• by admin
• January 25, 2022

Are you looking to incorporate in Wyoming? It is one the best states in the United Sates to incorporate, particularly for a Canadian or a Non-resident of the United States. Let’s look into this.

Wyoming incorporation requirements in the United States

Wyoming is the 10th largest state by area in the United States, located on the western side of the country with the least populous state. This state is surrounded by Montana, South Dakota, Nebraska, Idaho, Utah, and Colorado. The state population is around 576,851 as per the 2020 census, and the state capital is Cheyenne.

We want to share with you overall procedures and rules regarding the incorporation of a company in Wyoming. This set of rules have been described based on corporate name, director information, corporate records, corporate taxes, S-corporation election, etc.

Corporate name

In Wyoming, organizations do not need to utilize a corporate name that ends with a word like incorporation or abbreviated as Inc. Further, these names must not reflect the purpose other than purpose/purposes discussed in your article of association.

Also, the name cannot be similar to the name of other corporations, including domestic, foreign, trade name, trademark, trade name, and a service mark registered in the state.

Further, the word of the trust is restricted for usage, and the university, education, school, and academy are not allowed unless approved by the education department.

Directors of the corporation

Following are the requirements for the Director of a corporation in Wyoming.

• You must have at least one Director in the corporation.
• There is no provision for the Director to be a resident of Wyoming.
• There is no age requirement for the Director.
• Article of association does not include names and addresses of the Director in the articles of association.

Articles of incorporation of a corporation in Wyoming

This document is required for the incorporation of the company in Wyoming. The information necessary for the incorporation includes the following.

• There is no need to provide the names and addresses of the officers in the article of association.
• Par value and authorized shares of the corporation should be listed in the article of association. Although, these can be changed later on.
• You need to provide the name and address of the registered agent in Wyoming. Further, the registered agent needs to remain active in accepting legal notices during regular business hours in the state of Wyoming.

Corporation record keeping

Following record-keeping requirements need to be complied with in Wyoming or with the registered agent.

• Name and address of the corporation’s officers and directors (current directors).
• Contact details of the authorized person responsible for receiving the communication from the registered agent.

In addition to this, the following standard corporate records need to be kept and maintained.

 

• Article of incorporation and any amendments afterward.
• Bylaws of the corporation, including any amendments.
• Details/minutes of the shareholder’s meeting for the last three years.
• Details/record for the actions taken by shareholders without a meeting.
• Details of communication/correspondence made with shareholders in the last three years, including a financial statement.
• Details of the current directors and officers with their names and business address.
• Recent annual reports of the business.
• Details of the Director’s resolution for forming series/one or more classes of the shares and fixing their relative rights, limitations, and references.

Corporate taxes and associated filing fees

The following are the requirements for the taxes and fees in Wyoming.

• Annual report – The corporation needs to file a yearly report.
• Federal tax identification number (EIN) – It’s required for the corporation that appoints employees. You will also need EIN for opening a business bank account.
• State tax identification number – Wyoming is no need for state tax identification unless the corporation intends to hire an employee.
• There is no state income tax in Wyoming.

 

S corporation

There is no state tax in Wyoming. So, Wyoming does not recognize the federal S-corporation election. Further, it does not require state-level s-corporation polls as well.

Sales tax

Wyoming levies state sales tax @4% on most purchases except on some services, groceries, and prescription drugs, and some local authorities also collect sales tax up to 2%.

Conclusion

• In Wyoming, organizations do not need to utilize the corporate name that ends with incorporation/Inc.
• There must be at least one Director of the corporation, and they need not be a resident of Wyoming.
• The corporation must have a registered agent in the state of Wyoming.
• The corporation needs to file an annual report.
• A state tax identification number is required if the corporation is to appoint employees.
• There is no state tax in Wyoming.

RKB Accounting has expertise in cross-border taxation and has been providing accounting and taxation services for the last fifteen years in Canada and USA. RKB services include incorporating a business on both sides of the border, bookkeeping, sales tax, payroll, and corporate and personal income tax. RKB’s expertise includes cross-border tax planning, long-term tax planning, helping business start-ups, business structure planning, and resolving complex tax matters. RKB a CPA(Delaware), CA(India), and CIA(USA) has over 25 years of experience in accounting and taxation in dealing with various countries in the world.

Disclaimer: Information in the blog/post/article has been presented for a broad and simple understanding. This is not legal advice. RKB Accounting & Tax Services does not accept any liability for its application in any real situations. You need to contact your accountant or us for further information.

 

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