Every state has its perks and pitfalls. And when you’re a digital nomad choosing which state you want to establish a business in, deciding on a state can be complicated. If you’re considering whether Wyoming is a good choice for your digital nomad business, then this post is for you.
Why Start a Business in Wyoming?
If you’re a digital nomad starting a business in Wyoming, you are picking a beautiful state filled with National Parks — but not filled with a ton of people. Wyoming is one of the least densely populated states in the United States. However, this isn’t necessarily an automatic pitfall of starting a business there as a digital nomad. Especially if you focus on nature, construction, tourism or natural resource extraction, your business is a natural fit in Wyoming. But you can start almost any ecommerce or consulting business with just a strong internet connection.
Even if your business falls under a different realm, there are other reasons why a Wyoming business may be a good decision. One of the biggest perks of starting a business in this state is that it does not have a state tax, making Wyoming an attractive option for anyone wanting to reduce their tax liability. This is definitely a nice perk for digital nomads, who may be roaming the world but decide to file in Wyoming. It can be a particularly nice benefit since digital nomads often have leaner business budgets and are looking for more freedom and flexibility for their lifestyle as well as their business.
More specifically, forming a Wyoming LLC as a digital nomad offers a set of popular benefits:
- Liabilities created by your Wyoming business (debts, legal obligations, etc.) are legally considered separate from your personal assets
- LLCs are fairly easy to maintain and manage since they are light on rules and regulations
- Filing time in Wyoming for an LLC is pretty quick; it typically takes five days.
Wyoming LLC Filing Fees
Since filing fees can vary from state to state, Incfile has a handy filing fees tool to research and compare state fees before you form your business entity. Wyoming filing fees are $102 for an LLC, S Corp or C Corp, and $25 for a Nonprofit. These costs are relatively low compared to some states such as Massachusetts (with an LLC filing fee of $520) or Nevada (with a $725 S Corp fee) — which is another benefit of starting your business in Wyoming.
If you’re ready to form your Wyoming digital nomad business, Incfile can help you complete all the necessary paperwork for just $49 plus the state fees. This includes a free first year of Registered Agent service, which you’ll need to ensure your company is compliant.
Not interested in starting a business in Wyoming, but looking to start a business in another state? Use our LLC State Information Tool to learn more and conduct a state-by-state comparison to see which state is right for you and your business.