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Wyoming in Offshore

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Wyoming in Offshore

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Why Wyoming?

Yes – you read that correctly. The Smart Company (Wyoming LLC or LLC series) powered by Korporatio is the world’s first model in the United States to enable real businesses to be legally incorporated in the state of Wyoming.

Are we excited about this? Just ask us how excited!

Wyoming leading the way

Since last year, the crypto community has been astounded by the news of Wyoming passing blockchain-boosting bills one after another. Total 13 bills in less than two years. The transformation of this US state is nothing short of legendary in the blockchain community and the lines you’ve seen branding Wyoming as the ‘Delaware of digital asset law’ is really exactly that.

This is the very first jurisdiction that has literally passed the law before the tech. And this, as itself, is already exceptionally remarkable and worth some kudos to the decision makers and Wyoming Blockchain Coalition led by Caitlin Long:

“Wyoming has now enacted a total of 13 blockchain-enabling laws, making it the only US state to provide a comprehensive, welcoming legal framework that enables blockchain technology to flourish, both for individuals and companies.”

With a dozen other US states and Congress following Wyoming’s lead on these bills, it doesn’t take a genius to see the regulatory landscape is already changing. It is shifting favor towards blockchain-enabled operations.

With this sight in our horizon, we at Korporatio started making moves towards Wyoming early this year. And as of July 2019, we’ve now expanded our Smart Company model to jurisdiction #4: Wyoming LLC powered by Korporatio.

You can learn more about what is a Smart Company and its main advantages over existing models in our previous blog post.

What does this mean to a business?

The biggest advantages of the Wyoming blockchain bills regard doing business, especially if you’re running a blockchain-related venture.

Our Smart Company model enables you to incorporate as a Wyoming LLC and run your entire company through a digital dashboard governed by smart contracts.

Combining both the state laws of Wyoming and our blockchain-enabled model, here’s what’s in it for you as a company:


1.Own digital assets – effective July 2019

Wyoming is the first jurisdiction in the world to recognize property rights of digital assets. This is huge. The whole spectrum, from virtual currencies to digital security and utility tokens, are represented by the same commercial laws that apply to fiat currencies. Passing this bill, called SF0125, was a significant step towards ownership of digital assets.

In plain terms, what this means is you can directly own digital assets with legal protection, without the interference of middlemen.

2. Run your business 100% on the chain

Because we incorporate Wyoming LLCs directly as a Smart Company, everything you do regarding your company’s governance runs on Ethereum blockchain. From transferring shares to treasury management and finances to voting, every transaction is governed by smart contracts and has immediate legal effect.

As owning digital assets becomes legally compliant in Wyoming, you will likely integrate more business transactions with crypto currencies. If so, that part has already been automated on our dashboard, so it will track your basics of accounting in real time.

Subsequently, not only will you have your company structure powered by a 360-solution, but in the state of Wyoming you’d also be a forerunner in a space where you get to invent, test and play with disruptive models. And all of this within state laws that support your endeavors. Thus we are quite excited to see what kind of a blockchain ecosystem this regulatory landscape will seed. Not too shabby for frontier tech, huh?

 

3. Fintech Sandbox

As the second state in the US passing a fintech sandbox, Wyoming’s sandbox bill allows businesses to have regulatory relief from existing laws up to 3 years. In other words, your business can enjoy a waiver on certain regulations during the ‘sandbox period’. All of this while you’re building an innovative financial product or service for consumers in emerging tech.

So again, blockchain builders, this is another breather to encourage your inventions.

4. Corporate tax

None. Zero, simple as that. As long as your business operations are not directly in the state of Wyoming, you are enjoying one of the friendliest state tax regimes in the US. (Please note however that federal taxes apply to all American citizens. It’s important to understand the difference between this and Wyoming state tax.)

5. Banking for blockchain companies – effective March 2020

The HB0074 bill. This one is pretty crazy as it authorizes new types of state-chartered “special purpose depository institutions” that can provide basic banking services to blockchain companies.

What this means is that as a blockchain business, you can now have a bank for depository purposes. No lending, no other shenanigans, however. We’d be lying to say there are no limitations here for regular business operations. Frankly, it’s too early to talk about the implications of this bill today.

But even more frankly, in the Smart Company model we actually do not need this bill.

We incorporate legally compliant companies. Therefore, as such, you can open any bank account you would normally open. In fact, we are already busy helping our users in opening virtual, cross-border bank accounts. We are also looking into traditional US banking options for our clients but the fact is, our model enables your company to be legally recognized as a Wyoming LLC, therefore eligible for all normal banking options already.

5. Visit Wyoming – or don’t

We really don’t care. And we love this part. This is because both the state of Wyoming and our Smart Company model are designed to be completely virtual. This means you can either choose to be
(1) physically domicile (you are a permanent resident in Wyoming and your business operates ‘onshore’) and/or
(2) legally domicile (your business is legally incorporated in Wyoming with no physical presence and operates ‘offshore’)

And this applies to both new companies as well as existing businesses. The Smart Company model runs fully on the chain. So to set up an entity or to migrate, you need not leave your living room, really ever.

Conclusions

As a regulatory environment, you are not going to find a blockchain-friendlier jurisdiction than the state of Wyoming today. That’s for sure. We are only scratching the surface here as this post by no means is extensive enough to cover all the 13 bills.

Korporatio as the first mover in this space is bridging the gap even closer between blockchain tech with real-world business applications and as such, this is an incredible wave to be creating together with our community.

If you’re considering to start a blockchain venture or already have one, it would almost make no sense for you not to consider Wyoming as a jurisdiction. Equally, it would almost make no sense for you not consider the Wyoming LLC Smart Company model.

Even if you’re running a traditional business, a legal landscape like this will inevitably create clusters of emerging tech, such as this. An opportunity we imagine no business would want to miss in the decades to come.

Click here to Ask an Expert about Wyoming in Offshore

Organisations that can assist with Wyoming

  • > Korporatio

    Korporatio Inc. offers company incorporation in offshore jurisdictions. The values of the company are to make corporate governance hassle-free and fully paperless. Every offer is designed to ensure every business owner doesn’t have to worry about hidden fees and can run everything online.

    More Details Visit Website

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