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Wyoming Incorporation
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Why incorporate in Wyoming?

Why incorporate in Wyoming

Wyoming is one of the most popular states to start your corporation or LLC. It’s being used by thousands of companies as their state, even if they don’t have there their real office or headquarters. And there are some good reasons why companies are choosing Wyoming as the state where they incorporate. Main advantages are the costs to run company there, Wyoming tax system, privacy of company owners, and great asset protection. Here is little more about each of these reason

Costs to incorporate in Wyoming

Wyoming is known for having one of the lower costs of running your business there across the whole USA. Not only you save a lot of money on the initial incorporation costs, but mainly the regular annual fees are much lower here than in other popular states like Nevada or Delaware.

With Incparadise, the initial costs for Wyoming are just $189, compared to $283 in Nevada.

The Annual fees are just $65 in Wyoming, but they are $370-$670 in Nevada, and $240-$315 in Delaware. Below is table comparing annual costs in these states:

State INC Annual fees LLC annual fees
Wyoming $65 $65
Delaware $240 $315
Nevada $670 $370

 

Taxes if you incorporate in Wyoming

If you incorporate in Wyoming, you can save fortune every year on taxes. The reason is simple:

State Corporate Income tax = 0 %

State Personal Income tax = 0 %

Franchise Tax = $0

Wyoming is 1 of only 9 states that have no income tax at all. In connection with the low fees, it makes it perfect for your company.

 

Privacy and anonymity of business owners in Wyoming

When filing to open business in Wyoming, you are not required to disclose any people involved in the entity. So anyone involved in the business will not be listed on a public database. For this reason Wyoming is also one of the best states for Asset Protection.

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Business Information & Rankings

  • Wyoming ranks 1st for Best Business Tax Climate. (Tax Foundation, 2006)
  • Pollina Corporate Real Estate ranked Wyoming 6th in its Top Ten Pro-Business States 2005: Keeping Jobs in America Report.
  • Wyoming ranks the highest with employment in the mining industry for the entire country.
  • Wyoming is the number one producer of coal in the United States.
  • Classified rural land in Wyoming occupies 91% of the state.

Cost of living

For Cheyenne, WY (2005)Index Score
Composite:103.9
Housing:103.0
Utilities:114.1
Misc. Goods & Services:102.3

Crime Rate

Wyoming has the 21st lowest overall crime ranking in the U.S. (FBI, 2004)

Fees & Taxes

Business Inventory Tax
Exempt.

Corporate Income Tax
The state of Wyoming, in addition to collecting no personal income taxes, collects no corporate income taxes as well.

Personal Income Tax
Wyoming levies no individual income taxes.

Personal Property Tax
Wyoming is one of the 38 states that collect property taxes at both the state and local levels. Personal property held for personal use is tax exempt. Inventory if held for resale, pollution control equipment, cash, accounts receivable, stocks and bonds are also exempt.

State Sales and Use Tax
Base Rate: 4.00%
Machinery Rate: 4.00%

Wyoming provides an exemption for the sale or lease of machinery to be used directly and predominantly in manufacturing tangible personal property.

Unemployment Insurance
Wyoming’s new employers pay the average industry rate for 3 years.