WYOMING OFFSHORE INFORMATION

Not usually recognised as a tax haven jurisdiction. It is ideal for holding companies or trading company. The most common type of company is the LLC (Limited Liability Company) since this can be structured to avoid charge to US taxation.

ADVANTAGES	Limited liability companies are free from all US taxes. Corporations have the lowest tax rate in the US. Not usually recognised as a tax haven
DISADVANTAGES	Corporations are taxed on their world-wide income and need to file a tax return with the authorities
CORPORATE LEGISLATION SOURCE	The Wyoming Limited Liability Company Act sections 17-15-101 through 17-15-144 of the Wyoming State Code
COMPANY STATUS	Limited Liability Companies (LLC) Corporations
USUAL MINIMUM CAPITAL	No minimum
COMPANY NAME	Prior approval required, some names sensitive
TIME TAKEN TO INCORPORATE	1 - 2 weeks
ARE SHELF COMPANIES AVAILABLE	Yes, but unusual as usually more expensive
CAPITAL DUTY	None
MINIMUM NUMBER OF SHAREHOLDERS	LLC's - One - Called members and they do not hold any shares in the company. They agree to hold a percentage in the Company which can be formally documented in an Operating Agreement Corporations - One
ARE BEARER SHARES / SHARES OF NO PAR VALUE POSSIBLE?	No shares issued.
DIRECTORS: MINIMUM NUMBER / CORPORATE DIRECTORS ALLOWED / LOCATION	LLC's - No minimum / Yes / No restriction Corporations - No minimum / Yes / No restriction
SECRETARY: MANDATORY / CORPORATE SECRETARY ALLOWED / LOCATION	No / Yes / No restriction
IS THERE A REQUIREMENT FOR A REGISTERED OFFICE / REGISTERED AGENT	No, but a contact address must be provided / Yes
IS THERE A REQUIREMENT BY THE AUTHORITIES PRIOR TO INCORPORATION OR PRIOR TO TAX STATUS BEING GRANTED	None
INFORMATION AVAILABLE ON PUBLIC FILE	LLC's - Members details or alternatively, managers details / Registered Agent / Contact address Corporations - Registered Agent / Contact address
DOCUMENTS TO BE KEPT AT REGISTERED OFFICE	None
CORPORATE BOOKS AND SEAL	Both required and may be kept anywhere
ACCOUNTS REQUIRED / FILED	LLC 's - No / No Corporations - Yes in order to prepare and file an annual tax return with the authorities
ANNUAL RETURN REQUIRED	No
WHERE ARE MEETINGS TO BE HELD	No restriction
ANNUAL FEES PAYABLE TO THE GOVERNMENT: TAX / ANNUAL RETURN FILING FEE	LLC's - US$100 / Nil Corporations - $25 + Federal Tax at 15% if not over $50,000 / Nil
ARE THERE ANY EXCHANGE CONTROLS	None
DOUBLE TAX TREATIES	Numerous

INTRODUCING WYOMING - US

LIMITED LIABILITY COMPANIES

The chief attraction of LLC's is that its owners gain complete protection against liability for company obligations as with a corporation and yet they receive partnership tax treatment. Income and gains are attributed directly to the members and not to the corporation itself.

The owners of an LLC are called "members". Members are similar to the shareholders of a Corporation. The members may exercise direct control over the company, according to their individual percentage of ownership, or may appoint one or more "managers". If managers are used, they perform functions commonly associated with corporate secretaries and directors. The manager can be a trust or a corporate body if required.

Advantages

Limited liability protection for the members

Can avoid paying any taxes in the US, unlike corporations which are taxed on their worldwide income

Members and Managers need not be resident

Avoiding US Taxes

The use of an LCC creates exciting tax planning opportunities for the international community, when all four of the following requirements are met:

1. The members are neither citizens nor residents of the US.

2. The LLC does not engage in a trade or business within the US.

3. The LLC does not have an office or other fixed place of business within the US. It can however use a mail forwarding service.

4. The LLC does not earn an income in the US.

The profits generated by a non-resident LLC are not taxed in the United States. Ownership of the LLC should be established in a tax-free or low tax jurisdiction.