Written by Janet Gershen-Siegel
A new business in Wyoming is not out of reach. So have you been wondering: how do I start a new business in Wyoming?
Business Insider named Wyoming as the top state to start a new business in. And this is for the whole nation. Why? The sales tax rate is low. Also, they do not even have any corporate income tax, individual income tax, or gross receipts tax. There is also a thriving startup scene. Wyoming is fourth in the nation for startup companies.
The biggest industries in Wyoming are energy and mining. Both of them have traditionally been strong there. However, the state’s growth and corresponding investment and economic development efforts by its government are increasing economic diversification.
Hence there are more opportunities for Wyoming business owners in all manner of different industries.
Per Wyoming Department of Labor Force Trends, the biggest industries in Wyoming are natural resources and also mining. More top Wyoming industries are construction, educational services, and manufacturing. Yet more Wyoming top industries are public administration and tourism (leisure and hospitality). Technology-related industries are also tops in Wyoming.
Smart business owners can find new opportunities. Work with the bigger industries in the state. Offer goods or services such as trucking for any industry. Another idea is the development and also distribution of safety equipment. More ideas are food service, and also computer support in areas such as programming and data.
Here is how to start a new business in Wyoming.
Search for a business name on the Wyoming Secretary of State’s website.
Wyoming corporation names must be unique. The name cannot be in use by another corporation registered in the state of Wyoming. Before filing to incorporate, search online records. Also search other registers and catalogs to determine if a name is available. Search a database of registered Wyoming corporations here: Wyoming Secretary of State website.
Corporate name reservations are not required to incorporate a business in Wyoming. There is no form to reserve a corporate name on the official website of the Wyoming Secretary of State.
For questions about reserving a name for a corporation before they file to incorporate, contact the office of the Wyoming Secretary of State.
A Wyoming corporation owner must choose a registered agent who will act as an agent for service of process for the corporation. A registered agent will receive all tax forms and also legal documents for the corporation.
The business owner can choose an adult resident of Wyoming. Or they can opt for a corporation in Wyoming, or a corporate services company as a registered agent. There is a list of corporate services companies that provide registered agent services at Register a Wyoming Corporation on the Wyoming Secretary of State website.
The State of Wyoming Economic Development Agency keeps a rather handy PDF guide. It even includes contact information and license types.
Check with your local municipality, city or county office or website. See if there may be any local licensing or permit requirements.
For example, in Cheyenne you will need to go to the Licensing and Permitting page on the city of Cheyenne website.
The Wyoming Secretary of State has a New Business Entry Wizard. It lets you file everything electronically.
The Wyoming Department of Revenue keeps a list of all the taxes for which you should register.
Alliance offers Wyoming virtual business office space in Casper only. For Cheyenne and also Laramie, and other parts of the state, try Regus. Another idea is to ask local business owners. Also try computer user groups for help in this area. Other options may be virtual business office space in nearby states. These are Montana to the north and also Idaho and Utah to the west. Utah is also to the south. Another state south of Wyoming is Colorado. Also, Nebraska and South Dakota are to the east.