Company in Wyoming
Wyoming is a state located in the mid west of the United States of America. Even though it is the tenth largest state, it is the least populated one. While visiting Wyoming, we can observe Great Plains and the Rocky Mountains. Before the discovery of Wyoming by Europeans, the land was inhabited by Native American tribes. Growing number of entrepreneurs is choosing to open company abroad. It is becoming more common to open company in Wyoming by foreign entrepreneurs.
Company in Wyoming / Limited Liability Company in Wyoming
A company can be registered in Wyoming for just one person. Moreover, the proprietorship LLC is not treaded as an income tax payer. According to the legal system, profits and losses are directly transferred to the federal tax declaration, which is submitted by a partner in the company. On the other hand, if a partner does not remain a resident of the United States, and the company in Wyoming doeas not generate any income in the USA (i.e. all its income comes from outside of the USA), neither the company nor the partner are subject to federal taxation. Company formation in Wyoming allows you to keep your office and mailing address in a different state.
Confidentiality of information
According to Wyoming law, no tax information is provided to tax offices in the United States (IRS). No information is shared either with foreign tax offices. After you open business in Wyoming,, you can hire a nominated director. Use of such an institution allows complete anonymity in publicly available business registers.
Liability for debts
Company registration in Wyoming allows you to protect the assets of partners and members of the bodies of an LLC formed in Wyoming from liability for the company’s obligations.
The reporting obligation of a company is to submit a very short annual activity report. This obligation is very limited. In such a report, it is enough to provide the personal details of the company director, it can of course be a nominated / trustee director.
Taxes in Wyoming
The Wyoming tax system makes a company registration in Wyoming extremely attractive. Unlike the lion’s share of the US, Wyoming does not impose income taxes on natural or legal persons. Moreover, in Wyoming, no taxes are levied on retirement income received and received from different states. In many rankings Wyoming is recognized as the most business-friendly state.
Cryptocurrencies in Wyoming
The United States is very involved in the development of new technologies. Recently, the state of Wyoming has focused on the development of distributed register technology. On January 31, 2019, an act called “Digital assets-existing law” was adopted, thanks to which cryptocurrencies will be treated as fiat money. Virtual currency, i.e. bitcoin, is considered intangible personal property and should be considered as money. When the final stage of the legislative process is successful, the “Digital assets-existing law” will be incorporated into state law. Recognition of virtual currency as money will mean at the legal level that cryptocurrencies will become subject to the same law as traditional money, which means banking supervision.
Thanks to the new law, opening a company in Wyoming seems even more attractive to entrepreneurs conducting business in the field of new technologies, especially distributed register technologies.
Company registration in Wyoming / Purchase of ready made company in Wyoming
Registration of a company in Wyoming gives you the opportunity to take advantage of the tax breaks there and legal regulations regarding virtual currencies. Buying a ready made company in Wyoming gives very similar results.