Forming a Wyoming LLC is just the first step in starting a U.S. business as a foreign founder. Many entrepreneurs use a formation service, get their approval papers back, and then wonder: what happens next? Having an LLC certificate in hand doesn’t mean you’re done. There are several essential steps you must take in your first year to make your company fully operational and compliant.
This guide walks through what to expect after forming a Wyoming LLC as a foreign founder—from getting an EIN to filing IRS forms, opening a bank account, and keeping up with state and federal compliance.
Step 1: Get an EIN
The Employer Identification Number (EIN) is your company’s tax ID. Without it, your Wyoming LLC cannot operate. You won’t be able to open a bank account, file IRS forms, or set up payment processors like Stripe or PayPal. For foreign founders, getting an EIN is one of the most important steps right after forming the LLC.
Formation companies usually help with this, but Bookmate can also recommend trusted providers if you don’t have one yet.
Step 2: Open a U.S. bank account (if possible)
Most businesses need a bank account to function. As a foreign founder, this can be tricky—you usually need to visit the U.S. in person to open one. Some fintech alternatives exist, but they may still require proof of EIN and state registration. Without a bank account, you can’t properly separate personal and business finances, which creates compliance risks later.
Bookmate can guide you on what to prepare and what banking options are available for foreign founders.
Step 3: Set up bookkeeping and records
Bookkeeping may sound unnecessary if your LLC has no clients or revenue yet. But the IRS expects you to track transactions from day one. Owner contributions, reimbursements, and even paying your Wyoming annual fee count as activity. Having clean books helps you file the right forms (like Form 5472 for single-member LLCs or Form 1065 for multi-member LLCs) and avoid costly mistakes.
Even simple spreadsheets can work at the start, but many founders use online bookkeeping tools for better accuracy. Bookmate helps clients understand what level of bookkeeping is required and how it connects to their filings.
Step 4: File your federal IRS forms
Forming the LLC does not automatically put you in compliance with the IRS. Depending on your structure, you must file:
- Single-member LLC (foreign-owned): File Form 5472 with a pro forma 1120 each year, even with no income.
- Multi-member LLC: File Form 1065, plus issue K-1s to owners. If the owners are foreign, you’ll likely also file K-2s and K-3s.
- Corporation: File Form 1120 each year. If 25% or more foreign-owned, also file Form 5472.
Missing these filings leads to steep penalties, starting at $25,000 for late or missing Form 5472. Bookmate specializes in preparing and filing these forms correctly for foreign-owned companies. You can book a consultation with us here to make sure your filings are handled properly.
Step 5: File your Wyoming annual report
Wyoming requires every LLC to file an annual report and pay a franchise tax. The fee is based on assets in Wyoming, with a minimum of $60. The deadline is the first day of your anniversary month. For example, if your LLC was formed on March 10, your annual report is due by March 1 each year. Missing this filing can cause your LLC to lose good standing and eventually be dissolved. B
ookmate can remind you of these deadlines and guide you on how to complete the state filing.
Step 6: Maintain a registered agent
Wyoming law requires LLCs to have a registered agent with a physical address in the state. Most foreign founders use a registered agent service, which typically costs $50–$100 per year. If you don’t keep an active registered agent, the state can dissolve your company. Your registered agent also ensures you receive legal notices and state correspondence on time.
Bookmate does not provide registered agent services directly but can point you toward reliable providers.
Step 7: Understand personal tax obligations
Some foreign founders may also need to file a Form 1040-NR if the IRS considers them personally engaged in a U.S. trade or business. For example, if you travel to the U.S. to provide services or store inventory in U.S. warehouses, you may be required to report personal income. Filing 1040-NR requires an ITIN, which can be obtained through partners like theitin.com.
Bookmate guides you on whether this applies and connects you with trusted partners for ITIN applications.
Example: A first-year Wyoming LLC
A founder in Argentina forms a Wyoming single-member LLC in June. She gets an EIN, opens a U.S. bank account during a trip, and wires $5,000 to cover startup expenses. She earns no revenue in the first year but pays the Wyoming $60 annual fee. Even with no income, she must:
- File Form 5472 with a pro forma 1120 by April 15 the next year.
- File the Wyoming annual report by June 1 each year.
- Keep up with bookkeeping to track her contributions and expenses.
By following these steps with Bookmate’s guidance, she avoids penalties and keeps her LLC in good standing.
How Bookmate helps
Bookmate specializes in compliance for foreign-owned Wyoming LLCs. We:
- File Form 5472 with pro forma 1120 for single-member LLCs.
- File Form 1065 with K-1s, K-2s, and K-3s for multi-member LLCs.
- File Form 1120 with 5472 for corporations.
- Provide clarity on deadlines and obligations so you never miss a filing.
- Guide founders on bookkeeping, bank account preparation, and state obligations.
We don’t handle bank accounts or registered agent renewals directly, but we guide you on where to go and how to stay compliant.
Final thoughts
Forming a Wyoming LLC is only the beginning. To actually operate your business and keep it compliant, you need to take several more steps in the first year: get an EIN, open a bank account, set up bookkeeping, file federal IRS forms, pay the Wyoming franchise tax, and maintain a registered agent. Missing any of these steps can cost you time, money, and the good standing of your company.
Bookmate helps foreign founders make sure nothing is missed, so they can focus on running their businesses with peace of mind.
Learn more at trybookmate.co or book a consultation today.
