. To understand the full picture, we highly recommend speaking to a tax professional if you’re unsure.

3. Asset Protection

Wyoming treats a Wyoming LLC as a separate legal entity from its owner. This means that the personal assets of LLC members are shielded from business liabilities. For example, if an LLC goes into debt, generally the creditors can only go after the assets owned by the LLC, not the personal assets.

Wyoming’s charging order protection is one of the strongest in the U.S. Part of this means that creditors can’t seize the LLC’s assets.

Wyoming also specifically states that the asset protection covers single-member LLCs. Many states don’t specify this. So if you’re looking to start a single-member LLC, consider Wyoming as offering you the best asset protection.

All of this protection makes Wyoming a popular choice for non-resident entrepreneurs.

4. Low Fees

The initial filing fee to the Wyoming Secretary of State is just $100. After that, the only other state-required LLC fee is the annual report at $60.

This makes Wyoming one of the most cost-effective options for non-residents. Especially compared to other popular LLC destinations like Delaware.

There are no hidden fees or surprises when maintaining your Wyoming LLC. This transparency allows you to budget and more easily plan your business expenses.

Learn more about the cost of a Wyoming LLC for non-residents to get a full breakdown of what you can expect to spend for formation and maintenance.

5. Flexible Structure

Wyoming’s flexible business structure gives non-residents more choices when setting up their LLCs. Whether it’s a single-member or multi-member LLC, owners can structure ownership in a variety of ways.

This includes member-managed or manager-managed LLCs. This means you can assign a manager if you want to have a hierarchical structure.

This doesn’t mean it has to be complicated for non-residents to start a Wyoming LLC. If you want a simple LLC structure then that’s an option too. However, it’s good to know there are options out there for everyone. Especially if your business grows and you want to change the operational structure.

6. Simple Annual Filing

As a Wyoming LLC owner, you’ll only need to submit one annual report to the Wyoming Secretary of State.

This can be done online through the Secretary of State’s annual report filing. You’ll need to provide basic information about your limited liability company, including its business name and address. 

Is Wyoming the Best LLC for Non-Residents?

Wyoming is a top choice for non-residents forming LLCs due to low filing fees, no state taxation, and strong anonymity and confidentiality protections. Wyoming LLCs do not require the disclosure of owners in public records, providing privacy benefits. The LLC formation process is designed for maximum simplicity.

This means non-residents can establish a fully anonymous limited liability company in Wyoming, keeping their identity confidential. The features of a Wyoming LLC, combined with minimal restrictions and tax liability, are the reason why non-residents choose Wyoming. The state’s approach to management and flexibility has serious advantages for businesses.

Still unsure about how it works? Visit our guide on how to form a Wyoming LLC for non-residents. We break down, step by step, everything a non-resident needs to do to open a Wyoming LLC correctly.

What Non-Residents Need to Remember

The state’s business environment makes it attractive for international business owners. While a Wyoming LLC has the most benefits for non-residents, there are still things you need to be aware of. Ensure you understand the full list of Wyoming LLC non-resident requirements to make the process as smooth as possible.

No State Taxes ≠ No Taxes

Non-resident LLC owners shouldn’t assume they’re entirely off the hook when it comes to taxes. While a Wyoming LLC offers the advantage of no state taxes, you might face other tax obligations.

There are still federal tax requirements that everyone who earns US-sourced income is likely subject to. Another thing to consider is your home country. Some countries will have a tax treaty, others won’t.

The simple thing to do if you’re unsure is consult a tax professional.

Getting an EIN Can Take Time

An Employer Identification Number (EIN) allows non-residents to file taxes, open a US bank account and hire employees. But, the process can take longer than expected.

As a non-US citizen forming a Wyoming LLC, you can still apply for an EIN without a Social Security Number (SSN). However, the application process differs from that of US citizens.

You’ll need to complete IRS Form SS-4 to get your EIN, but you can’t file it online without an ITIN or SSN. Instead, you’ll have to submit a paper application, which takes more time to process.

Plan for a 4-6 week waiting period. To avoid delays, carefully review the EIN application instructions and requirements before submitting your form.

Submit Your BOI Soon

You’ll need to file a BOI report within 30 days of forming your limited liability company. The BOI report requires personal details of each beneficial owner, including their name, date of birth, business address, and identification from a valid government-issued document.

Failing to submit the BOI report on time can result in fines, penalties, and potentially even the dissolution of your Wyoming LLC.

Wyoming LLCs Formed By An Attorney

At Start in Wyoming, we offer a done-for-you service. We work with non-residents every day to form and maintain LLCs. Work with us to get the added protection of an attorney managing your Wyoming LLC. 

Our Wyoming LLC for Non-Residents is perfect for those looking to get started quickly and correctly. We provide everything non-residents need, including EIN, BOI, registered agent, business bank account access, and more.

If you still have questions, contact our team and we’d be happy to help.