{"id":812,"date":"2021-04-11T04:58:31","date_gmt":"2021-04-11T04:58:31","guid":{"rendered":"https:\/\/randomadult.local\/?p=812"},"modified":"2021-04-11T04:58:32","modified_gmt":"2021-04-11T04:58:32","slug":"open-a-us-llc-in-wyoming-by-yourself","status":"publish","type":"post","link":"https:\/\/randomadult.local\/open-a-us-llc-in-wyoming-by-yourself\/","title":{"rendered":"Open a US LLC in Wyoming by yourself"},"content":{"rendered":"\n\n\n
I am not a tax accountant, I am not a legal expert. All of the following information is based on my own personal experience and research. I would highly recommend speaking to an accountant in your jurisdiction as well as in the jurisdiction you are opening your entity. When it comes to dealing with taxes in the US, I would recommend Online TaxMan<\/a>. \n\nOpening a company in the US will not give you access to a citizenship path or residency. This is purely to provide a simple business structure to get your company off the ground. \n\nAll of this information is related to foreigners (Non-US resident\/Non Citizens). If you're a US Citizen, this information won't be of much use to you. <\/pre>\n\n\n\nOpen your US LLC in Wyoming <\/h2>\n\n\n\n
There are a multitude of companies out there offering to make this process easy for you. Now I haven’t personally used any of those companies. In my usual stubborn thought process, I said to myself, I’m not paying that, I can totally figure this out myself. Turns out, you too can do it yourself. My research found that a US LLC in Wyoming made the most sense for my circumstances. <\/p>\n\n\n\n
If your company and product is going to more global or US-focused it can make sense for you, to open your company in the United States instead of your own country. Now, if all your customers are in your own country, then you should probably open it there. Opening a company in the US will give you access to a much simpler ecosystem for your business and infrastructure than you might otherwise have at home. <\/p>\n\n\n\n
The process, once you know it is straight forward. You can save a few hundred dollars doing this yourself. When you’re first getting your company started every dollar counts. It’s also very important to understand the process for opening your business no matter where you open it. <\/p>\n\n\n\n
I’m also going to give a bit of a summary of my research that lead me to my decision. If you have already done this or just want to get started right now, skip to the How to steps. <\/p>\n\n\n\n
Why the US? <\/h2>\n\n\n\n
If you’re not based in the US why should you open an entity there? There are a number of advantages to opening your company in the US compared to other jurisdictions or in your home country. These are just some of the reasons that I have found to be worth noting. <\/p>\n\n\n\n
Operating costs and startup time<\/h3>\n\n\n\n
When opening your company there can be a range of costs and fees required to get your company open and maintained. Here in Vietnam it cost me several thousand dollars to get my company open and months of time. For a US LLC the fee structure is very straight forward and time it takes to get your company open is days, not weeks or months. <\/p>\n\n\n\n
Easy fee structure<\/h4>\n\n\n\n
- State Filing fees<\/li>
- Annual fees<\/li>
- Registered agent fees<\/li><\/ul>\n\n\n\n
Taxes <\/h3>\n\n\n\n
This is always the first reason given to opening a company in the United States as a foreigner. Generally foreign owned entities pay no taxes in the US. You pay them in your country of residence. Although this is the most commonly pushed reason, I don’t believe it is the most important. You should talk to a tax professional at home to make sure you’re doing everything right. Company and personal taxes should be taken seriously. <\/p>\n\n\n\n
Payment gateways <\/h3>\n\n\n\n
If you’re from a country that has complex financial systems, access to payment gateways can be a non-starter for your business. Opening your company in the US means you have access to all the popular payment gateways that you might not have access to in your own country. This also ensures that you can provide confidence to your customers by using <\/p>\n\n\n\n
When building your product you should be looking to use a payment gateway that supports as many payment options as possible. It should also be easy This is why the following are some of the most commonly used gateways for developers. Easy APIs is another reason the following are chosen. <\/p>\n\n\n\n
- Stripe <\/li>
- Paddle<\/li>
- Square<\/li>
- PayPal <\/li><\/ul>\n\n\n\n
I believe this is the number one reason you should be looking to opening your tech startup in the US. Setting up your payment systems for your product is the most important part of the process. Without easy to use payment systems so that you can easily process payments from your customers, your company could be a non-starter. <\/p>\n\n\n\n
Paperwork is easier <\/h3>\n\n\n\n
When it comes to setting up and running your business paperwork is part of the parcel. With an LLC in the US, it’s a straight forward process. The reporting is easier and the barrier to entry is much lower than elsewhere. The US has very business friendly legal frameworks which can help you throughout the lifecycle of your company. <\/p>\n\n\n\n
Access to capital<\/h3>\n\n\n\n
When it comes to getting funding and support, the US is probably the best place to get access to capital. Startup accelerators, Venture Capital and private investors are everywhere and having your company based in the US gives your investors much easier access. <\/p>\n\n\n\n
Why Wyoming? <\/h2>\n\n\n\n
There are a number of states in the US where you can open your LLC as a foreigner. There is really only two options for a foreigner that make sense to me. Delaware or Wyoming. Both have great corporate law structures, low taxes and operating fees. <\/p>\n\n\n\n
So why Wyoming? To put it simply, it’s cheaper to get started. There are a number of other advantages for Wyoming over Delaware which include some of the following: <\/p>\n\n\n\n
- No state corporate tax<\/li>
- No state income tax<\/li>
- No tax on corporate shares <\/li>
- No franchise tax<\/li>
- Lower filing fees<\/li>
- Lower annual fees<\/li>
- Stockholder privacy <\/li>
- No annual report required after first filing year<\/li><\/ul>\n\n\n\n
Fee comparison between Delaware<\/a> and Wyoming<\/a><\/h3>\n\n\n\n