Wyoming LLC via Firstbase — Vietnamese Freelance Developers
Vietnamese freelance developers form Wyoming LLCs to invoice US clients in USD via Stripe or Payoneer, and keep balances in Mercury outside VND devaluation pressure. Firstbase handles Wyoming formation + EIN + Mercury in 14-28 days.
US tax: LLC pays $0 federal tax when non-ETBUS with no effectively connected income. Form 5472 + pro-forma 1120 mandatory each year under IRC §6038A; $25,000 penalty at zero revenue. Vietnam side: Circular 111/2013 taxes worldwide personal income at 5-35% progressive rates once you remit funds home. SBV Circular 20/2015 requires reporting outbound investments above USD 3,000.
Vietnamese banks (Vietcombank, Techcombank) may require invoice or contract documentation for inbound wires — keep client contracts on file.
Model the full outlay, not just the setup fee
- SetupFirstbase.io setup$399.00
- PromoPromo · SMARTPROMO50−$50.00
- AnnualYear 2 renewal$150.00
What the tax authority sees
A Wyoming LLC held by a Vietnamese resident owes no US federal tax when non-ETBUS with no effectively connected income; Form 5472 with pro-forma 1120 (IRC §6038A) required annually.
Circular 111/2013 on foreign-source income; USD conversion rules
Wyoming LLC pairs with Circular 111/2013 personal income tax planning; SBV foreign asset reporting kicks in above USD 3,000 remitted per transaction.
- 01Form 5472 penalty $25,000 per year (IRC §6038A)
- 02Circular 111/2013 taxes worldwide personal income at 5-35% progressive brackets
- 03SBV Circular 20/2015 requires reporting outbound investments above USD 3,000
- 04Vietnamese banks may block inbound wires without invoice documentation
From filing to funded bank account
US LLC (Wyoming) vs Estonia OÜ (e-Residency)
FAQ
Yes on distributions. Under Circular 111/2013, Vietnamese tax residents pay progressive personal income tax at 5-35% on worldwide income once remitted. Retained profits inside the LLC (Mercury balance) are not immediately Vietnamese-taxed; distributions to your Vietnamese bank account trigger the filing.
Start filing with Firstbase.io · save $50.00
Formation typically completes in 2–3 weeks. Use the promo below, then click through to begin the checklist directly on the platform.