Migrating your existing LLC or Corporation to Wyoming brings all the benefits of forming a new one, PLUS additional advantages like lower taxes, stronger asset protection, and increased privacy.
Domestication is the process of dissolving your company in its current state and re-establishing it in another, offers several potential benefits. Wyoming, with its advantageous business environment, emerges as a compelling option for many businesses seeking a strategic relocation. Monarch offers the Grand Teton Kit for businesses migrating to Wyoming.
Why Choose Wyoming?
Favorable Tax Landscape: Wyoming boasts no corporate income tax, personal income tax, or franchise tax, offering significant financial savings compared to other states. The annual maintenance cost is also low, requiring only a $62 annual report filing.
Enhanced Privacy: Unlike some states, Wyoming does not maintain a publicly accessible database of ownership information, protecting the privacy of business owners. Additionally, Wyoming LLCs and Corporations are not required to publicly disclose member or manager details.
Reduced Regulatory Burden: Wyoming prioritizes clear and concise regulations, minimizing reporting requirements and administrative complexities often associated with doing business in other states.
Wyoming Domestication Process
Domesticating your business in Wyoming involves a series of steps to establish your existing entity within the state. This process allows you to retain your original formation date while enjoying the benefits Wyoming offers. Here’s an overview of the key steps:
Gather Certified Formation Documents: Begin by requesting certified copies of your existing formation documents from the Secretary of State’s office in your current state. These documents typically include your Articles of Organization or Incorporation, and any amendments filed since your business’s establishment.
Prepare Wyoming Articles of Continuance: This crucial document allows your business to officially continue its existence in Wyoming. It maintains your original formation date while transferring your business entity to the state.
Appoint a Registered Agent: Wyoming requires all businesses to have a registered agent with a physical address within the state. This individual or service is authorized to receive legal documents on your company’s behalf.
Secure Owner Approval: Draft and have your company’s owners sign a Resolution Authorizing Continuance. This document formally documents the owners’ approval for the business relocation to Wyoming.
Obtain and Hold Dissolution Documents: Acquire the necessary dissolution documents from your current state. Important Note: Do not file these documents yet. You will submit them in your home state only after receiving approval from Wyoming.
File with the Wyoming Secretary of State:
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- Submit the following documents along with the $100 filing fee:
- Certified copies of your formation documents
- Wyoming Articles of Continuance (including the signed registered agent consent form)
- Signed Resolution Authorizing Continuance
- Un-filed copy of your home state’s dissolution documents
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Await Wyoming Approval: Once the Wyoming Secretary of State reviews your documentation, you will receive confirmation of their approval.
File Dissolution Documents in Your Home State: With Wyoming’s approval in hand, proceed to file the dissolution paperwork in your home state. Remember to pay any associated fees during this final step.