Now that you have made the decision to form an LLC or incorporate a new business in Wyoming, one of the things that you would require to work in this state is a business license. How do you get a license in the state of Wyoming? The procedure for getting a business license can take a lot of time but it is simple enough. All you need to know about business license in Wyoming is what this page is all about. Once, you have the required license, we at incparadise.net will help you through the process of company incorporation or LLC formation. We have helped several businesses in registering in the state of Wyoming and have a build goodwill and reputation with state authorities over a period of time.
Wyoming Business License is a must
Wyoming is one of the most favorable states for forming LLC’s and registering corporations and this only because it has really flexible tax policies. Wyoming is a state that not only provides a favorable business climate but also provides several benefits to businesses. Some of the benefits that businesses can derive include:
- No personal income tax
- No corporate income tax
- No Estate or Inheritance Taxes
- No Out-of-State Retirement Taxes
- It is not mandatory for directors, shareholders, and officers of an LLC in Wyoming to be Wyoming residents.
- In Wyoming, incorporation can take place without the need for any minimum initial capital
- No occupation, franchise, or value-added tax
- There are no burdensome regulations
- Sales and property tax are amongst the lowest in the USA
You will be able to derive the above benefits only when you move forward with your plan to start a business in the state and the first step towards starting your business is getting a Wyoming company license. The license is issued by Secretary of State’s office.
One of the important things to remember while applying for a license is that the state of Wyoming has additional specialized permits or licensing that pertains to specific business activities. Whether you reside in Wyoming or any other state, the moment you choose to start your business, you will require this license without which you will not be able to incorporate or form your LLC. It is important to get a complete understanding of the regulations of business license in Wyoming as it will help you to ensure compliance with all licensing requirements.
If you require in-depth information regarding incorporation of business or formation of LLC in the state of Wyoming, you can speak with one of our business experts or check the incorporation page.
Determine Type of Business
The first step towards getting a Wyoming company license is to identify the type of business you want to set up in the state. It is also important to identify the industry and specific product or service your company will offer. You can choose the type of business entity as an LLC, General Partnership, Corporation, or Sole Proprietorship. In the state of Wyoming, the most beneficial entities to form are typically LLCs or corporations although you are free to set-up any type of business entity.
Note: The fee for corporation and LLC is the same while that of general or sole proprietorship is different.
Once you have identified the type of business, we at incparadise.net will help you obtain the right license or permit for your business to become operational in the state.
Getting a business license in Wyoming
How do you obtain Wyoming company license? Is it a simple process or is it complicated?
A State Business License is a mandatory requirement for starting small and medium enterprises or corporation in Wyoming and this license has to be renewed each year. Some of the most commonly issued business license in Wyoming includes:
- General contractor’s license
- Sales/use tax license
- Liquor license
- Food service license
- Retail license
- Bulk deal license
- Wholesale license
- Vehicle disposal license
- Motor vehicle dealer license
- Commercial vehicle license
- Cigarette wholesaler license
- Special fuel license
- Department of Agriculture or a local Health Department license
Similarly, business permits are required for different industries in Wyoming and you can obtain your license or permit by contacting both municipal and county authorities in the area or region in which you intend to establish your business. You can also write to or speak with a Business Permit Program representative. You will need to obtain business permits for the following industries:
- Environmental Protection
- Consumer Credit
- Construction Contractors
- Fire Prevention
- Non-Wyoming Businesses
- Large-Scale Projects
- Foreign Corporations
- Public Land
- Retail and Wholesale sales as well as service establishments
Note: It is important to note that the state of Wyoming does not issue any statewide general business license. The permits and licenses issued are dictated primarily by profession, industry or location of the business or LLC.
City Business License
There are 23 counties in the state of Wyoming and 99 municipalities that consist of cities as well as towns. Each city has their format for business license in Wyoming. Hence, it is extremely important to determine the city/county that your corporation, SMEs, or LLC will operate from.
Let’s take a look at an example: If you are planning to form an LLC or set up your business from Sheridan, Wyoming then you will require business licenses only for specific businesses, which are “Tree Trimmers”, “Secondhand Dealers”, and “Pawnbrokers”. These licenses are currently being enforced by the City and have to be obtained from the Clerk’s office.
Similarly, the business license fee schedule is different for each city and the type of business like if you were to start a business in Green River, Wyoming, then the fee for banks, tanneries, and book binding establishments is $100 while that of pawn stores is $200.
Obtaining a business license in Wyoming City can be quite a confusing, time consuming, and demanding exercise but we can make the entire process simplified. Call us today to know more about how to obtain a Wyoming business license as failure to obtain the right type of business license and permits can result in fines and even lead to premature closure of your LLC or Corporation.