Why founders from Lagos pick Wyoming
- Pass-through taxation: foreign-owned single-member LLCs are disregarded entities (Treas. Reg. 301.7701-3). Nigeria residents owe US federal tax only on Effectively Connected Income (ECI).
- No state income tax in Wyoming. Wyoming has no personal income tax or corporate income tax.
- Privacy: Wyoming SoS does not list members or managers publicly (Wyoming Statutes Section 17-29-201).
- Asset protection: charging-order protection under Section 17-29-503 is the strongest in the US.
- Banking access: Mercury, Relay, and Wise Business accept Wyoming LLCs from Nigeria founders.
- Fast formation: 24 hours through WyomingLLC, no US visit required.
- FinCEN BOI exempt: per March 26, 2025 Interim Final Rule, domestic Wyoming LLCs are exempt from BOI reporting.
The 5-step process from Lagos
- Order the $397 package via Stripe. Stripe accepts cards from Nigeria and 135+ other countries.
- Complete the intake form (about 20 minutes). Three LLC name alternatives, member structure, business description.
- Wyoming LLC formation: we file Articles of Organization with the Wyoming Secretary of State under Wyoming Statutes Title 17, Chapter 29. Filing receipt and Articles back to you within 24 hours.
- EIN application: we file IRS Form SS-4 by fax to the IRS international EIN unit. CP575 EIN letter back in 8 to 10 business days.
- Bank account introduction: direct introductions to Mercury (primary), Relay, and Wise Business (fallback at 95% acceptance).
Banking for Lagos founders
Mercury approval rates for Nigeria founders are typically in the 60% to 80% range depending on country profile. Mercury is the primary option for most. If Mercury rejects, Relay is the next application (~50% approval). If Relay also rejects, Wise Business has 95%+ acceptance as the safest fallback.
Each bank requires: Articles of Organization, EIN letter (CP575), passport scan, business description (2 to 3 specific sentences), anticipated transaction volume, source of funds explanation. Combined success rate across the three banks is approximately 99%.
Realistic timeline from Lagos
| Step | Time | Notes |
|---|---|---|
| Order and intake | Same day | Stripe accepts cards from Nigeria |
| LLC formation | 24 hours | We file with Wyoming SoS |
| EIN issuance | 8-10 business days | IRS Form SS-4 by fax |
| Bank application | Same day | After EIN |
| Bank approval (Mercury) | 1-7 business days | Typical timeline |
| Stripe US setup | 1-3 business days | After bank account |
| Fully operational | 3-4 weeks | End-to-end |
What is included for Lagos founders
- Wyoming LLC formation under Wyoming Statutes Title 17, Chapter 29
- Wyoming registered agent for year 1 (Section 17-28-101 requirement satisfied; your Lagos address never appears on public filings)
- Custom operating agreement with Wyoming-specific charging-order language (Section 17-29-503)
- IRS Form SS-4 filing for your EIN by fax (no SSN required)
- Direct introductions to Mercury, Relay, and Wise Business with prep coaching tailored to Nigeria applications
- Document delivery as searchable PDFs
- WhatsApp and email support across NYC and Dhaka time zones
- Form W-8BEN-E guidance for US tax treaty claims
Tax framework for Lagos (Nigeria) residents
Your Wyoming LLC is pass-through for US federal tax. You generally owe US federal income tax only on Effectively Connected Income (ECI) from a US trade or business. Wyoming has no state income tax.
Annual filings:
- IRS Form 5472 + pro forma 1120 (mandatory, $25,000 penalty for non-filing under IRC Section 6038A)
- Wyoming annual report ($60 minimum, due first day of anniversary month)
- Nigeria tax filings per local rules (most countries tax worldwide income; consult a Nigeria CPA)
For US tax treaty applicability between Nigeria and the US, see our country-specific guide at Wyoming LLC for Nigeria residents.