Wyoming Foreign Corporation
When you initially start a new business, the focus is always on growth followed by expansion, which could be lateral or vertical. What happens when you want to expand your business in any other state? If your business is operational in another state like California or Texas and you want to expand it to Wyoming then what are your options? Do you have to form a new business altogether? In such a scenario, your business will be considered as a Wyoming foreign corporation and you will need to apply for foreign qualification. This article will provide you with an insight into the requirements and processes behind Wyoming foreign corporation registration.
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.
The 2014 Wyoming Statutes, WY Stat § 17-16-1501 to 1534 (2014), has clearly highlighted what a Wyoming Foreign corporation is. The statutes say that if a corporation has been formed in another state then it will be considered as a foreign corporation in Wyoming from a legal standpoint. It is important to understand that “foreign entity” here doesn’t mean another country; it simply means that the business entity was incorporated under the laws of another state. Once your business qualifies as foreign, it will be considered as a foreign corporation doing business in Wyoming.
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
However, it is also important to understand that exceptions may apply. According to WY Stat § 17-16-1501 (2014), maintaining a bank account in the state or transacting business in interstate commerce doesn’t constitute transacting business in the state.
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.
Once a decision has been taken to form a foreign corporation, you can hire a reputable Wyoming registered agent to help you with the entire process of registration. There are several aspects to consider and a variety of documents are required to be filed with the Wyoming secretary of state for foreign corporation registration. Here is an insight into what documents are required and how the process works.
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.
The application for Certificate of Authority for a Wyoming foreign corporation shall include the following information:
- 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
It is important to note that the application needs to be submitted with a statement that the said corporation has accepted the constitution of the state and is in compliance with the requirements specified in article 10, section 5 of the Wyoming constitution.
You will also be required to submit one originally signed Certificate of Authority application and one originally signed Consent to Appointment by Registered Agent form along with a filing fee of $100. The application has to be submitted with the office of Wyoming secretary of state for foreign corporation registration.
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.
If you are a foreign corporation doing business in Wyoming or planning to do business then the process for foreign registration along with compliances to be maintained, can be quite exhaustive. We as one of the reputable Wyoming registered agents can help you with the entire process of foreign entity registration. We can provide assistance towards filing your required documents with Wyoming SOS so that you are able to form your foreign corporation in the state effortlessly.
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.
IncParadise has an impeccable reputation as a Wyoming registered agent and we also have an office in Casper, Wyoming. You can appoint IncParadise to not only assist with Wyoming foreign corporation registration but also help you maintain your annual obligations of your business through our Wyoming additional services thus ensuring complete compliance with WY SOS requirements.