What LLC expenses should I expect?

[kurosaki4d]

Hello Everyone,

I intend to create an LLC in Wyoming with Northwestregisteredagent as a foreigner non US resident.

In addition to the initial LLC creation, I would like to know what are the additional or recurring expenses I should be expecting to pay for an LLC.

Ex: annual fillings, virtual office, etc ...

The reason I'm asking this is because it's my first time creating an LLC, so I want to have a clear idea of what lies ahead.

Thank you

 

[James Turner]

You should be looking for charges for; Registered Office, Registered Agent, Local Govt Fees, Accounting Costs and if you are using Nominee services then annual costs for Nominee Director, Shareholder.

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[yngmind]

Pretty cheap compared to other jurisdictions.

The government fees are $60, and you need to decide if you need accounting.

The returns are very simple, but if your country has CFC regulations, you will likely need to file accounting reports in your home country.

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I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
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Business Bank Account for your US LLC Remotely

 

[kurosaki4d]

James Turner said:
You should be looking for charges for; Registered Office, Registered Agent, Local Govt Fees, Accounting Costs and if you are using Nominee services then annual costs for Nominee Director, Shareholder.
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Thanks, that's straight forward. Appreciate it

Just for clarification, the usage of Nominee services is to have the records in his name to keep my identity private?

If yes, then why do I see in those LLC services offering the address and name of the LLC agent, isn't that enough for my identity privacy?

yngmind said:
Pretty cheap compared to other jurisdictions.

The government fees are $60, and you need to decide if you need accounting.

The returns are very simple, but if your country has CFC regulations, you will likely need to file accounting reports in your home country.
Click to expand...

Thanks.

Well, I haven't thought of that. What will the accounting be responsible for? Just Tax filling?

The primary reason behind creating this type of LLC is so I can setup smoothly various payment gateways, bank account, and AD accounts with a legitimate business.

I don't deal directly with US customers, but considering that the LLC is in Wyoming, if i transfer money into my newly created US bank account through my LLC, will i still have to pay taxes? Because Wyoming is knowing to being a tax haven, no?

 

[James Turner]

kurosaki4d said:
Thanks, that's straight forward. Appreciate it

Just for clarification, the usage of Nominee services is to have the records in his name to keep my identity private?

If yes, then why do I see in those LLC services offering the address and name of the LLC agent, isn't that enough for my identity privacy?


Thanks.

Well, I haven't thought of that. What will the accounting be responsible for? Just Tax filling?

The primary reason behind creating this type of LLC is so I can setup smoothly various payment gateways, bank account, and AD accounts with a legitimate business.

I don't deal directly with US customers, but considering that the LLC is in Wyoming, if i transfer money into my newly created US bank account through my LLC, will i still have to pay taxes? Because Wyoming is knowing to being a tax haven, no?
Click to expand...

Yes Nominee services sre simply to have that nominated person appear on the company rather than you. Having a Registered Office which is your agents office is generally a pre-requisite unless you are establishing physically in country, but that alone will not avoid your details appearing on any shareholder or director register or in the company registers.

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[yngmind]

kurosaki4d said:
Thanks.

Well, I haven't thought of that. What will the accounting be responsible for? Just Tax filling?

The primary reason behind creating this type of LLC is so I can setup smoothly various payment gateways, bank account, and AD accounts with a legitimate business.

I don't deal directly with US customers, but considering that the LLC is in Wyoming, if i transfer money into my newly created US bank account through my LLC, will i still have to pay taxes? Because Wyoming is knowing to being a tax haven, no?
Click to expand...

Where is your tax residency?
Are you planning to sell digital products?

Toggle signature
I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
___
Business Bank Account for your US LLC Remotely

 

[kurosaki4d]

James Turner said:
Yes Nominee services sre simply to have that nominated person appear on the company rather than you. Having a Registered Office which is your agents office is generally a pre-requisite unless you are establishing physically in country, but that alone will not avoid your details appearing on any shareholder or director register or in the company registers.
Click to expand...

My question may sound stupid, i'm not gonna be established in the US physically, I'll be selling digital products. Knowing that, if i go with the nominee services will i still be able to get the company formation and paper that prove the LLC ownership in my name for verification purposes?

yngmind said:
Where is your tax residency?
Are you planning to sell digital products?
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in Egypt.
Yes, I'm selling only digital products.

 

[James Turner]

kurosaki4d said:
My question may sound stupid, i'm not gonna be established in the US physically, I'll be selling digital products. Knowing that, if i go with the nominee services will i still be able to get the company formation and paper that prove the LLC ownership in my name for verification purposes?


in Egypt.
Yes, I'm selling only digital products.
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Yes, where a Nominee service is used it is possible to evidence your real ownership and directorship through documents supplied at the time of formation.

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[MarkusCostigan]

What would be the point of having a nominee service if the data of an LLC (formed with a registered agent, in certain states) are not actually public? Even in the case of a nominee, the UBO remains the same.

Last edited: Oct 14, 2024

 

[kurosaki4d]

So, in the case of Wyoming state if i don't get the nominee service will my info still be private to the public?

 

[brianK]

kurosaki4d said:
So, in the case of Wyoming state if i don't get the nominee service will my info still be private to the public?
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That is what he tried to say to you. With nominees you can avoid your information and personal data to be public.

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Winners never quit and quitters never win....

 

[kurosaki4d]

Understood. Thank you so much for your help everyone, I think I know now how to proceed 🙂

Much appreciated

 

[ilke]

kurosaki4d said:
So, in the case of Wyoming state if i don't get the nominee service will my info still be private to the public?
Click to expand...

No, it won't.

If you use a good registered agent and a filing service, they will fill the registration with the Secretary of State in their name and provide you with a FinCEN ID to include as filer details in the BOI report. They will also file the annual returns of the company in their name. Wyoming does not disclose LLC members to the public. FinCEN does not disclose beneficial owners to the public, and even if it were to, nominees wouldn't help.

There is little to no benefit of nominee services when setting up a Wyoming company. They do not impact the beneficial owner anyway, and you will not be published. The individuals here probably just want to sell you an extra service, because the Wyoming LLC is very cheap - to answer your question, probably around $100-300 to register, pay for 1 year of the registered agent service, and get a business address (potentially through the RA as well).

In most cases, you can handle the IRS filings on your own, but you might want a tax expert to look over them. We aren't all CPAs on this forum, so that's up to your own discretion and choices with licensed professionals.

 

[kurosaki4d]

ilke said:
No, it won't.

If you use a good registered agent and a filing service, they will fill the registration with the Secretary of State in their name and provide you with a FinCEN ID to include as filer details in the BOI report. They will also file the annual returns of the company in their name. Wyoming does not disclose LLC members to the public. FinCEN does not disclose beneficial owners to the public, and even if it were to, nominees wouldn't help.
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Thank God we have you on this forum 😀

Your answer indeed simplifies and clarifies everything for me.

I really appreciate you taking the time to answer my questions explicitly.

God Bless you

 

[alain]

Do you want to now the total costs per year to maintain a US LLC ?

 

[lisic]

alain said:
Do you want to now the total costs per year to maintain a US LLC ?
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Please let me know, Recently, I've been looking into establishing an LLC in US, and I'm curious about it

 

[kurosaki4d]

alain said:
Do you want to now the total costs per year to maintain a US LLC ?
Click to expand...

Yes, please