Opening Bank Accounts For Wyoming Companies

Any bank can open an account for a Wyoming LLC or Corporation. See our homepage or blog. 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 we form your LLC, we'll prepare and submit your business bank application to our partner bank at no extra cost. The bank decides whether to open the account, and our partner banks can't accept owners from some countries. Check the country lists below before you order.

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.

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.

Our bank application service prepares the company documents the bank asks for and submits the application for you. You'll verify your own identity with the bank, and the bank makes the final decision.

1. Articles of Organization (LLC) or Articles of Incorporation (Corporation) We provide these free of charge with our standard formation service starting at $99 plus state fees for LLC or Corporation. They are stamped by the Wyoming Secretary of State in the upper right-hand corner.
2. Employer Identification Number This is the most important part of the application. Without it, you will not be able to open an account. It is roughly equivalent to being the company's Social Security Number. We can assist you with the IRS or click the link above to obtain it yourself.
3. Operating Agreement (LLC) or Bylaws (Corporation) We provide these free of charge with our standard formation service starting at $99 plus state fees for a Limited Liability Company and Corporation. We complete them for you, so they are ready to print, sign and take to the bank.
4. Proof of ID - Generally Two Forms Required With One Having a Photo

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. The bank will want to know who the UBO (Ultimate Beneficial Owner) is, but this will not be made public.

Opening an account is often the first step clients take after forming an LLC 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).