21 November 2020

Which State is Best for Company Registrations for Non-Residents?

 - 21 November 2020 - 

Compared to other states in the US, Wyoming offers numerous advantages to non-residents that want to set up a company formation. These include no US federal taxes if you are not resident and don’t do business or trade in the country. You will, however, need an EIN (US tax number) and we can arrange this for you.

While it’s a pretty big state, Wyoming has the lowest population and some of the more beneficial company formation rules in the US.

How Easy is it to Set Up a Company in Wyoming?

Because the Wyoming registry does not ask for information to be filed, there is no public disclosure concerning your business. Once instructions have been received, and as long as there are no issues, it should take just a few days to set up your company.

The Benefits of Company Registration in Wyoming

·         For a limited liability company or LLC, there are no state taxes to be paid in Wyoming.

·         The LLC is seen as a separate entity to its owners which means you are not liable for debts and can protect your assets.

·         The reporting and disclosure rules for a Wyoming LLC are minimal, and you do not have to be a US citizen to set one up.

·         An LLC will continue indefinitely, even if passed onto other owners, and will only cease to trade once it is officially dissolved. It’s also, therefore, easy to ensure the transfer of ownership of a business.

·         The filing fees for setting up a Wyoming LLC are the lowest in the US.

·         You can set up banking facilities anywhere in the world, giving your business the flexibility it needs to operate on a global stage. 

Why Use International Formations

While Wyoming may not be your first choice as a place to base your business, it has several advantages. Working with a service such as International Formations will ensure that you get everything you need in one place, including setting up a US banking facility without a personal visit being needed.

If you are considering this option, contact our professional team at International Formations today.

16 November 2020

Can a Non-US Citizen Open a Business Bank Account?

- 16th November 2020 -

To open a traditional business bank account in the US you need to own a company that is registered in one of the 50 US states. In other words, you cannot open an account for a non-US entity. This applies to any company, from a sole proprietorship to a partnership or corporation.

In addition, you will need to visit the USA to open a full US bank account, which may not be convenient and will certainly be expensive.

The good news, however, is that new digital platforms are starting to provide a range of different options, particularly if you are a non-US resident, which act as a workaround for businesses. This means you could effectively open a US business bank account from anywhere in the world with certain platforms.

For example, a new company such as Mercury is focused on providing business banking aimed explicitly at US start-ups.

What does Mercury offer?

Start-ups can struggle to find the right banking service that is responsive to their needs. Mercury is digital platform focused on entrepreneurs and new ventures based in the US. To qualify, you'll need to have EIN and a government issued ID such as driver's licence or passport.

What do we offer?

We offer Wyoming LLC formation package which includes obtaining of EIN and assistance with opening an account with Mercury.

Understanding how to arrange your banking activities if you are thinking of operating in the US can be challenging. Many businesses are moving away from traditional banking to options such as e-wallets that that are easy to open, don't require you to pay a visit in person and can be used anywhere.

If you are searching for banking options, please contact us at International Formations today to find out how we can help.

Which State is Best for Company Registrations for Non-Residents?

 - 21 November 2020 -  Compared to other states in the US, Wyoming offers numerous advantages to non-residents that want to set up a company...