What is a Wyoming Corporation?
Wyoming Corporation or Wyoming INC, is a business formation registered with the Wyoming Secretary of State. The Wyoming Corporation will be able to issue shares of stocks to employees and investors, unlike an LLC in Wyoming.
Wyoming Corporation Requirements
- State Filing Fee of $100.
- A Registered Agent located in Wyoming. See our service here.
- Articles of Incorporation.
- Beneficial Ownership Information Report filing. Your report must be submitted after company formation starting January 1, 2024.
Wyoming Corporation Structure
WY Corporations are structured legally with the Wyoming Articles of Incorporation form. Like many states, the document for a Corporation formation is short and simple.
The required information to be listed:
- Registered Agent
The name of a Wyoming Corporation does not have to include any corporate designators such as “Corporation” or “Corp”. The name must not be the same as an LLC already filed.
Your Registered Agent will accept any service of process or important legal documents for your WY Corporation. A name of the agent and an address that is not a PO Box is required.
The mailing address for the Corporation and the principal office will be listed on the Profit Corporation Articles of Incorporation.
The number and class of shares the Corporation in Wyoming is authorized to issue is a requirement for filing.
A requirement of filing a new WY Corp is to list each Incorporators name and address.
|Wyoming Incorporation Facts|
|Corporate Formation Form||Articles of Incorporation|
|Our Fee||$245 (includes registered agent)|
|The Agency||Wyoming Secretary of State|
|Annual Report||Due 1st of Anniversary Month|
|State Income Tax||None|
How to File a Wyoming Corporation
Steps to Form a Wyoming Corporation
There isn’t a whole lot when it comes to Wyoming Corporation formation. A few easy steps and you are done with your WY corp filing. Wyoming has some of the lowest fees with the easiest maintenance laws for keeping a corporation current each year. View the steps to form a WY Corp below and then familiarize yourself with a Wyoming Corp.
- Corporate Name: A corporation must select a name that is not currently used by an entity in the state of Wyoming and conforms to Wyoming state statute 17-16-401. There can not be an “ACME LLC” and an “ACME” corporation. The name must stand out on it’s own individually. You do not have to add the word corporation at the end of the name for a Wyoming Corporation, unlike an LLC that must list a designator at the end of the name.
- Articles of Incorporation: Pursuant to W.S. 17-16-202, to form a corporation in Wyoming you file Articles of Incorporation with the Secretary of State’s business division office and pay the associated $100 fee when filing by paper through the mail or $102 when filing your Wyoming Corporation digitally online. The Wyoming Articles of Incorporation must include the corporation name, agent name and address, offices, stock information and an incorporator. Corporate Filings Solutions will draft your Articles of Incorporation and give you the option to stay private with the public record filing.
- Registered Agent: A Wyoming incorporation can not be processed without the designation of a registered agent and registered office. This is done on the Articles of Incorporation and you must include a registered agent consent form when you file by paper. The information for the registered agent in Wyoming will be listed online when filing digitally. Your registered agent is your communication contact with the state and lawyers. Make sure you choose a registered agent company that will treat your corporation as important as you do. Corporate Filings Solutions gives you that special attention you need with compliance reminders.
- Corporate Bylaws: After the Wyoming incorporation is complete, bylaws should be written. Bylaws are a governing document covering both the ownership of the company and how the management of the corporation will be executed. The corporation bylaws are the equivalent to the operating agreement for an LLC. You do not have to file the Wyoming Corporation Bylaws with the Wyoming Secretary of State. This gives you a layer of protection when privacy is a concern.
- Business Bank Accounts: Corporations need business bank accounts in order to handle payments to and from the corporation. Most banks will require copies of the Articles of Incorporation and the corporate bylaws in order to open an account. After you receive your filed Wyoming Articles of Incorporation, you will also need to obtain a Wyoming EIN to open a bank account. You can file for an EIN for free with the IRS online. A Wyoming Corp can have business bank accounts in Wyoming, another state and even in another country.
- Annual Report and Taxes: After you form a Wyoming corporation, an annual report is filed with the Secretary of State each year. This report is due by the first day of the anniversary month of formation. There is a $52 filing fee. The fee will slightly increase if you are claiming over $250,000 dollars of assets located in Wyoming. If you have bank account or assets outside of Wyoming, you do not need to claim those assets on the yearly annual report. Wyoming has no corporate tax or state income tax, making Wyoming a tax haven.
- Submit Beneficial Ownership Information Report: You must a file a BOI report with the Financial Crimes Enforcement Network after formation, starting January 1, 2024. The BOI report is free to file and must be submitted online.
What Are the Advantages of Forming Wyoming Corporations?
Corporations offer a number of distinct advantages over other entity forms such as LLCs. Corporations have a far longer history in business law, which means that it is easier for a corporation to understand exactly what it can (and cannot) do legally. Corporations establish immediate prestige: all over the world titles like CEO and President of the Board command a level of respectability and class. Corporations are also better vehicles for fundraising. The sale of corporate stock allows an easy and well-established road for outside investors. This is an attractive option when you want to make a public offering with your corporation.
The Wyoming Corporation offers:
- The ability to stay private on the Articles of Incorporation with the help of a registered agent.
- Only one incorporator needs to be listed on the articles and on the annual report.
- A list of directors and officers does not have to be submitted to the Wyoming Secretary of State.
- Social security numbers are not required to form a Wyoming Corporation.
- Bylaws do not have to be filed on public record, another privacy perk.
- Unlimited shares of stock can be issued for the WY Corp.
- You can classify shares of stock as preferred, common or a mix of both.
- A no par value can be issued for shares of stock with the ability to change value later on.
Wyoming Registered Agent
A Wyoming registered agent must maintain a physical street address within the state, known as a registered office. At this office, they must accept service of process and certified business mail on behalf of clients and forward these documents to clients in a timely manner. This enables the state to serve or communicate with the corporation at a centralized location. A Wyoming incorporation cannot be processed without an agent. You must hire a Wyoming registered agent prior to filing your corporations Articles of Incorporation in Wyoming.
What is a Wyoming Corporation Shareholder?
When you form a corporation in Wyoming, the owners of your new company are known as shareholders. The corporation will authorize and issue shares of stock to its owners (usually in return for a direct investment in the corporation), thus the owners “hold shares” of stock to prove their ownership. A corporation can authorize different types of stock (common and preferred) with separate rights for each (preferred stock, for example, may come with special voting rights). Corporation stock transfers do not have to be recorded with the Wyoming Secretary of State.
Wyoming Corporation Annual Report and Wyoming Taxes
After you form a corporation in Wyoming, corporations file a report each year on the first day of the anniversary month of formation. If a company is formed in May, it must file the by May 1. The filing fee is $52. There is a 60 day grace period to file the annual report after the due date. Be sure to file your report in that time frame or expect to pay a fee for state level reinstatement of your corporation. It is also a good idea to pay before the due date. As soon as the due date comes to be, the Wyoming Corporation will show up on public record as delinquent until you pay the annual report fee. Don’t let prospective clients that view your history online think that you can’t keep your business up to date.
There is no corporate tax or income tax in Wyoming.
Federal Beneficial Ownership Information Report Filing
Starting January 1, 2024, most newly-formed corporations are required to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) following company formation. On your report, you’ll need to disclose some basic details about your company and those with the most control over your corporation’s profits and operations. Save yourself from the additional paperwork with our $9 BOI report filing service.
Why Hire Corporate Filing Solutions to Form Your Wyoming Corporation?
Starting your Corporation in Wyoming shouldn’t be a hassle or a time consumer. That’s why we offer Filings Made Easy™ to make starting a Corporation in Wyoming super easy.
Hire us and relax while our filing experts form your new Wyoming Corporation. Our staff will process orders the same business day as they are received. To make things even easier, we bundle the first year of registered agent service and ensure your Wyoming Corporation comes fully equipped and ready to do its job.
Start your Corporation in Wyoming and get Registered Agent service for as low as $55 a year.