How to Domesticate Your Business to Wyoming
Wyoming domestication is the process of moving your business from your current home state to Wyoming. This relocation is not simply registering to do business but converting (or domesticating) out your company in your home state and continuing its existence here in Wyoming.
Domestication lets you keep your company’s history, credentials, and initial start date while changing your home state to Wyoming. In other words, you don’t have to start your business from scratch, and you’ll get to enjoy all of the benefits of Wyoming’s business-friendly laws. Learn the benefits of doing business in Wyoming and how to domesticate a business in Wyoming.
Need to start a new Wyoming business instead? We can help you start your Wyoming LLC or incorporate your Wyoming business. We file your formation documents for FREE. All you pay is the state fee ($100) and our registered agent fee ($49). Why free formation filing? Because we’re confident that once you’ve used our premier business services, you’ll trust us to handle all of your company’s needs for the long haul.
Wyoming Business Advantages:
- Wyoming has no corporate tax
- Wyoming has no personal income tax
- Wyoming has no franchise tax fees
- Wyoming has no business licensing fees
In addition to a lack of various business taxes, Wyoming has a very low annual maintenance cost. Businesses in Wyoming must file an Annual Report each year, which costs $60 plus a $2 convenience fee if you file online. That’s it. In Wyoming, there are no hidden fees, added fees, or special taxes that kick in after you’ve been in business for six months. Just $62 a year.
Wyoming also prioritizes the privacy of business owners. Unlike other states, Wyoming does not maintain ownership information in a publicly searchable database. Wyoming LLCs and corporations are not required to list member/manager or shareholder information on their formation paperwork, providing an added layer of privacy and security for your business. On top of that, Wyoming statutes provide the best asset protections in the US, including charging order limitation for single-member LLCs (meaning even single-member LLCs have strengthened personal asset protection).
For those looking to maximize privacy protection and personal asset protection, check out our exclusive business formation package: The Firm LLC™. We include specific asset protection drafting to ensure that you get the full benefit of Wyoming’s business-friendly statutes.
See our guide below to learn how to domesticate your business in Wyoming.
Steps to Domesticating a Business in Wyoming
Request a Certified Copy of Your Formation Documents
Certified copies must be requested from your home state’s Secretary of State or other business formation department. The Wyoming Secretary of State will need this document as evidence that your company currently exists in another state and is legally registered.
Obtain Wyoming Articles of Continuance
Wyoming Articles of Continuance allow your company to move to Wyoming and keep its original formation date. This ensures that your business does not lose any of its history.
At this point, you must also appoint a Wyoming registered agent. Your registered agent must have a physical street address within the state and accept service of process on behalf of your business. You can hire Buffalo Registered Agent for only $49 a year.
When you hire us, we will send you a signed Registered Agent Consent form, which you must file with the Articles of Continuance (don’t file yet).
Once your Articles of Continuance are properly filled out, set them aside for now.
Write a Resolution Authorizing Continuance
Wyoming requires you to provide evidence that your company’s owners have approved the move from your home state to Wyoming. This is done by writing a Resolution Authorizing Continuance.
A Resolution doesn’t need to be anything fancy. You can type the Resolution or write it by hand if you prefer. What’s important is that the Resolution states that you (the owner) and other owners authorize moving your company to Wyoming.
The Resolution Authorizing Continuance must be signed in ink by your company’s owners or an individual authorized to make this decision. For LLCs, this means that members must sign. For Corporations, either the shareholders or the Board of Directors must sign.
Domesticate Out Of Your Home State
The Wyoming Secretary of State will only approve domestication if you send a copy of an unfiled Certificate of Conversion (or your home state’s equivalent). This document will legally transfer your company from your home state to Wyoming. You can obtain a Certificate of Conversion (or your home state’s equivalent) from the state department where you initially formed your business. Do not file it yet. Simply fill it out, make a copy, and set it aside.
File Documents in Wyoming
Okay. Your paperwork is all filled out and ready to go—it’s time to send it to the Wyoming Secretary of State.What to File in Wyoming:
- Certified Copy of Your Formation Document From Your Home State
- Wyoming Articles of Continuance (Including a signed Registered Agent Consent form)
- Signed Resolution Authorizing Continuance
- Unfiled copy of your Certificate of Conversion (or your home state’s equivalent)
Send all documents to the Wyoming Secretary of State, including the $100 filing fee. Make checks and money orders payable to the Wyoming Secretary of State.
Obtain Continuance Approval in Wyoming
DO NOT file your conversion documents before you are certain the Wyoming Secretary of State has approved them. In a worst-case scenario, your company could be converting in your home state, and your filing in Wyoming could be rejected, which could put your business in a bad position.
When your domestication has been approved in Wyoming, the Secretary of State will send you a confirmation.
File Dissolution Documents in Your Home State
After you receive confirmation that your documents have been accepted in Wyoming, it’s time to file your conversation paperwork in your home state and pay any associated fees. Conversions procedures and fees will vary from state to state.
That’s it! You are now the proud owner of a Wyoming company! Welcome to the Cowboy State!
Moving Your Company to Wyoming From a Popular State
Here at Buffalo Registered Agent, we have noticed that most domestications come from Delaware and Nevada. Every company has its own unique reasons for leaving its home state, but in our experience, the main reason companies leave these states is dissatisfaction with regulations, taxes, and fees.
Are these great states for business? No doubt they are. Many LLCs and Corporations are located in Delaware and Nevada, and many are happy.
However, more and more businesses are domesticating in Wyoming every day as they realize that the state has the healthiest and most business-friendly atmosphere in the nation.
The Tax Foundation ranked Wyoming with the Lowest State/Local Tax Burden in the Country in 2014 and the Most Business-Friendly Climate in 2014 and 2015. The US Chamber of Commerce Foundation ranked Wyoming as the Second Best Business Climate in 2014. Wyoming’s business rankings clearly indicate how pro-business the state truly is.