Wyoming VS New Mexico LLC What is better?

[SaintVince]

@mickey that is exactly what I have seen too. BUT we have forum users around here at OffshoreCorpTalk that claim it is well possible to travel to the USA walk into a bank with your KYC documents AND your incorporation documents for the company and open an account.

So far there have only be doubtful reports back here that it actually works.


Do you want to elaborate a little more, I get a little confused about what you mean.. not your fault my fault.

I personally know several people who opened up us bank accounts (BofA, Wells Fargo) for their non resident llc.
call up customer service of the bank and talk to them and they will also confirm that they have no issues with opening account for non residents, it just the first meeting needs to be held in person where the bank officer will read you your rights and the rules as well as tick their boxes for KYC procedures etc.

 

[fshore]

I personally know several people who opened up us bank accounts (BofA, Wells Fargo) for their non resident llc.
call up customer service of the bank and talk to them and they will also confirm that they have no issues with opening account for non residents, it just the first meeting needs to be held in person where the bank officer will read you your rights and the rules as well as tick their boxes for KYC procedures etc.

Boa now requires a personal itin in addition to the ein.

 

[Username604]

I personally know several people who opened up us bank accounts (BofA, Wells Fargo) for their non resident llc.
call up customer service of the bank and talk to them and they will also confirm that they have no issues with opening account for non residents, it just the first meeting needs to be held in person where the bank officer will read you your rights and the rules as well as tick their boxes for KYC procedures etc.

I concur, if you can get a willing bank and satisfy KYC, then you can open the bank account. Once you satisfy KYC and have a relationship, new accounts can often be set up from abroad.

 

[jerrywhyte]

I have been using NEW MEXICO REGISTERED AGENT | $35 A YEAR but most of them are part of the same nationwide network of registered agent.
Some will provide limited mail forwarding included in the price, some will not. The job of a registered agent in the US is minimum, and I don't know if there are good or bad ones. That is definitely a service where I will go with the lowest bidder. Unless you are looking for additional services like virtual office or premium remailing, I wouldn't worry too much.

Thanks for dropping this agent. Please I would appreciate if you or anyone here can also drop a link to a good and affordable agent as well for Wyoming LLC formation.

 

[TacitusKilgore]

Thanks for dropping this agent. Please I would appreciate if you or anyone here can also drop a link to a good and affordable agent as well for Wyoming LLC formation.

I've also been used the agent that Patrick846 mentioned - they are good and like he said they are fairly minimal in terms of what they actually do for you. I've used WYOMING REGISTERED AGENT - $25 A YEAR TOTAL for Wyoming and I believe they're part of the same network as the New Mexico one. But basically go for the cheapest one you can find because they barely do anything for you.

 

[jerrywhyte]

I've also been used the agent that Patrick846 mentioned - they are good and like he said they are fairly minimal in terms of what they actually do for you. I've used WYOMING REGISTERED AGENT - $25 A YEAR TOTAL for Wyoming and I believe they're part of the same network as the New Mexico one. But basically go for the cheapest one you can find because they barely do anything for you.

Thanks, already know of this guys their fees looks okay except for their EIN for non-resident which is around $270 or so. I thought any agent can help providing cheaper EIN service for Wyoming

 

[TacitusKilgore]

Thanks, already know of this guys their fees looks okay except for their EIN for non-resident which is around $270 or so. I thought any agent can help providing cheaper EIN service for Wyoming

You can apply for an EIN yourself without a registered agent. The process is free and you can do it through an online US fax number.
There is a REALLY awesome guide here which I followed: How to Apply for EIN (for your LLC) without an SSN or ITIN | LLC University®
and it worked perfect. Takes a few days but IRS will fax it to your online fax number and you get an email straight away. Very easy. Don't pay a registered agent to get an EIN for you - you can do it free with a little bit of work.

 

[jerrywhyte]

You can apply for an EIN yourself without a registered agent. The process is free and you can do it through an online US fax number.
There is a REALLY awesome guide here which I followed: How to Apply for EIN (for your LLC) without an SSN or ITIN | LLC University®
and it worked perfect. Takes a few days but IRS will fax it to your online fax number and you get an email straight away. Very easy. Don't pay a registered agent to get an EIN for you - you can do it free with a little bit of work.

Thanks alot bro for sharing this. I just quickly skimmed through the article and will be going through it in details. I also hope the same steps to get ITIN it's also there or you've a different ways to go about that? Thanks so much for you this

 

[TacitusKilgore]

Thanks alot bro for sharing this. I just quickly skimmed through the article and will be going through it in details. I also hope the same steps to get ITIN it's also there or you've a different ways to go about that? Thanks so much for you this

No worries mate. I haven't actually read this but it's got a lot of information and is from the same website: How to Apply for an ITIN After Forming an LLC | LLC University®

Best of luck!

 

[mattoy]

You can apply for an EIN yourself without a registered agent. The process is free and you can do it through an online US fax number.
There is a REALLY awesome guide here which I followed: How to Apply for EIN (for your LLC) without an SSN or ITIN | LLC University®
and it worked perfect. Takes a few days but IRS will fax it to your online fax number and you get an email straight away. Very easy. Don't pay a registered agent to get an EIN for you - you can do it free with a little bit of work.

Great! Thanks for this!

 

[JohnLocke]

If these :

Unless you meet certain exceptions listed below, you must have a U.S. tax filing requirement and also file a federal income tax return in order to apply for an ITIN.

Your ITIN application will include the following items:

• Form W-7 (“Application for IRS Individual Taxpayer Identification Number“)
• U.S. federal income tax return
• proof of identity
• proof of foreign status

Currently, there are 13 different documents that the IRS will accept for proof of identity and proof of foreign status. However, using your passport is the easiest and most common choice. You’ll find these documents listed below.

are the only requirement in order to get a ITIN then it may be time to find some accountant or lawyer in the US that is able to help get it. As far as I also read, the US banks require a ITIN or SSN to open a bank account for foreigners, so, if you are able to get the ITIN you actually solved the problem.

 

[Horsecap]

Hi All,
Anyone has created an NM or WY LLC to own and invoice a Friends & Family Administrator Account with Interactive Brokers.
Thanks,

 

[Patrick846]

I do have a WY LLC with its own brokerage account at IB.

 

[JustAnotherNomad]

Is it really a good idea to use a US LLC for trading because of estate tax?

 

[Horsecap]

I do have a WY LLC with its own brokerage account at IB.

Any reason for choosing WM over NM for the LLC? ... NM is theoretically cheaper, more anonymous and with less reporting?

 

[Horsecap]

If these :


are the only requirement in order to get a ITIN then it may be time to find some accountant or lawyer in the US that is able to help get it. As far as I also read, the US banks require a ITIN or SSN to open a bank account for foreigners, so, if you are able to get the ITIN you actually solved the problem.

Hi Admin,

Do you have any experience on the IB Friends & Family Administrator Account?? Thanks

 

[Patrick846]

Any reason for choosing WM over NM for the LLC? ... NM is theoretically cheaper, more anonymous and with less reporting?

NM does not have good asset protection statutes. WY on the opposite has excellent charging order. I have however a few NM LLC for some operating entities that don't have asset.
The main purpose of my WY LLC is asset protection and estate planning. Most of my US assets are under WY LLCs. My international assets are so far under a Belize LLC.

 

[JustAnotherNomad]

What about US estate tax? Can’t that be an issue? Or will the LLC avoid just that?
How difficult is it to get banking with such LLCs as a non-resident?

 

[Patrick846]

What about US estate tax? Can’t that be an issue? Or will the LLC avoid just that?
How difficult is it to get banking with such LLCs as a non-resident?

As a US person, it does not change anything for me. Except that I can use some strategies like the gifting exclusion to transfer each year a part of my membership interest estate tax free while keeping full control of it.

 

[JustAnotherNomad]

Ah, that makes sense. I thought we were talking about non-resident alien members.