Wyoming Bank Accounts
Any bank can open an account for a Wyoming LLC or Corporation. Larger banks are generally easier since they are familiar with a variety of accounts already. Handling an anonymous LLC from another state is not a unique request. You may, however, have a favorite local bank and there is no reason you may not use them. Smaller banks are also less likely to experience a data breach which can help ensure your details remain private.
If you are choosing a large bank, then it is often easier to open the account at a branch near you than one in Wyoming. This is because banks are becoming stricter about verifying identities. The bank you reach over the phone will have a harder time doing this than one you walk into. For this reason local branches are generally desirable.
It is important to note the bank DOES NOT require branches in Wyoming. Neither Chase nor Bank of America have branches in the State, but both will happily open an account for a Wyoming company. This applies for Citi, RBS, Deutsche Bank etc. for our international clients.
Bank Account Requirements
Every bank is different though there are a few common documents most will ask for. What is required will depend upon not only the bank and branch you visit, but your relationship to the banker as well.
Articles of Organization (LLC)
or Articles of Incorporation (Corporation)
We provide these free of charge with our standard $199 LLC or Corporation. They are stamped by the Wyoming Secretary of State in the upper right hand corner.
Employer Identification Number
This is the most important part of the application. Without it you will not be able to open an account. It is roughly equivalent to being the company's Social Security Number. We can assist you with the IRS or click the link above to obtain it yourself.
Operating Agreement (LLC) or Bylaws (Corporation)
We provide these free of charge with our standard $199 Limited Liability Company and Corporation. We complete them for you, so they are ready to print, sign and take to the bank.
- Proof of ID - Generally Two Forms Required With One Having a Photo
While an Operating Agreements is an easy way to show ownership, Wyoming does not require them and neither will every banker. We still recommend completing it nonetheless. This goes to show what may be important at one bank or institution is not at another. Note, we do not offer nominee services for financial accounts.
Opening A Bank Account
Opening an account is often the first step clients take after incorporating and obtaining their EIN. This is good because best practices dictate you diligently separate your business and personal affairs. This is important for both your year end taxes, but also maintaining the corporate veil along with other asset protection features Wyoming LLCs offer members.
Establish a checking account for the LLC. That account, and any other accounts of the LLC, should be established in the LLC’s name. The appropriate responsible LLC officials in their official capacities and on behalf of the LLC should execute signature cards for the accounts.
Always observe the distinction between Member, Manager, or individual signatures, even in cases where the individual involved is required to be a signatory (for example, where an individual will be a guarantor of the LLC’s obligations and will sign in his or her individual capacity).
Accounts For International Clients
We have a few suggestions for how international clients can best tackle the problem of remotely opening a business bank account for their company. Please note, the advice below is general and you should retain an accountant to understand any tax obligations.
- If possible, the easiest solution is to visit the United States yourself. Even if you are only able to open one account initially, then the banker will be able to assist with additional accounts in the future.
- The second easiest solution is if you have a friend or family member in the United States. You may appoint them manager or officer of the company. They may then visit the bank and open an account since they represent the company. You do not have to pay them and they are not generally liable for any business profits.
- You may visit multi-national bank near you. For example, Santander, RBC and Barclays can open an account for a Wyoming based company.
- We have had clients report success with Payoneer. This is an alternative financial institutions which allows you to set up accounts using less stringent requirements than other institutions.
- Opening a bank account online is one option. There are banks which cater to certain industries and countries which would be able to help you. For example, Stripe now helps e-commerce stores with not only merchant processing, but account openings as well.
Trust & 401 K LLC Accounts
We are able to assist trust and 401k LLC clients with remote account openings. We have banks which are familiar with these types of accounts and are happy to assist you regardless of where you are.
Frequently Asked Questions
Every LLC should have a bank account, but you do not need to open the bank in the same state as the LLC. So, a Wyoming LLC does not require a Wyoming bank account.
Starting an LLC in Wyoming requires filing Articles of Organization with the Secretary of State, listing a commercial registered agent and paying a $100 filing fee.
You can use your bank account for your LLC, but you should not. The company should have its own business checking account and EIN to avoid comingling funds.
There are hundreds of banks in Wyoming and most have few requirements on opening accounts. A Wyoming company can open a bank account in any state, though, so focusing on Wyoming institutions is an unnecessary limitation.