WY LLC - whats the point with anonymity?

[jahoda]

Hey guys.
Trying to figure out whats the point of hiding the name etc. for company which you own.
Yes, I understand the public registry issues but that is a thing in EU for ages (names and addresses publicly available).
So my question is - when forming WY LLC, would it be beneficial to use own name somewhere? Certainly, the address should be WY agent address but...
Would it have any pros when opening bank account or so?
Yes, there is another discussion on this topic but full of crap (with all respect though).

 

[daniels27]

Yes, your name will be in the operating agreement. And you also have then EIN letter to prove ownership/directorship.

 

[jahoda]

but operating agreement is not publicly accessible in any case, correct?

 

[koohl]

jahoda said:
Hey guys.
Trying to figure out whats the point of hiding the name etc. for company which you own.
Yes, I understand the public registry issues but that is a thing in EU for ages (names and addresses publicly available).
So my question is - when forming WY LLC, would it be beneficial to use own name somewhere? Certainly, the address should be WY agent address but...
Would it have any pros when opening bank account or so?
Yes, there is another discussion on this topic but full of crap (with all respect though).
Click to expand...

What thread are you referring to ?

No, the operating agreement for a Wyoming LLC is not public.

The fact that it has been possible in the EU to look up all data on company owners and the like for many years, if not always, doesn't exactly make it better. It was one of the reasons why I personally sought other ways to avoid it.

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[ilke]

jahoda said:
but operating agreement is not publicly accessible in any case, correct?
Click to expand...

Correct. If you're asking whether having your name published (by doing filings yourself) helps with bank accounts, not really. I don't think your registered agent is a priority of banks. You will prove that you own the LLC with the operating agreement and potentially some other internal documents.

 

[fighthorse]

jahoda said:
Hey guys.
Trying to figure out whats the point of hiding the name etc. for company which you own.
Yes, I understand the public registry issues but that is a thing in EU for ages (names and addresses publicly available).
So my question is - when forming WY LLC, would it be beneficial to use own name somewhere? Certainly, the address should be WY agent address but...
Would it have any pros when opening bank account or so?
Yes, there is another discussion on this topic but full of crap (with all respect though).
Click to expand...

Any bank account or EMI you try to open there will be your name anyway, unless you use a full fletched nominee solution which I wouldn't recommend.

 

[jahoda]

fighthorse said:
Any bank account or EMI you try to open there will be your name anyway, unless you use a full fletched nominee solution which I wouldn't recommend.
Click to expand...

yep, thats exactly it”¦ I am asking because there are plenty of threads here saying they dont want to be on public registers (which is pretty common in EU as I wrote)”¦ so I was just curious what is the reason. And I see that there is almost none 🙂

 

[EliasIT]

fighthorse said:
Any bank account or EMI you try to open there will be your name anyway, unless you use a full fletched nominee solution which I wouldn't recommend.
Click to expand...

jahoda said:
yep, thats exactly it”¦ I am asking because there are plenty of threads here saying they dont want to be on public registers (which is pretty common in EU as I wrote)”¦ so I was just curious what is the reason. And I see that there is almost none 🙂
Click to expand...

There can be many advantages to not having your name in any public register. For example, if you go bankrupt, anyone can look you up on Google and other registries to see that you've gone bankrupt a certain number of times or that your company has been forcibly dissolved, etc. This could make people reluctant to do business with you in the future.

There may also be cases where you're involved in business dealings where you prefer to keep your name private for various reasons. So, when people look up the company, your name doesn't come up.

In these cases, it doesn't matter if the bank knows you; the public simply cannot search for your name or your company and link them together.

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[jahoda]

hm, this makes sense, thanks.

 

[TitanSan]

fighthorse said:
Any bank account or EMI you try to open there will be your name anyway, unless you use a full fletched nominee solution which I wouldn't recommend.
Click to expand...

Why would you not recommend it? Im opening a new offshore business and im doubting if using myself as Director o using a Nominee

 

[uplana]

You should only use a nominee if you're absolutely certain you can trust them; otherwise, it's a very bad idea. Mentor Group Gold can assist you with a few alternatives if you're looking for options.

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[diro]

jahoda said:
So my question is - when forming WY LLC, would it be beneficial to use own name somewhere? Certainly, the address should be WY agent address but...
Click to expand...

If you fake your info you will get problems opening a bank account, look inside mentor group if you need more hints.

 

[jahoda]

I am wondering why there is mentor group gold mentioned in almost any response... I've been there and even it is really interesting reading, it is not that much "wow-ish" as name suggests.

To add into topic, I already formed Wyoming LLC and apart from usual US banks (which should be easy and are mentioned here and there - Relay, Anna, Mercury), it is really big trouble to open any EEA bank with valid SEPA IBAN.
If you do not have real (and I mean REAL) business case, actual clients, agreements and invoices, valid website etc., you would not succeed.
Also, I have figured out, that it might be beneficial to look into banks/EMIs which are using Subsub business verification (there are success stories on their website so filter them out) since they are able to verify US companies in actual state registries.
My 2c.

 

[ilke]

jahoda said:
Also, I have figured out, that it might be beneficial to look into banks/EMIs which are using Subsub business verification (there are success stories on their website so filter them out) since they are able to verify US companies in actual state registries.
Click to expand...

How exactly is this a problem?

 

[jahoda]

ilke said:
How exactly is this a problem?
Click to expand...

Sumsub (typo in my original post)... Usually, banks in EU can't verify you are in fact owner etc. and company in fact exists... The registry is simply not public and documents can't be appostilled etc.
Sumsub is able to confirm the company in fact exists and you are the owner.

 

[ilke]

jahoda said:
Sumsub (typo in my original post)... Usually, banks in EU can't verify you are in fact owner etc. and company in fact exists... The registry is simply not public and documents can't be appostilled etc.
Sumsub is able to confirm the company in fact exists and you are the owner.
Click to expand...

That's not true. The Wyoming register does not receive this info at all - it is not possible to share information that you do not have.

The filings only contain the person who sent them, which is usually done by your LLC registration service or registered agent.

 

[jahoda]

ok, in all respect, please read the quote you are reacting to again...
is there ANYWHERE mentioned they are confirming/sending any info from wyoming register?
I am saying, they are (with certified means - which your piece of paper from "Secretary of state" really isn't) confirming, the company in fact exists and enclosing it to bank/EMI, doing research on BOIR and articles of incorporation and (again) confirming it with certified means which that bank/EMI trust more than just random John Doe.
Have you ever did this?

Last edited by a moderator: Nov 22, 2024

 

[ilke]

jahoda said:
ok, in all respect, please read the quote you are reacting to again...
is there ANYWHERE mentioned they are confirming/sending any info from wyoming register?
Click to expand...

Yes, you were talking about Wyoming LLCs and said that Sumsub is getting information from the state registry in your original comment.

I think we can all agree that the state registry of Wyoming is the Wyoming Secretary of State.

jahoda said:
I am saying, they are (with certified means - which your piece of paper from "Secretary of state" really isn't) confirming
Click to expand...

Come on, how does the document from the registry not verify the existence of the company

jahoda said:
the company in fact exists
Click to expand...

That's what Wyobiz.wyo.gov is for..

jahoda said:
doing research on BOIR
Click to expand...

Unlikely. FinCEN is allowed to share the BOI with governmental agencies and some financial institutions, but the chance of Sum & Substance being included is quite low.

jahoda said:
and articles of incorporation
Click to expand...

You share and upload those

jahoda said:
and (again) confirming it with certified means which that bank/EMI trust more than just random John Doe.
Click to expand...

Sure, I get your point, but I don't see the difference between Sumsub's data analysis and that of other, similar verification services. Simply, they don't have access to any other data types - just might be better at processing it.

jahoda said:
Have you ever did this?
Click to expand...

Yes, I have US LLCs; yes, I've used Sumsub both as a client signing up and as an entity verifying customers.

 

[fighthorse]

TitanSan said:
Why would you not recommend it? Im opening a new offshore business and im doubting if using myself as Director o using a Nominee
Click to expand...

You want to see inside mentor group to get a much bigger picture of all of it. There are possibilities to use full fletched nominee services but...

 

[brianK]

Regardless of whether the bank has your information or not, it's a good idea not to have your name attached to your business all over the internet unless you're publicly listed or very large. This can lead to serious issues with customers contacting you privately, regardless of whether the service you provided was good or bad.

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