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How to Incorporate in Wyoming (May 2024 Update)

Meow Technologies, Inc.

Meow Technologies, Inc.

Incorporating your business in Wyoming offers major benefits thanks to the state’s extremely business-friendly laws. This comprehensive guide will walk you through everything you need to know to form a corporation in Wyoming. From the advantages of a Wyoming corporation to step-by-step instructions, costs, requirements, and tips, use this as your go-to resource for Wyoming incorporation.

Wyoming has earned a reputation as one of the top states for business incorporation in the U.S. This is thanks to corporate statutes that focus on privacy and asset protection, minimal reporting requirements, low costs, and a simple filing process. Those benefits, along with no corporate income taxes, make Wyoming a very appealing state in which to base a corporation. This article will explain what is required to incorporate in Wyoming, reasons to choose Wyoming, the step-by-step process, associated costs, and tips to ensure your corporation stays compliant after forming.

Benefits of Incorporating in Wyoming

There are several major advantages to forming a corporation in Wyoming rather than other states:

Strong Limited Liability Protection

Incorporating creates a legal separation between your business and personal assets, protecting your personal assets if the business is sued. Wyoming has exceptional limited liability statutes that strengthen the corporate veil. This makes it difficult for plaintiffs to “pierce the corporate veil” to go after owners’ assets.

Minimal Reporting Requirements

Wyoming purposely keeps reporting rules simple. You only need to disclose your corporation’s name, registered agent, and a valid business address. Annual reports require listing one officer, but you can use a nominee officer to preserve privacy. There are no requirements for shareholder meetings or corporate record keeping.

Low Incorporation Costs

It only costs $100 to file incorporation papers with the Wyoming Secretary of State. When you use an incorporation service, you’ll also pay registered agent fees but overall costs to form and maintain a WY corporation are very affordable.

No Corporate Taxes

Wyoming does not levy corporate income taxes or franchise taxes. This saves incorporated businesses thousands per year. You still must pay federal corporate taxes.

Allows Anonymous Corporations

Unlike nearly every other state, Wyoming allows corporations to be truly anonymous. The only information you need to disclose publicly is your registered agent’s name and address. There is no shareholder or ownership information on the public record nor requirements to list directors or officers.

Business-Friendly Statutes

Wyoming’s corporate laws make it simple and affordable to start and operate a corporation. The statutes focus on giving business owners flexibility and privacy. Incorporating in Wyoming is easier thanks to the state’s exceptionally pro-business corporate regulations.

When weighing where to incorporate, these benefits give Wyoming a clear advantage over popular corporate havens like Delaware and Nevada. Wyoming offers better privacy rules and lower operating costs than these alternatives.

Requirements and Steps to Incorporate in Wyoming

Like all states, there are a few key requirements and steps needed to properly register your business as a Wyoming corporation. Here is an overview of what to expect as part of the Wyoming incorporation process:

Choose a Business Name

The first step is making sure your desired corporate name is available for use in Wyoming. Check name availability using the Secretary of State’s database.

Appoint a Registered Agent

All Wyoming corporations require a registered agent. This agent is a go-between for your business and state government and they receive important legal documents on your behalf. Using a professional registered agent service can help keep your ownership anonymous.

File Articles of Incorporation

To legally form your corporation, you’ll need to prepare and file Articles of Incorporation (sometimes called a Certificate of Incorporation) with the Wyoming Secretary of State. This document contains basic information like your business name, corporate structure, registered agent, shares, and business purpose. Filing these formation documents creates your corporation’s legal existence.

Establish Directors and Officers

While not technically required, you should establish corporate leadership roles like appointing a Board of Directors, naming Officers like a CEO and Treasurer, and documenting these and ownership details (shareholder percentages) in a corporate bylaws, shareholder agreement, and initial corporate resolutions.

Obtain an EIN

Also referred to as a Federal Tax ID Number, an EIN is used to identify your business to the IRS for tax purposes. It is required if you plan to open a bank account or have employees. Apply online at IRS.gov

Create Corporate Bylaws

Bylaws act as an operating manual, laying out internal processes and rules for your corporation. While not required in Wyoming, bylaws help establish orderly operations. We suggest using lawyer-drafted templates.

Open a Business Bank Account

Keep your business finances separate from personal funds by opening a dedicated corporate bank account. This adds an extra layer of limited liability protection.

For more information, take a look at our article on the key benefits of business checking accounts.

Stay Compliant

After forming, don’t forget to adhere to annual reporting rules in Wyoming by filing your Annual Report to stay active. It is also wise to hold an annual meeting to go over taxes, finances, bylaws compliance, and elect officer and directors.

What Does it Cost to Incorporate in Wyoming?

One appeal of forming a Wyoming corporation is the low overall costs compared to other states. Expenses fall into a few categories:

  • State Filing Fees - To file your Articles of Incorporation, the base price is $100 payable to the Wyoming Secretary of State. That is far below most states. Some incorporation services or attorneys may charge additional fees on top of the state fee.
  • Registered Agent Fees - You must maintain a registered agent to keep your corporation compliant.
  • Franchise Taxes - Wyoming does NOT have corporate franchise taxes. This keeps costs low.
  • Annual Report Fees - All WY corporations must file an Annual Report, which costs $50. This keeps your corporation in good standing.

Many incorporation services offer “packages” that combine the state filing fee, registered agent services, and sometimes the first years' annual report fee into one upfront cost. This simplifies the process and keeps costs low.

Tips for Starting and Maintaining Your Wyoming Corporation

Follow these suggestions for keeping your Wyoming corporation compliant and maximizing the benefits of incorporating in Wyoming:

Consider Using a Registered Agent Service

Working with a professional registered agent service helps ensure you meet reporting deadlines and legal document delivery. It also keeps your ownership anonymous.

Consult a Business Lawyer When Drafting Documents

While costly, having an attorney prepare your formation documents, corporate bylaws and resolutions can pay off by clearly establishing policies and procedures to avoid future disputes.

Keep Thorough Corporate Records

Even though Wyoming does not require holding an annual shareholder meeting or strict record keeping, doing so can provide legal protections if the “corporate veil” protecting owners is challenged.

Follow Annual Report Deadlines

File your Annual Report by the due date to keep your corporation legitimate and authorized to conduct business in Wyoming. Missing the deadline can result in forced business dissolution.

Acquire Necessary Business Licenses

While incorporation establishes you as a legal corporate entity, don’t forget other state and local requirements like sales tax licenses, sales tax IDs, and occupational licenses.

Conclusion

As this guide outlines, forming a corporation in Wyoming offers multiple advantages over other states thanks to exceptional privacy rules, few reporting requirements, low long-term costs, and limited liability protections. The process itself is straightforward and can be completed in just a few days if using an incorporation service. While no means a business panacea, incorporating in Wyoming sets up new ventures for savings and security right from conception.

Meow Technologies is a financial technology company, not a bank or FDIC-depository insured institution. Likewise, Meow Technologies is not an investment adviser and none of the information presented herein should be relied upon as financial advice or a recommendation to make any financial decision nor should it be considered to be tax or legal advice. The information is the opinion of Meow Technologies for educational purposes and may not be suitable for all companies. Products, like the one described herein, are offered through Meow Technologies and are not advisory services which are only offered through Meow Advisory, LLC.** The FDIC’s deposit insurance coverage only protects against the failure of an FDIC-insured bank.**

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**Disclaimer: Meow Technologies is a financial technology company, not a depository, bank or credit union, and your account at Meow is not, itself, an FDIC-insured product.

Meow currently partners with three banking providers. Banking services are provided by Third Coast Bank SSB; Member FDIC, Grasshopper Bank, N.A; Member FDIC, and FirstBank, a Tennessee corporation; Member FDIC.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Grasshopper Bank, N.A, you deposit your funds into a deposit account at Grasshopper Bank, N.A. which sweeps those funds into deposit accounts across a network of Federal Deposit Insurance Corporation (“FDIC”)-insured banks, for up to the current standard maximum deposit insurance amount (“SMDIA”) of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including Grasshopper's ICS Deposit Placement Agreement. Grasshopper Bank, N.A. uses a third-party vendor and agent to help administer this sweep process. Visit https://www.intrafi.com/network-banks/ for a list of the banks and savings associations with which we/Grasshopper, N.A. have a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Grasshopper, N.A. or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of Grasshopper Bank, N.A, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheets for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Third Coast Bank SSB, you deposit your funds into a deposit account at Third Coast Bank SSB. If you also hold funds in a sweep program with Third Coast Bank SSB, Third Coast Bank SSB sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per receiving bank, for each ownership capacity or category, including any other balances you may hold at that receiving bank directly or indirectly through other intermediaries, including broker-dealers. Third Coast Bank SSB uses a third-party vendor and agent to help administer this sweep process. Visit Third Coast Bank SSB for a list of the banks and savings associations with which we/Third Coast Bank SSB have a business relationship for the placement of deposits at receiving banks, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Third Coast Bank or you). The current maximum deposit insurance amount for your funds is up to $50 Million in FDIC insurance through the sweep network of Third Coast Bank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and conditions and refer to the applicable rate sheet for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by FirstBank, a Tennessee corporation, you deposit your funds into a deposit account at FirstBank, which sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including FirstBank's ICS Deposit Placement Agreement. FirstBank uses a third-party vendor and agent to help administer this sweep process. Visit IntraFi for a list of the banks and savings associations with which FirstBank has a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by FirstBank or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of FirstBank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheet for additional information.

***FDIC insurance coverage is only available to protect you against the failure of an FDIC-insured bank that holds your deposits (and does not protect you against the failure of Meow or other third party). Your account with Meow and all services provided to you are subject to the Meow Terms of Service (“Account Agreements”) and other applicable terms and no other representations or warranties, express or implied, are provided to you except as expressly set forth in those written Account Agreements. If you have any questions regarding your account, please contact team@meow.com.

FirstBank Funds Availability Notice

FirstBank’s general policy is to allow you to withdraw funds deposited in your account on the first business day after the day we receive your deposit. Funds from electronic deposits will be available on the day we receive the deposit. In some cases, we may delay your ability to withdraw funds beyond the first business day. Then, the funds will generally be available by the SECOND business day after the day of deposit.