Wyoming Secretary of State seeks funding for expedited business filings amid workload surge

In a pivotal meeting held by the Wyoming Legislature's Select Committee on Blockchain, Financial Tech, and Digital Innovation, discussions centered on the pressing need for expedited business filings and the accompanying administrative support. As the meeting unfolded, the Secretary of State's office highlighted the significant growth in business filings, which surged to 675,000 in fiscal year 2024, marking a 14% increase from the previous year. This growth has positioned Wyoming as a competitive player, second only to Delaware in processing business filings, and even leading the nation in new business corporations per capita.

The Secretary emphasized that while the expedited filing process is crucial for attracting businesses seeking regulatory certainty, it also places an increased burden on the already stretched staff. Currently, the office operates with just 11 full-time employees, handling a workload comparable to that of Delaware's office, which has ten times the staff. To effectively manage the anticipated rise in filings, the Secretary requested an additional staff member, arguing that without this support, the office risks falling short of meeting deadlines and maintaining service quality.

Committee members echoed these concerns, recognizing the demand for expedited filings, particularly in mergers and acquisitions, where timely processing is essential. They noted that the previous legislative session had failed to allocate the necessary personnel to support this initiative, primarily due to budgetary constraints. The discussion also touched on the need for better outreach and education about Wyoming's business advantages, as many potential clients remain unaware of the benefits of incorporating in the state.

As the meeting concluded, the Secretary indicated plans to continue advocating for additional positions in the upcoming budget discussions, aiming for a total of three new hires to adequately support the office's expanding responsibilities. The committee's consensus was clear: addressing these staffing needs is vital for Wyoming to maintain its competitive edge and ensure efficient service for businesses looking to establish themselves in the state.