What do you do when your business is operating as an LLC in Nevada, but then your spouse has a job transfer to Wyoming? What if your limited liability company is based in Delaware, but you find great office space in Wyoming? Or If you want to avoid the hassle of dealing with two states? You may want to transfer the LLC from the old state to Wyoming. Every business has its unique reason to leave its home state. But one of the main reasons why companies are moving to Wyoming is dissatisfaction with regulation, taxes, and fees in their current state.
Are you planning to domesticate your company to Wyoming? But, before starting it, you need to understand some of the important aspects related to Wyoming Domestication.
What is Wyoming Domestication?
Wyoming business domestication is the act of relocating your business from your home state or any other state to Wyoming. Basically, Wyoming Domestication is when an out-of-state entity desires to transfer their state of formation to Wyoming to become a Wyoming entity.
In the past few years, Wyoming Domestication has become a common practice as business taxes and annual maintenance fees have risen in a lot of states, like Nevada and Delaware. Business owners neither want to lose the stable histories of their current businesses, nor do they want to remain in their current state. For business owners who want to move to Wyoming without losing their date of formation, history and the current structure, domesticating in Wyoming is the best way.
Remember that entities formed in another country cannot domesticate.
Why Move a Business to Wyoming?
There are many perks of doing business as a Wyoming entity:
- No state corporate tax: Corporations taxed in C-corps in various states are required to pay a complete corporate income tax, which Wyoming does not have. It means if your business is registered in Wyoming, you don’t have to pay state corporate tax.
- No state income tax: The best thing about Wyoming is that it does not tax the income of its residents. Hence, for shareholders and LLC members, the lack of a personal income tax can prove to be a massive saving. Wyoming receives most of its budgetary income from the natural resources like oil, coal, and metals. These resources are expected to fill the state coffers for years to come. In short, the introduction of state income taxes looks improbable.
- Low annual maintenance fees: There is no state business license in Wyoming. But like any other state, every business entity in Wyoming is required to file an annual report each year. These reports are simpler and can be easily filed online. The annual fee is flat $50 if the company keeps less than $250,000 assets in Wyoming whereas in States like Nevada you need to pay hundreds of dollars each year to keep your business active.
The best thing about Wyoming’s approach to doing business is that if your business has more than $250,000 in assets in Wyoming, your annual report fee will be $.0002 per dollar of business assets in Wyoming.
- No estate taxes: Are you thinking to transit your business from one generation to the next? Wyoming can help you! It could be the perfect solution. Along with low business taxes, Wyoming has no state estate taxes (the size of the asset being transferred to the other generation doesn’t matter.)
- Asset protection and progressive business laws: Wyoming legislature is taking an aggressive stance to promote the businesses here, and the results are amazing! Whether you are concerned about your asset protection, taxes or privacy, the Wyoming legislature has worked on everything. They have made it a point to put the business owners first and they show no sign of stopping.
How to Move Your Business to Wyoming
Before starting with the process on your own, keep in mind that multiple documents are required to be filed along with the Articles of Continuance. As a beginner, you can find this process to be both overwhelming as well as confusing. At IncParadise, we can help you in processing the Wyoming Domestication at a very reasonable price. Our professionals have been doing this for many years. Our services include obtaining all documents and all filings along with a year of the best Wyoming registered agent service, as well as free online tools, document tracking, and excellent customer service.
Want to know the overall process we follow for domesticating your business in Wyoming? Below is an overview of our process:
Obtain Certified Copies of Business Formation Documents
The initial step is to get the certified copies of your Articles of Organization (LLCs) or the Articles of Incorporation (corporations) from your Secretary of State or Corporations Division. All you need to do is run your business name search; there would be an option to get a certified copy. Note that the fees vary from state to state. These documents are required by Wyoming Secretary of State to verify your company.
Get a Certificate of Good Standing
A certificate of good standing is required to show the Wyoming Secretary of State that your company exists and is in good standing in your home state. This certificate is also referred as “Certificates of Existence” or “Certificates of Status”. You can easily obtain these certified copies from the secretary of state or corporations division website by downloading it. They will cost anywhere from $0 to $50.
Complete Wyoming Articles of Domestication
There is just a slight difference between the Articles of Continuance and Articles of Domestication forms, so you need to be cautious of what your requirements are. You need to decide what articles to file. If your business is out of the country, you’ll need to file Articles of Continuance. It involves a lot of paperwork and verification. We file both the Articles of Domestication as well as the Articles of Continuance. After deciding which articles you will need, you will have to include the following information:
- Company name
- Home state
- Formation date
- Mailing and principal addresses
- Name and address of Wyoming registered agent: Don’t have a registered agent in Wyoming? It is the ideal time to hire one! We can help you in completing the consent form. Don’t know who to consult for hiring a registered agent? You can hire us! If you hire us, we will mail the consent form immediately after you place a Domestication order. To know about our Registered Agent Services, visit here.
- Corporations are expected to list out their business purpose; the numbers of shares that the corporation is authorized to issue; the name and address of all the directors and officers; the number of shares issued.
Once you are done with the completion of the Articles of Domestication, you are required to attach the certified copies of the formation documents, certificate of good standing and all the amendments. After you have all these documents, mail them to the Wyoming Secretary of State.
File Documents in Wyoming
File Documents in Wyoming: So, is your Wyoming paperwork ready to go? Have a look at the checklist below:
- What to Mail to Wyoming?
- Certified copies of formation documents
- Wyoming Articles of Domestication. Don’t forget to include signed registered agent consent form.
- Certificate of good standing
- Check or money order of $100 as a filing fee
Wait for Domestication Approval from Wyoming
Wait for Domestication Approval from Wyoming: Once your domestication has been approved in Wyoming, the Secretary of State will mail you a confirmation. Note: If you include an email, they will email you verification.
Wait! You are not done yet!
File Dissolution Documents in Your Home State
This document requires to be filed with your home state’s Secretary of State or Corporations Division to dissolve your business entity there finally. If you don’t dissolve your company in your home state, it will end up existing in two different places at the same time, which could put you in a bad situation in the long run.
So it is advisable to obtain the Articles of Dissolution from your home state. Once you have received a confirmation that your documents have been accepted in Wyoming, you should file the Articles of Dissolution in your home state. Send the Dissolution Articles to your home state. After receiving the confirmation from your state that your Corporation or LLC has been Dissolved. You’re finally the owner of a business in Wyoming!
Why Hire Us to Move your Business to Wyoming?
By now you must be aware that many things need your consideration to domesticate your business to Wyoming. At IncParadise, we are professionals in domesticating businesses in Wyoming. We do it every day. Our specialist can help you with the fastest way to obtain the Certified Copies and Certificate of Good Standing in every state. We know what to file and when, and we can save you the worry of wondering whether or not you filed everything correctly. Every Wyoming domestication order includes:
- Fast and Secure service from Wyoming business specialists.
- Same day filings: This is what we are known for! We will order your Certified Copies and Certificate of Good Standing and complete your paperwork for your Articles of Domestication within one business day.
- Secure address: We are one of a few business professionals in Wyoming having our own office there. Our address is 1611 E 2nd St; Casper; WY 82601. Feel free to visit us or call us with any inquiries.
- Decent price: We operate on a high-volume, fairly-cost business model, as we are trained in doing a few things remarkably well. We don’t believe in overcharging.
- Wyoming Registered Agent Service: We provide our clients with document tracking; secure online accounts; access to pre-populated state forms; e-document delivery; and the Best Registered Agent Service in Wyoming.
- The best customer service: Having queries about your business in Wyoming? We help your business at every turn. We will be happy to meet you in the office or answer all your questions through the phone or email.
More and more businesses are Domesticating in Wyoming when they realize that Wyoming has the most business-friendly and healthiest atmosphere in the nation. So what are you waiting for? Contact the business professionals in Wyoming to begin the process in a smooth way!