By: Natalie Zweig 

Incorporating in Wyoming offers many benefits that other states don’t have. It’s considered a very business friendly state, and for good reason! Choosing a state to incorporate in is very important. It very will may determine the future of your business. Incorporating in a state that offers low costs is ideal; making Wyoming a great choice.

The steps to incorporate in Wyoming are similar to other states. The main differences are associated costs and flexibility. Generally speaking, Wyoming has many advantages, and few disadvantages.

First, in Wyoming there are no licensing or filing fees. This keeps startup costs low, and saves business owners from the hassle of paying various fees. In contrast, many states - such as California - charge a filing fee for articles of incorporation. In Wyoming, you would not have to pay to file this crucial document. It does, however, charge an annual fee of $52 to operate in the state; a relatively low cost.

Wyoming also offers strong asset protection, including many laws to protect against personal liability. This gives business owners flexibility and allows them to protect their assets.

Another benefit is the fact that incorporating in Wyoming is open to most everyone, including non-US citizens. The only exceptions are businesses from Cuba, Zimbabwe, Burma and North Korea.

Corporations in Wyoming don’t have to pay state taxes, which decreases overall costs significantly. Some other tax benefits Wyoming businesses have include: no corporate income tax, no personal income tax, no business tax, no inventory tax, no gross receipts tax, no excise tax, and no franchise tax. Manufacturing companies can benefit from special tax benefits such as manufacturing sales tax exemption and sales tax exemption on electricity.

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Another benefit? Wyoming values privacy and keeps corporation information out of public domain. Most states require an abundance of information to be filed with the state during incorporation, this information typically becomes public and accessible to members of the general public. It’s safer to keep some information private and control who has access. 

Wyoming also allows corporations in other states to easily move to Wyoming.

The steps to incorporate are fairly simple:

1. Obtain your Articles of Incorporation‍
2. Choose a corporation name that complies with the law and is not registered with the Wyoming Secretary of State‍
3. Appoint a Wyoming Registered Agent (must have an address in Wyoming)
4. Establish an address for the business; is not required to be a physical location‍
5. Decide how many shares to authorize, and if you want to authorize preferred stock‍
6. Name the Incorporator who wrote the Articles of Incorporation
7. The Incorporator must print, sign, and date
8. The Wyoming Registered Agent must give consent to represent the corporation
9. File your articles of incorporation with the Secretary of State

Source: Buffalo Registered Agents LLC

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Wyoming offers many benefits to business owners looking to incorporate. To compare with other states check out: 

How to Incorporate in California

How to Incorporate in Florida

How to Incorporate in Colorado

How to Incorporate in New York

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