How long does it take to form a Wyoming LLC?

Standard processing takes 3-5 business days. Expedited filing is available for 24-hour processing.

Do I need a US address to form an LLC?

No, you can use a registered agent service that provides a Wyoming address. This is included in most formation packages.

Can I open a US bank account without visiting?

Yes, many non-residents open online business bank accounts with Mercury, Relay, or Wise without visiting the US.

What are the annual fees for a Wyoming LLC?

Wyoming requires a $60-100 annual report fee and approximately $25-50 for registered agent service.

Is Wyoming LLC good for non-residents?

Yes, Wyoming offers the best combination of privacy, asset protection, low fees, and no state tax for non-resident LLC owners.

Fintech vs Bank of America for LLC

Choosing between Mercury and Bank of America is a critical decision for your Wyoming LLC. As a non-US resident, you need a bank that understands international founders and offers the features your business requires. Mercury is a modern digital banking solution that Tech startups, SaaS companies, and businesses needing API access. Bank of America, on the other hand, Businesses needing cash management and merchant services. Both banks serve Wyoming LLCs, but their approaches and requirements differ significantly. Before opening an account, ensure you have completed your US banking guide and obtained an Mercury Bank.

Mercury vs Bank of America: Feature Comparison

Feature	Mercury	Bank of America
Monthly Fee	$0	$16 (waivable)
Minimum Deposit	$0	$0
ATM Access	55,000+ Allpoint ATMs	16,000+ ATMs
Approval Time	1-3 business days	1-2 weeks
Best For	Tech startups, SaaS companies, and businesses needing API access	Businesses needing cash management and merchant services
Virtual Cards	Yes	No
API Access	Yes	No
International Transfers	Yes	Limited

*Fees and features subject to change. Verify current terms on each bank's website before applying.

Requirements for Non-Residents

Both banks require specific documentation for non-resident Wyoming LLC owners. Having these prepared will speed up your application:

✓US LLC Formation: Your Wyoming LLC must be fully formed with Stripe account completed.
✓EIN (Employer Identification Number): Required for all US business bank accounts. We can help you obtain an EIN as a non-resident.
✓Valid Passport: International passport for identity verification.
✓US Business Address: A legitimate US address for your LLC.
✓Operating Agreement: Your LLC's operating agreement showing ownership structure.
✓Business Description: Clear explanation of your business activities.

How to Apply for Either Account

Form Your Wyoming LLC

First, form your Wyoming LLC with a registered agent service.

Obtain Your EIN

Apply for an EIN without an SSN.

Gather Documentation

Collect your passport, LLC formation documents, operating agreement, EIN confirmation, and proof of address.

Complete Online Application

Visit the bank's website and complete their online application. Upload all required documents clearly.

Verification and Approval

Wait for verification. Mercury typically takes 1-3 business days, while Bank of America takes 1-2 weeks.

Fund Your Account

Once approved, fund your account with the minimum deposit and start banking.

Pros and Cons Comparison

Mercury Pros

No monthly fees
Generous transaction limits
Great API for developers
Virtual and physical debit cards
Treasury account earning interest

Mercury Cons

Requires US LLC and EIN
Can be strict with approvals
No physical branches
No joint accounts
Limited check deposits

Bank of America Pros

Cash flow management tools
Cash back on debit purchases
Preferred rewards program
Extensive ATM network
Relationship banking

Bank of America Cons

Monthly maintenance fees
Strict requirements for non-residents
High minimums to waive fees
Complex fee structure
Limited weekend support

Our Recommendation for Non-Residents

Choose the bank that aligns with your business needs

For most non-resident Wyoming LLC owners, we recommend Mercury as the primary choice because digital banks are more accommodating to international founders without US residency. Mercury offers Tech startups, SaaS companies, and businesses needing API access.

Consider your banking requirements, transaction volumes, and whether you need payment processing integrations.

Frequently Asked Questions

Which is better for non-residents: Mercury or Bank of America?

For non-residents with a Wyoming LLC, Mercury is generally more accessible while Bank of America offers Cash Flow Monitoring and Business Advantage. Both require an EIN and US LLC.

Can I open Mercury or Bank of America without an SSN?

Yes, both Mercury and Bank of America accept applications from non-residents with an ITIN or just passport + EIN for most digital banks. Traditional banks may require an SSN.

What are the fees for Mercury vs Bank of America?

Mercury charges $0 monthly with $0 minimum deposit. Bank of America charges $16 (waivable) with $0 minimum.

How long does approval take for each?

Mercury typically takes 1-3 business days, while Bank of America takes 1-2 weeks. Digital banks are generally faster than traditional banks.