Any bank can open an account for a Wyoming LLC or Corporation. Larger banks are generally easier since they are familiar with a variety of accounts already. Handling an anonymous LLC from another state is not a unique request. You may, however, have a favorite local bank and there is no reason you may not use them. Smaller banks are also less likely to experience a data breach which can help ensure your details remain private.
If you are choosing a large bank, then it is often easier to open the account at a branch near you than one in Wyoming. This is because banks are becoming stricter about verifying identities. The bank you reach over the phone will have a harder time doing this than one you walk into. For this reason local branches are generally desirable.
It is important to note the bank DOES NOT require branches in Wyoming. Neither Chase nor Bank of America have branches in the State, but both will happily open an account for a Wyoming company. This applies for Citi, RBS, Deutsche Bank etc. for our international clients.
Every bank is different though there are a few common documents most will ask for. What is required will depend upon not only the bank and branch you visit, but your relationship to the banker as well.
While an Operating Agreements is an easy way to show ownership, Wyoming does not require them and neither will every banker. We still recommend completing it nonetheless. This goes to show what may be important at one bank or institution is not at another. Note, we do not offer nominee services for financial accounts.
Opening an account is often the first step clients take after incorporating and obtaining their EIN. This is good because best practices dictate you diligently separate your business and personal affairs. This is important for both your year end taxes, but also maintaining the corporate veil along with other asset protection features Wyoming LLCs offer members.
Establish a checking account for the LLC. That account, and any other accounts of the LLC, should be established in the LLC’s name. The appropriate responsible LLC officials in their official capacities and on behalf of the LLC should execute signature cards for the accounts.
Always observe the distinction between Member, Manager, or individual signatures, even in cases where the individual involved is required to be a signatory (for example, where an individual will be a guarantor of the LLC’s obligations and will sign in his or her individual capacity).
We have a few suggestions for how international clients can best tackle the problem of remotely opening a business bank account for their company. Please note, the advice below is general and you should retain an accountant to understand any tax obligations.
Trust & 401 K LLC Accounts
We are able to assist trust and 401k LLC clients with remote account openings. We have banks which are familiar with these types of accounts and are happy to assist you regardless of where you are.