Wyoming LLC
Wyoming is the state that pioneered the Limited Liability Company as we know it today. Read here all there is to know about it.
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.
FAQs
What is a Wyoming LLC?
A Wyoming LLC is a Limited Liability Company registered in Wyoming, offering privacy, flexibility, and favorable tax treatment.
When was the Wyoming LLC first introduced?
The Wyoming LLC was introduced in 1977, making it the first state in the U.S. to pioneer this business structure.
What types of businesses can use a Wyoming LLC?
Wyoming LLCs are suitable for operational companies, grant recipients, SAFT issuances, crypto projects, and more.
Do I need to be a U.S. resident to form a Wyoming LLC?
No, non-U.S. residents can fully own and operate a Wyoming LLC.
What are the tax benefits of a Wyoming LLC?
Wyoming LLCs enjoy a 0% state corporate tax, making it very attractive for U.S. and international businesses.
How private is a Wyoming LLC?
Wyoming offers strong privacy: only a registered agent and minimal officer information are required for public records. Nominee services can further enhance privacy.
Can a Wyoming LLC issue SAFTs?
Yes, Wyoming LLCs can issue SAFTs in compliance with U.S. regulations. Otonomos can assist in making them investor-ready.
Is a registered agent required?
Yes, every Wyoming LLC must have a registered agent with a physical address in Wyoming, which Otonomos can provide.
How long does it take to form a Wyoming LLC?
Typically 1–2 business days; during peak seasons, it may take a few more days.
Are there annual maintenance requirements?
Yes, Wyoming LLCs must pay an annual renewal for the registered address and an annual government fee, along with submitting an annual report.
Can a Wyoming LLC have nominees?
Yes, nominees can be appointed for officers or members to maintain privacy.
Does Wyoming require a minimum capital for LLC formation?
No minimum capital is required.
Can a Wyoming LLC open bank or crypto exchange accounts?
Yes, Wyoming LLCs can open both fiat bank accounts and crypto exchange accounts.
What documents are required for KYC?
Natural participants must provide ID, proof of address, and complete a live verification. Corporate participants may also need incorporation documents.
When is the annual report due?
The annual report is due on the anniversary of the LLC’s formation.
Can a Wyoming LLC receive grants?
Yes, Wyoming LLCs are suitable for receiving grants from foundations and other organizations.
What is the process to dissolve a Wyoming LLC?
File a Limited Liability Company Articles of Dissolution, pay filing fees, ensure the company is in good standing, and Otonomos can assist with the process.
Is Wyoming suitable for crypto and Web3 projects?
Yes, Wyoming is known for being crypto-friendly and has introduced structures like DAO LLCs and (D)UNA.
What support does Otonomos provide for Wyoming LLCs?
Otonomos assists with onboarding, KYC, nominee services, filing annual reports, and dissolving the LLC if needed.
Updated 11 days ago