Overview

Wyoming is known as a crypto friendly state that is generally ahead of the curve with introducing new entity types. Most known for introducing the Limited Liability Company in 1977, they have introduced a couple of other entity types like the DAO LLC and the (D)UNA. Besides that Wyoming offers favourable tax rates as well as privacy.

Use Cases

Operational Company

The Wyoming LLC is a great option for an operational entity due to the favourable privacy laws and options to open a bank account and/or crypto exchange account.

Grant recipient

If you need a company to receive grants from a foundation, the Wyoming LLC is a great option too. As it is easy to open an exchange account and a bank account it is easy to receive grants to make payments in fiat.

SAFT Issuance

The Wyoming LLC is also a good option to issue SAFTs from that are complying with US regulations and will have US investors. Otonomos can assist with making your SAFT investors ready so you can start raising funds!

Tax status

Wyoming enjoys a 0% corporate tax which makes it very interesting as a state to register.

Privacy

Wyoming offers excellent privacy as the state has minimal reporting requirements and you only require to have a registerred agent and address which are provided by Otonomos. This means that the agent acts as the company face.
For annual reporting it is required to list an officer, however you are allowed to slot in a nominee which Otonomos can provide as well.

Onboarding

Onboarding a new Wyoming LLC is a simple and quick process. Once the order is completed you will receive a confirmation email with an invitation link to the Otonomos Dashboard.

After logging in, you will see a card to start filling out the details of the new Wyoming LLC form.

In the online form you will need to declare the following information:

Company Name options (3)
Nominee Participants (if applicable)
Corporate Participants (if applicable)
Natural Participants
Ownership distribution
Corporate participant information (if applicable)

KYC Verification Process

After all new company information is completed, we will share a KYC Verification link to all natural participants that have been declared for the new Wyoming LLC. Each participant will need to provide a copy of ID and Proof of address and complete a live verification.

Once this is completed we can go ahead and file your new Wyoming LLC.

Time to incorporate

The time to incorporate your Wyoming LLC generally takes 1-2 business days. During busy time like tax season this can take a couple of days more.

Entity Maintenance

Annual entity maintenance requirements in Wyoming are fairly light for LLC's. The only thing that needs to be completed is the annual renewal payment for the registered address and an annual government fee.

Reporting

Besides that there is an annual report declaration which needs to be completed and submitted. You can submit the filled out document in the Otonomos Dashboard and we can do the filing.

Renewal Periods

The annual renewal of a Wyoming LLC falls on the company anniversary of each year. This is also when your annual report will be due.

Shutting down your entity

To shut down your Wyoming LLC you need to file a Limited Liability Company Articles of Dissolution. In this you need to fill out the company name and certify that you comply with all requirements to complete the dissolution.

The following things need to be prepared to dissolve the company:

Pay a filing fee
Ensure the company is active and in good standing

Otonomos can assist with the dissolution process if requried.

To initiate the dissolution you have to reach out to the support team and we will assist you from there.