By: Natalie Zweig
Incorporating in Wyoming offers many benefits that other states don’t have. It’s considered a very business friendly state for good reason. Choosing a state to incorporate in is very important, and 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 difference is associated costs and flexibility. Wyoming has many advantages over other states, and few disadvantages.
In Wyoming, there are no licensing or filing fees. This keeps the startup costs low and saves business owners from the hassle of paying various fees. Many states such as California charge a filing fee for the articles of incorporation. Wyoming does however, charge an annual fee of $52 to operate in the state, which is a relatively low cost.
Another benefit is that the option to incorporate 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 Wyomings don’t have to pay state taxes, further decreasing costs. Other tax benefits businesses have include: no corporate income tax, no personal income tax, no business tax, no inventory tax, no gross receipts tax, no excise tax, no franchise tax. Manufacturing companies can benefit from special tax benefits such as manufacturing sales tax exemption and sales tax exemption on electricity.
Another benefit to make the process easier is that 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. It’s not too late for existing corporations to reek the benefits Wyoming has to offer.
The steps to incorporate are fairly simple:
- Get the Articles of Incorporation
- Choose a name for the corporation that complies with the law and is not registered with the Wyoming Secretary of State
- Appoint a Wyoming Registered Agent with an address in Wyoming
- Name an address for the business, doesn’t have to be a physical location
- Decide on how many shares to authorize, and if you want to authorize preferred stock
- Name the Incorporator who wrote the Articles of Incorporation
- The Incorporator must print, sign, and date
- The Wyoming Registered Agent must give consent to represent the corporation
- File Articles of Incorporation with the Secretary of State
Source: Buffalo Registered Agents LLC
Wyoming offers many benefits to business owners looking to incorporate. To compare with other states check out:
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