How to Set Up an Offshore Company in Wyoming USA
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As we have already established in our previous posts, forming an offshore company can create many advantages for your business. But the truth is some jurisdictions are better than others in general and also, specifically in your unique situation. What does that mean? While it is best for a company that trades in the EU to be formed in Bulgaria or Cyprus, a non-U.S. citizen will benefit the most if the set up an offshore company in Wyoming, USA. This article will explain in detail why.
Why USA in General
First of all, let’s look at the USA in general. It is one of the largest economies in the world, it finds itself in a stable political status and does not comply with the AEoL agreement, which means it guarantees privacy to foreign account holders. And now, more about Wyoming in particular.
Wyoming is Great for an eCommerce Offshore Company
The absolute best choice for an eCommerce startup would be to form an offshore company in Wyoming. The main reasons are these:
- You can choose the business structure for your company (most often the best option is LLC)
- You can set up an offshore company and a bank account in one place
- You can access your bank account online
- There’s no minimum capital requirement for opening a business bank account
Setting Up an Offshore Company in Wyoming is Fast
Wyoming is one of the fastest jurisdictions when it comes to business structure formation. It usually takes just 3 working dates for the company to be set up and then another 3 weeks for the business bank account. However, this process is highly dependent on the documentation you can provide and how fast you do it.
Having an Offshore Company is Wyoming is Stress Free
Apart from being able to set up a company pretty quickly in Wyoming, running it also seems like a piece of cake, at least in terms of less paperwork and additional commitments. It is a good place for small businesses and startups because:
- Charges less annual fees
- No obligation to attend annual meetings
- No requirement for an audit report
You Can Keep Your Assets Private
In an article we published last month we explained how the U.S. became the new tax haven. It was mainly due to the issue of the FATCA (Foreign Account Tax Compliance Act), which was accepted by the vast majority of the countries in the world. However, the U.S. still does not reciprocate the efforts other countries make in sharing financial data with the relevant tax authorities. This very fact guarantees the full privacy of any non-U.S. citizen who decides to set up an offshore company in Wyoming, USA. Also, as mentioned here, the States do not require any information about the directors or shareholders of a company to be publically available.
The Tax Rate in Wyoming is Sweet
In fact, the tax rate in Wyoming is zero. That alone is a good enough reason to set up your offshore company here and nowhere else. When we add the benefit of the U.S. strong economy and political climate, you wouldn’t even be thinking of forming your business structure in any of the ever so popular Caribbean tax havens.
If you are considering forming an offshore company in Wyoming, USA, but you need more information about the process and tax benefits, give us a call today. Click here to email us and start your project.
Readers should note that this article is only intended to convey general information on these issues and that FAS CPA & Consultants (FAS) in no way intends for the contents of this article to be construed as accounting, business, financial, investment, legal, tax, or other professional advice or services. This article cannot serve as a substitute for such professional services or advice. Any decision or action that may affect the reader’s business should not rely solely on the contents of this article, but should rather be consulted on with a qualified professional adviser. FAS shall not be responsible for any loss sustained by any person who relies on this presentation. This article is subject to change at any time and for any reason.
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