Is Wyoming a Good State to Form a Business If I’m a Digital Nomad?
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 $0 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.