Casper – Best city to start small business in Wyoming

Casper also known as “The Oil City” is famous as the regional petroleum industry center. It has been featured in the Forbes magazine list of “Top 25 Best Small Places for Business” in the nation with several industries within which you can start a business in Casper. The economy of Casper, WY employs over 30,000 people and some of the largest industries include Health Care, Retail Trade, Social Assistance, Accommodation & Food Services, Transportation & Warehousing, and tourism. You can form a business in any industry by applying for and obtaining a Casper WY business license.

Why is Casper the best place to start a business?

The city of Casper has a vibrant economy and is high on entrepreneurial spirit making it one of the best places in Wyoming and the country for a startup. You will need a business license in Casper to operate a business in this truly inspiring destination where innovation and technology combine to create a strong infrastructure. There are several reasons why opening a business in Casper is considered to be one of best options, so let’s look at some of the top reasons.

• No or Low Taxes: One of the greatest benefits of opening a business in Casper is the tax benefits. There are no state taxes like no corporate or inventory taxes. The salient highlight is that neither the City of Casper or nor Wyoming state charges any income taxes. This is one of the primary reasons why entrepreneurs prefer to start a business in Casper. The local sales tax is quite low at 5% as compared to Arkansas at 9.43%, Alabama at 9.14%, and Washington at 9.17%. The local sales tax includes 4% charged by the state and an “Optional One Cent” charged by the City of Casper, which is spent on supporting infrastructure, equipment, and local non-profit organizations.
• Strong Infrastructure: Every business requires a strong infrastructure as it plays a key role in ensuring steady and focused long-term growth. This city offers just that to those who plan to start a business in Casper. There are several key infrastructural and construction projects currently underway in the city to boost overall economic growth. One such project is the “Casper Wind Project” and its objective is to develop renewable energy facilities across potentially contaminated land as well as mine sites. The strong and reliable transportation infrastructure with Interstate Highway, US Routes, and Wyoming State Highways makes it feasible for opening a business in Casper especially in the manufacturing or warehousing & logistics industry.
• Business Incentive Programs: There are several business incentive programs that you can benefit from once you start a business in Casper. Some of the top programs include:
  • Opportunity Zone Incentive Program
  • Foreign-Trade Zone (FTZ) Program
  • Small Business Grants Program
  • Film Industry Financial Incentive (FIFI) program
  • Federal solar investment tax credit program

Steps to Start a Business in Casper, Wyoming

One of the top places to start an llc in Wyoming is Casper with Natrona County being the most popular for new businesses. A research study has indicated that 3.3 new entities were formed per 1000 people and this is almost 43 percent of the national average. According to the U.S. Census Bureau and the U.S. Bureau of Labor Statistics, there are approximately 2700 small businesses in this city and is considered to have the best business environment thus putting it on the list ahead of Denver, Cheyenne, and Rapid City. You can start a business in Casper just like many other entrepreneurs have formed their new businesses. Some of the top companies situated in Casper include G W Mechanical, Wyoming Medical Center, Wyoming Machinery Company, SST Energy, RMH Franchise, and University of Wyoming among others.

Prepare your business idea and plan

The importance of a business plan lies in the fact that it will help you run your business better. The first and the foremost detail not to be missed is a business idea. This simply refers to the type of business activity you want to pursue like what product or service you are going to offer when you start a business in Casper. The business idea will also determine the business plan. It is important to understand that there are no good or bad business plans; instead you need to focus on creating a plan that will answer your specific requirements. There are however two categories of plans to choose from and they are: traditional plans and lean startup plans. Either of these plans will provide you with a comprehensive roadmap of opening a business in Casper, making it operational, and managing it. Some of the areas that you need to include in your business plan are:

• Executive summary: This is the first section and it includes your mission statement, product or service being offered, and basic information related to your firm including employees and location.
• Company description: This section provides detailed information regarding your business including competitive advantages of opening a business in Casper.
• Market analysis: This part of the business plan necessary to start a business in Casper focuses on the industry outlook as well as the target market.
• Services or Product line: This section provides detailed description of the products or services being offered by your company and their benefits to the potential consumers.
• Marketing and sales: This is integral to start a business in Casper and there are no perfect marketing or sales strategies. The strategy has to take into account several factors like target audience, location, competition, budget, and the USP of the product or services.
• Financial projections: This section should provide a financial outlook of the company for a minimum period of 5 years. This section should include forecasted income statements, funds to buy materials or equipment, balance sheets, capital expenditure budget, cash flow statement, and utility bills among others.

Choose your business entity

If you are planning to start a business in Casper then it is important to choose the type of business entity. In the state of Wyoming, you can choose from a variety of business entities but the most popular forms are limited-liability companies and corporations. Most often than not, entrepreneurs choose to start an llc in Wyoming as it offers them limited personal liability and flexibility of management and ownership.

Register your business

Once you have chosen the type of business entity; you need to register the business with the office of the secretary of state. This step will help you to start a business in Casper. Along with registration, you need to also identify a business name, check its availability, and then file the “Application for Reservation of Name”. The chosen name has to be provided on the application for business formation or Articles of Organization or Articles of Incorporation. The process of registration or opening a business in Casper can involve extensive documentation but IncParadise as your Wyoming registered agent can help you to register your business in Casper quickly and efficiently.

Obtain necessary licenses and permits

Once you have registered your business, the next step is to make it operational. A business can begin operations only after you apply for and obtain a business license in Casper. The license or permit required for your business will be determined by the business activity and in some cases you may require more than one license or permit or both. The type of business activity will also determine whether inspections are necessary prior to issuance of the Casper WY business license.

Do you want to know what licenses your Wyoming business requires?

Register for Taxes

Apart from fulfilling the requirements for a business license in Casper; you will also be required to register for sales tax. If your business has a physical presence or meets Wyoming economic nexus requirements, then obtaining a sales tax permit is necessary. The sales tax permit issued in the state is also known as the Sales and Use Tax License. In order to obtain or register for a sales tax permit, you may require the following depending on the type of business:

• Personal identification info like address, SSN etc
• Business identification info like physical address, EIN etc
• Date of first sale in Wyoming
• Information on products or services you are planning to sell

Obtain an EIN

One of the foremost requirements to start a business in Casper or any other city or state for that matter is an Employer Identification Number (EIN). This is a unique nine-digit tax ID number that is often known as the Federal Employer Identification Number (FEIN). This unique number is issued by the Internal Revenue Service (IRS) to specific business entities. If you start an llc in Wyoming with employees or a business corporation then you will need to apply for and obtain an EIN. We at IncParadise are an experienced and reputable registered agent that can help you to obtain an Employer Identification Number (EIN) so that you are able to file your return conveniently and can conduct your business in the state.

Market your business

In order to market your business successfully, you will need to create a marketing plan. Often, the marketing plan is an integral part of the business plan. When you start a business in Casper, your marketing strategy or plan will vary according to the products or services the business is offering. There are several key elements for marketing your business and they are:

• Website: One of the most important elements of marketing after you start an llc in Wyoming is creating a website showcasing your products or services. You can take professional help for creating a website or use ready to use templates.
• Online Presence: One of the ways to create high visibility and brand awareness is through a strong social media presence. Some of the top social media platforms include Facebook, Twitter, Instagram, LinkedIn, Snapchat, Pinterest etc.
• Local Events: Once you have obtained a business license in Casper then it is time to attend local business related events. There is a wide variety of events that take place in Wyoming and are organized by state and private organizations. These events are targeted at first time entrepreneurs as well as established business owners and provide a platform for you to market your brand to your target audience and other businesses.

Casper Business Resources and Agencies

Every business has its own unique product or services but lack of resources or help can make it difficult to start a business in Casper. Resources can be in the form of information as well as funding opportunities. Every business needs resources in some form to elevate their business to the next level. Let’s take a look at some of the useful resources and agencies as these can make opening a business in Casper easier.

Casper area chamber of commerce

If you are looking for resources that will help you to start a business in Casper then the Casper Area Chamber of Commerce is just the right place to begin your search. Their primary objective is to create business opportunities by leveraging, informing, connecting, and collaborating with their members. They offer a range of business tools including a variety of essential resources and a positive business environment for both new as well as existing businesses. The contact information is as follows:

• Address: 500 North Center Street – Casper, WY 82601
• Phone: 307-234-5311

Downtown development authority

The purpose of the Downtown Development Authority (DDA) of Casper, Wyoming is to ensure the implementation of programs to make Casper Downtown the best including providing help towards opening a business in Casper. They focus on several key areas like economic development, business recruitment, financial assistance, public relations, and educational programs amongst others. One of their recent achievements is creation of an atmosphere, which is highly attractive as well as conducive for private or business development and this has resulted in $36 million in private investments. One of the important future goals is to ensure continued recruitment of startups and new businesses to Casper Downtown. The contact information is as follows:

• Address: Downtown Development Authority, 341 W Yellowstone Hwy, Casper, WY 82601
• Phone: 307-234-5311

Small business development authority in Wyoming

If you are an entrepreneur planning to start a business in Casper then the Wyoming small business development center (SBDC) can play a key role. They can provide guidance and resources towards opening a business in Casper. They helped 108 new businesses to become operational in 2019. They provide information and advice pertaining to several areas of starting a business like Payroll & Bookkeeping, International Trade, grant opportunities, crowdfunding, and SBA Guaranteed Loan among others. SBDC has business advisors for different counties, market research centers, and state offices.

How does IncParadise help you?

Wyoming is one of the best states for starting a new business due to the many advantages: a strong economy, a positive business environment, and small business supportive incentives and infrastructure. There are several cities in Wyoming that offer attractive opportunities for new business formation and one such city is Casper, WY. As your chosen registered agents in Wyoming, IncParadise can help you start a business in Casper quickly and efficiently.

Start a Business in Wyoming

Wyoming is considered as one of the top states when it comes to offering a business friendly environment. If you are planning to start a business in Wyoming then you will be a part of a strong economy. There are several drivers of the economy like resource development especially oil and natural gas followed by tourism. The travel industry in Wyoming has earned revenue of $196 million through local and state taxes in the travel industry. Entrepreneurs can incorporate in Wyoming online or offline to benefit from the growing opportunities in a variety of sectors or industries like agriculture, forestry, and fishing, manufacturing of durable goods & nondurable goods, transportation and public utilities, Wholesale and retail trade among others.

Wyoming business environment

There are several reasons why entrepreneurs choose to start a business in Wyoming and some of the factors driving their decision are outstanding transportation infrastructure, a well-funded public education system, a good tax climate with low tax burden. The cost to incorporate in Wyoming is also lower than several states like the District of Columbia, Illinois, and New York.

10 Reasons of Incorporating Business in Wyoming

Every entrepreneur planning to start a business in Wyoming takes into consideration the various factors that are beneficial for the business. There are several “incorporate in Wyoming benefits” that business owners can take advantage of, so let’s start by checking the top 10 reasons to form a business in this state.

1. No Taxes

One of the primary reasons to start a business in Wyoming is the overall tax climate of the state. The 2021 state business tax climate index by tax foundation has ranked Wyoming as #1 – right at the top! Some of the reasons for the tax friendly climate or low tax burden are:

• The state has no corporate state income tax
• There is no personal state income tax
• There are no inventory taxes
• The state doesn’t have any franchise taxes
• There is no occupation tax
• There is no value-added tax

2. Favorable Tax Exemptions

One of the important motivations for entrepreneurs to incorporate in Wyoming is the favorable tax exemptions. These tax exemptions are considered as business incentive programs directed at new and existing businesses and help to reduce the overall cost to incorporate in Wyoming. Some of the top tax exemption programs include:

• Manufacturing Sales Tax Exemption: The sale or lease of machinery or equipment used for manufacturing processes are exempt from sales & use tax. Once you incorporate in Wyoming, you will be able to benefit from the manufacturing tax exemption.
• Sales Tax Exemption on electricity consumption in Manufacturing: The state of Wyoming has the second-lowest electric power rates in the country and any electricity that is used for the purpose of manufacturing is exempt from taxes making it advantageous from a cost perspective.

3. Asset Protection & High Privacy

There are several benefits in incorporating in Wyoming for small businesses. The first time entrepreneurs and asset protection along with high privacy are two of the foremost advantages. Wyoming has one of the strongest asset protection laws in the nation. Unlike some states like California; in Wyoming, creditors will be unable to force sale of assets. Once you incorporate in Wyoming, you will also be able to take advantage of the limited liability protection under which business owners will not be responsible for any business debts or liabilities. The state also ensures businesses can enjoy privacy. The law ensures that business owner, manager or member information is not required to be listed on the state’s public database.

4. Minimum Corporate Formalities

If you are planning to incorporate in Wyoming then there are several advantages and one of them is minimum corporate formalities. You will not face any state restrictions and there is no bureaucracy where the incorporation process is concerned. You can incorporate in Wyoming online as well as offline making the entire formation process highly flexible and time saving.

5. No Minimum Capitalization

There is a concept of “minimum capital requirement”, which basically refers to the share capital that needs to be deposited by shareholders prior to starting business operations. It is also known as the paid-in minimum capital that a business owner will have to deposit with a notary or bank post incorporation.

6. Unlimited Stock Issuance

One of the salient advantages of incorporating in the state of Wyoming is that your business can issue unlimited shares of stock for your WY Corp. Some of the other highlights are:

• You have the flexibility of classifying shares of stock as common, preferred, or a mix of both types.
• A corporation can issue no par value for shares of stock with the option of changing the value on a later date.
• When you incorporate in Wyoming, the stock of your corporation can also be issued in exchange for anything valuable like property or services.

7. US citizenship not required

You don’t have to be a US Citizen to start a business in Wyoming. The Internal Revenue Service (IRS) says that a non-resident individual can operate a business in the U.S to generate revenue and pay taxes. In brief, it means that there are no restrictions on foreign ownership of a corporation formed in Wyoming or the United States. There is no extra cost to incorporate in Wyoming even if you live outside the country. You can live anywhere in the world and still own a street address for your business through the Virtual Office Program by IncParadise.

8. Easy to move

The state of Wyoming not only offers businesses tax advantages and a pro-business environment but also makes it easier for companies based outside the state to move into the state with ease. If you have been thinking about how you can start a business in Wyoming without the need to dissolve your existing business then moving to Wyoming is one of the best options. Wyoming is one of the few states that allow you to move any type of business including corporations, LLC, or partnership among others. When you move your business, you will be able to retain the existing Tax ID as well as the original formation or incorporation date of your company.

9. Lower startup costs

One of the major benefits for a new company is the low cost to incorporate in Wyoming. The annual fee in Wyoming is based on the total value of assets within the state and hence is minimum is $50 while the incorporation fee is $100 as compared to several other states where the cost of incorporation and annual maintenance can be quite high.

10. Transferability of ownership

Entrepreneurs choose to incorporate in Wyoming to enjoy tax advantages, raise capital and limit individual liability. One of the other incorporation in Wyoming benefits is the ease of transfer of ownership. Since, a corporation is a separate legal entity the ownership can be transferred through the sale of its stock. A change in the ownership of the organization will not affect the existence or operations of a business corporation. Transfer of ownership as well as assignment of equity can take place with ease in Wyoming making the state a chosen destination for incorporation.

Ready to start a business in Wyoming?

Wyoming is considered as one of the best states for incorporation and it offers several advantages to other forms of business as well. If you have been wondering how to set up your business corporation in the state then you will be happy to know that we can provide valuable assistance to help you incorporate in Wyoming online. We are one of the top registered agents in the state and have helped individuals and entrepreneurs to start and register their business in Wyoming.

Wyoming Annual Report for LLC and INC

The norm is that most states in the US require businesses to file an annual report also known as annual statement, state of information, or entity information. In some states, biennial reports have to be filed while in states like Arizona, domestic or foreign LLC’s are not required to file annual reports. However, there is a requirement for filing an annual report in Wyoming for both business corporations and limited-liability companies. The important question that you probably want to ask is what this report is all about and is your company required to file it?

What is Wyoming annual report?

An annual report is an important document for most forms of businesses and especially for corporations and limited liability companies. The Wyoming annual report may be known by many names including statements of information as it contains vital and comprehensive financial information pertaining to the business entity’s overall performance. In brief, the report makes public the financial performance as well as financial and business activities accomplished during the prior fiscal year e.g., if you are filing an annual report in 2020 along with the prescribed Wyoming annual report filing fee; then it will contain business and financial information of your company for the year 2019.

• Principal address of the Business
• Names and address of all officers or director depending on the type of business
• Total assets located in Wyoming – the Wyoming filing system will automatically calculate the fee based on total assets

Filing Your Wyoming Annual Report

The filing of an annual report in Wyoming by LLC, corporations, and other businesses is required by law. Every domestic and foreign corporation and limited liability company that has been organized under the laws of this state and has obtained the right to transact or carry on business in this state will have to file the annual report pursuant to WY Stat § 17-16-1630 (1997 through Reg Sess) and WY Stat § 17-29-209. (2015). The Wyoming annual report filing instructions are provided by the secretary of state (SOS) and businesses have to follow the same. Some of the important aspects to consider while filing this report include the date, the filing with SOS, and the filing fee.

Wyoming annual report due dates

The Wyoming annual report has to be filed with the office of the secretary of state on or before the first day of the month of formation or incorporation. It has to be filed each year if a business is active. So, if you had incorporated, foreign-qualified, or registered your business on December 18, 2020 then Wyoming annual report filing online or offline will take place on or before December 18, 2021.

Fees for filing annual report for LLC and INC

The Wyoming annual report filing fee for a limited liability company and a business corporation is the same although in many other states it is different for different types of business entities. According to the secretary of state, the fee for filing an annual report in Wyoming is dependent on the assets of the entities in the state. The fee for Wyoming assets worth less than $250,000 is $50 and if the net worth of the assets is greater than $250,000 the fee would be total assets multiplied by .0002. You will also be charged a convenience fee of $2.00 to $8.95 depending on the Annual Report License Tax.

Filing your Wyoming annual report to Wyoming SOS

You have to file a Wyoming annual report with the office of the Secretary of State – Business Division along with the fee within the due date. You can opt for Wyoming annual report filing online or offline services. However, if the fee for your annual report is more than $500 then E-Filing or filing online will not be permitted.

How does IncParadise help you?

Filing an annual report in Wyoming is mandatory for corporations and LLCs by law and there are times when businesses may not be able to file within the due date. This is where IncParadise can help businesses by providing all necessary assistance related to Wyoming annual report filing online and on time.

Wyoming Business License

The state of Wyoming does not have a state business license like some of the other states have. So how does a business acquire a Wyoming business license? The license is issued in the state according to the type of business being conducted or the business activity. Hence, it is always best to conduct a Wyoming business license search prior to applying for a license.

Example: If you start a food service establishment or business that serves liquor in Cheyenne, Wyoming then you will require a business license and the Wyoming business license fee would vary depending on several factors. The license will be issued under the Wyoming Food Safety Rule and will be issued by the Wyoming Department of Agriculture or a local health department. You will have to follow the Standard Operating Procedures (SOP) and food establishment inspections will be carried out prior to issuance of license. Since your establishment serves liquor; you will have to apply for a liquor license with the Wyoming liquor division or with the office of the County Clerk in Cheyenne. If you want to expand to doing catering or off-premise sale of malt beverages then you can conduct a Wyoming business license search for the permits or additional licenses you may require.

• Agriculture
• Health and safety
• Environmental protection
• Transportation
• Large-scale projects
• Public land

Want to know what Wyoming licenses your business requires?

Wyoming small business information

As a small business, apart from fulfilling the requirement of a Wyoming business license search, you will also need information pertaining to a variety of aspects right from business formation or availability of state based resources. One of the best places to check informational resources to check Wyoming business license fees and other small business information is the business & UCC center of the Wyoming Secretary of State (SOS) website. This section provides information pertaining to starting a new business, various online business services, annual requirements and maintaining your business, forms and FAQs.

General Permit Requirements in Wyoming

The “General Permit Requirements” in Wyoming specify categories that provide an insight into the various requirements of a Wyoming new business. This can include Wyoming business license requirements in the state as well as several other requirements like unemployment insurance & employer registration or Occupational health and safety. Let us look at the various general permit requirements in the state.

Unemployment insurance & Employer registration

Unemployment Insurance (U.I.) is a type of fund that has been established by provisions of the Wyoming Employment Security Law. It has been designed for compensating any eligible workers for a specific portion of wage loss if they lose their jobs due to no fault of theirs. The primary objective is to provide aid to unemployed workers through a weekly income as they look for employment. The unemployment insurance funds are paid by the employer or business as an unemployment insurance tax.

• Unemployment Insurance division – Employer accounts section
• 100 W. Midwest
• P.O. Box 2760
• Casper, WY 82602
• (307) 235-3217

New hire reporting

New hire reporting along with employment eligibility verification seek to preserve jobs and this is governed by the Immigration reform and control act of 1986. The job preservation is meant for those who are legally entitled in the state of Wyoming and the United States to work. As an employer, you will be required to verify employment eligibility of anyone hired after November 6, 1986. You will be required to fill and submit form I-9 for the same, which is for verifying the identity and employment authorization of individuals being employed. Unlike the Wyoming business license application, which is issued by the state, the I-9 form is issued by the United States Citizenship and Immigration Services. It is also important to note that Wyoming has a new hire reporting center just like other states and you have to report any new hires at this center.

Federal requirements

One of the important requirements for any new business apart from Wyoming business license is the federal tax requirements. According to the Internal Revenue Service (IRS), some of the major forms of businesses like Sole Proprietorship, partnership, Limited Liability Company (LLC), C Corporation etc., have different federal tax responsibilities. The Employer Identification Number (EIN) is especially required if you have employees and will be paying wages to them. It is hence imperative for businesses to apply for and obtain an EIN or Employee Identification Number as this will facilitate the filing of tax returns with the IRS.

Local licensing requirements

Different states have different licensing requirements! If you are forming a new business in Wyoming then you will need to conduct a Wyoming business license search with the city, town or county authorities, where you have or are planning to operate your business from. This will help you to identify the local licensing requirements. Each county may have separate requirements, different Wyoming business license fee, and rules and regulations pertaining to issuance of the permit or license. The City Clerk or County Clerk’s office will be able to provide you with detailed information regarding a business license for specific business activities. You can alternatively obtain our definitive guide on business licenses.

Identify the Wyoming Licensing Requirements for your business!

Workers’ compensation

Wyoming Workers’ Compensation is a state program and is considered to be as important as a Wyoming business license. The Workers’ compensation is applicable only when your company has employees and this is governed by the Wyoming Workers Compensation Act, WY Stat § 27-14-101 (2018). The intent of the act is to provide a benefit system for the workers, so that employers are able to derive the necessary medical benefits if injured in the line of work. The benefits depend on the extent of the injury and can include Medical, hospital and ambulance expenses; private nursing or nursing home care (WY Stat § 27-14-401, 2018); and temporary total disability as defined under W.S. 27-14-102(a)(xviii) among others. It is the responsibility of the employer to apply for the coverage of eligible employees.

Occupational health and safety

The Occupational health and safety of every employee hired is foremost and this is more so for employees classified in an occupation or industry designated to be hazardous by law. The health and safety of workers are overseen by the Wyoming Occupational Safety and Health Administration (Wyoming OSHA), which is a part of the Wyoming Department of Workforce Services. As a part of the Wyoming OSHA Voluntary and Cooperative Programs, free health and safety assistance is offered to Wyoming employers upon request. The Wyoming OSHA is also responsible for enforcing the occupational safety and health standards. As a part of the enforcement, OSHA compliance officers may inspect any workplace to check for hazardous conditions and if violations exist then citations will be issued. You can get more information from:

• Wyoming Department of Workforce Services
• 5221 Yellowstone Road
• Cheyenne, Wyoming 82002
• Phone: (307) 777-7786
• Fax: (307) 777-3646

Obtain Professional License

A professional license is different from a Wyoming business license as it refers to licensing for a specific niche or occupations. If you are a professional engineer and plan to start a firm that oversees engineering projects then you will need to obtain a professional engineer license prior to starting your business. The requirements for a professional license are governed by 2014 Wyoming Statutes, Title 33 – Professions and Occupations. You will need to search for your license based on your profession or occupation and apply with the respective professional board like the Board of Architects and Landscape Architects, the Board of Professional Engineers and Professional Land Surveyors. You can even file the for a Wyoming business license application for professionals with the office of the county clerk.

Wyoming Business License Fees

In the state of Wyoming, business licenses and permits are issued by different regulatory bodies, cities, and county clerk offices. There is no single state business license and hence the Wyoming business license fee is dependent on the following:

• Location of your business: This will help you identify the city or county that will issue the license. You will also have to submit the Wyoming business license renewal with the same county or city.
• Type of business activity: The Wyoming business license fee will vary with the business activity and the city or county e.g., the business licensing fee in Evanston is fixed and based on number of employees while licensing or permit fee in Cheyenne is business activity driven.

How does IncParadise help you?

Each business has different objectives and business activity and will be located in different cities or counties across Wyoming. Hence, the Wyoming business license requirement will be different for each business. This is why, at IncParadise, we focus on providing a service that will cater to your specific licensing needs. We can provide guidance and assist you to obtain your business licenses and permits while maintaining compliance with the Wyoming licensing regulations.

Wyoming Business Taxes

A new business or an entrepreneur establishing a business in Wyoming will need to understand and check their federal, state, and local business tax requirements. Generally, if you are operating or planning to operate a business then the Wyoming business tax will be dependent on the form of business or business structure like an LLC, corporation, or partnership etc. Business tax according to the Internal Revenue Service (IRS) can be classified as under:

• Income Tax
• Self-Employment Tax
• Estimated Tax
• Excise Tax
• Employment Tax

What are Wyoming business taxes?

When you start a new business, there may be a variety of taxes that you would be required to file right from federal to local taxes. Thetypes of tax and the tax rate can vary from one state to another and from one county to another. Let’s look at an example of the same where Wyoming business tax is concerned:

Example: When we look at the Wyoming tax rate for sales tax then it is set at 4% but the counties have the option of charging an additional 1% tax for specific purposes as well as 1% tax for general revenue. According to the Wyoming Department of Revenue, Excise Tax Division, the January 2020 master chart specifies a State tax rate of 4% for Albany along with 1% general purpose county option tax and an additional 1% for specific purpose county option tax. Hence, the total sales/use tax rate for Albany is 6% while Goshen charges 5.25%, Lincoln has 5%, and Sublette has 4% tax rate.

• State sales tax
• Excise (Sales & Use) Tax
• Property tax
• Self-Employment Tax
• Payroll Taxes

What are the tax advantages in Wyoming?

Wyoming is considered as one of the most tax friendly states in the nation and this is one of the primary reasons why it is a favorite amongst business owners and first time entrepreneurs. Small and medium sized enterprises can enjoy a variety of Wyoming business tax benefits including several exemptions and incentives distributed over different industries. Some of the top Wyoming business tax advantages are:

• Low and No Tax environment: One of the top benefits of forming a new business in Wyoming is that the state does not levy the following taxes on businesses:
  • Corporate Tax: There is no corporate tax, which simply means that business corporations will not be charged any entity tax in the state. This will help you avoid double taxation of Wyoming business tax.
  • Personal Income Tax: Wyoming also does not levy any personal income tax.
  • Inheritance or Estate Tax: This is a type of Wyoming business tax that is not charged if you leave an estate to surviving members.
  • Intangible Taxes: This is another key Wyoming business tax benefits as the state doesn’t impose taxes on any intangible assets e.g., stocks and bonds.
• Tax Exemptions: One of the salient Wyoming business tax benefits is a variety of tax exemptions that businesses can apply for. These exemptions will help lower your overall Wyoming business tax and help save money. Some of the most popular tax exemptions include:
  • Manufacturing Sales Tax Exemption
  • Data Center Sales Tax Exemption
  • Property Tax Exemption

How are Wyoming Businesses Taxed?

If you start a new business in Wyoming there may be a few taxes that would be applicable depending on the type of business and the activity. The Wyoming tax rate will be different for different types of taxes and once you understand the business tax laws in Wyoming, it will help you to be better prepared for the filing of returns. It will also help in cutting down on any fines or unexpected fees. Hence, it is essential to ensure you have the necessary Wyoming business tax registration for filing tax returns. The different types of taxes in Wyoming include:

Wyoming corporate net income tax

Wyoming is considered as one of the least taxed states in the USA and the good news for businesses is that they will not be required to file a Wyoming business tax return for corporate income tax. However, if you have formed a C corporation then you may be required to pay what is known as the revenue tax. Business entities like S-Corporation or any other flow-through entities are not required to pay any corporate net income taxes on their revenue earned. There is a Federal Corporate Income Tax that will be applicable to businesses and the Wyoming tax rate will vary according to the tax bracket your business falls under like the marginal corporate income tax rate for the tax bracket $0 to $50,000 is 15 percent. You will need to apply for and obtain an Employer Identification Number (EIN) to file federal tax returns.

Are you planning to apply for a Federal tax ID?

Wyoming personal income tax

The Wyoming Income Tax Act – HB0147 states that any taxpayer generating income through business activity in this state will need to allocate as well as apportion the taxable income for the purposes of WY Stat § 39-12-101 (2017)(b)(iii)(F). However, Wyoming is also one of the few states that do not levy any personal income tax or Wyoming business tax. In fact, for specific business types like a limited-liability company including those that have elected to be taxed as a corporation, state income taxes will not be applicable.

Wyoming sales tax

Generally speaking, most states in the USA levy some form of state sales tax although the sales tax rate can vary from one state to another. As a comparison, the Wyoming tax rate is as low as 4% and a maximum of 6% while that of Tennessee is 9.53% and Arkansas is 9.47%. The 4% state sales tax is applicable in each of the counties and apart from this; counties can also add 1% to the state sales tax increasing it to 5%. This is also known as the “5th penny” and is an optional tax that requires the county voter’s approval. Wyoming also has a 6% Optional Special Purpose Sales Tax that is enforced by specific counties. In order to file sales tax, you will have to ensure Wyoming business tax registration using the Sales/Use Tax License Application issued by the Wyoming Department of Revenue.

Wyoming property tax

If you or a business owns any commercial or industrial real estate in the state of Wyoming then you will be required to pay property taxes on that real estate. Property tax is an important Wyoming business tax as it is considered to be one of the primary sources of funds for local governments, cities, school districts, and counties. The amount of property tax for Wyoming business tax return is based on the market value of the said commercial or industrial property.

Tax Information by Wyoming Department of Revenue

The Wyoming business tax requirements of every business are different. Some businesses may need to file only sales tax while other businesses may need to file sales and property taxes. The Wyoming Department of Revenue has a dedicated website that not only provides detailed information pertaining to the various taxes that are levied in the state but also provides forms for Wyoming business tax registration. You will also be able to take advantage of the information provided by them on Tax Relief Programs and E-Services programs for tax payment and registration.

How Can IncParadise Help You?

Each business has its own set of requirements depending on the type of activity or trade they are planning to conduct. The first step towards starting a business is registering with the state. IncParadise, an expert incorporation service provider in Wyoming can help you to register your LLC or corporation in the state.

Wyoming Foreign Corporation

If you have set up your business anywhere in the United States and want to expand your business to Wyoming then you will be required to apply for Wyoming secretary of state foreign corporation registration. The best way to move ahead with the formation of a foreign corporation is by hiring a Wyoming registered agent like IncParadise. The process may be different for different states and hence, it is important to understand what a foreign corporation is and how the process works in Wyoming.

What is Foreign Corporation in Wyoming?

A Wyoming Foreign corporation is a term that is most commonly used to describe an existing corporation that conducts its business in a jurisdiction or state other than where it has been originally incorporated. A Wyoming foreign corporation registration can help a corporation to expand its business into multiple markets in one state or several states.

For example: If a corporation named James Pet Supplies Inc., has been incorporated in Michigan and wants to conduct its business in Wyoming, then the business would have to apply for Wyoming foreign corporation registration in this state. If James Pet Supplies Inc., wants to do business in Colorado, and Utah apart from Wyoming then it will have to apply for foreign qualification in these two states as well.

Transacting business in Wyoming

According to Wyoming Statutes WY Stat § 17-16-1501 (2014), you will need an authority to transact business in the state. What does “transacting business in Wyoming” imply? It implies that if your business is planning to operate as a Wyoming foreign corporation then a physical presence is required. The general meaning of having a physical presence refers to the following:

• The foreign business has a warehouse in Wyoming
• The foreign corporation operates a store in this state
• Foreign Corporation is doing business in Wyoming from a physical office in the state
• The entity has sales representatives in Wyoming

Register a Foreign Corporation in Wyoming

Wyoming is considered by entrepreneurs and businesses as a state with promising opportunities thanks to its business friendly tax climate. Sometimes, businesses choose to register a Wyoming foreign corporation to take advantage of the tax climate and sometimes it is cost saving and practical to form a foreign corporation rather than incorporate.

Are you looking to form a foreign corporation in Wyoming?

Request certificate of good standing from home state

One of the important requirements towards Wyoming foreign corporation registration is submission of an original certificate of good standing also known as certificate of existence. You can request or apply for this certificate from the home or the original state of incorporation. As a reputable Wyoming registered agent with presence in all 50 states, we at IncParadise can help you get the certificate from your home state.

Note: The certificate of good standing has to be submitted along with the foreign entity registration documents.

File a Corporation Application for Certificate of Authority

The most important step towards forming a Wyoming foreign corporation is to apply for a certificate of authority pursuant to WY Stat § 17-16-1503 (2014) as it will enable an entity to transact business in the state. You will have to download, complete, and submit the Wyoming foreign corporation registration form also known as Foreign Profit Corporation-Application for Certificate of Authority with the office of the Wyoming Secretary of State.

• Name of the foreign corporation in compliance with WY Stat § 17-16-1506 (2013)
• The state or jurisdiction under which the business has been incorporated
• The date of incorporation and duration or period like 2 years
• The physical address of the entities principal office
• The address of the corporations registered office in Wyoming
• The name of its Wyoming registered agent at the registered office
• The names as well as business addresses of its serving directors or officers

File your documents

A business corporation that has been incorporated outside the state of Wyoming is considered as a foreign entity and hence in order to transact business in the state, you have to apply for foreign qualification. You will be required to file documents as specified by the Wyoming secretary of state for a foreign corporation.

IncParadise can be your Registered Agent

Whether you are planning to form a foreign business or a domestic entity in Wyoming, each business entity has to continuously maintain a Wyoming registered agent. The Wyoming Statutes, WY Stat § 17-28-101 (2013), you will be required to appoint a registered agent prior to Wyoming foreign corporation registration as they play a key role in service of process pursuant to WY Stat § 17-28-104 (1997 through Reg Sess). We are not only compliant with all requirements of Wyoming state but also serve as registered agents for businesses in all US states.