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International business company (IBC) is one of the core terms in the offshore industry, and dozens of Offshore Financial Centers (OFC's) have adopted legislation on IBCs.
Here are some sample IBC applications:
- A convenient shell for opening an offshore bank account and obtaining a credit card
- A virtually anonymous core for an international holding, being the parent company;
- Presuming a seller or a buyer is at the same time the beneficial (true) owner of an IBC, the company may be an intermediary between them, retaining all tax-free profits in its coffers;
- An ideal vehicle for some confidential operations, such as real estate deals;
- An optimal and anonymous way of investing offshore;
- Your own IBC may serve all your private and business necessities when you are abroad;
- A handy corporate tool for a yacht or ship registration;
- A excellent structure for a recruiting or crewing company in international business.
A typical IBC can
- Carry on business anywhere except for its jurisdiction of incorporation;
- Have meetings of its directors and/or members anywhere in the world;
- Keep as many bank accounts as it desires anywhere in any currency;
- Issue bearer shares;
IBC can NOT (without a specific licence)
- Have business transactions with persons resident in its country;
- Provide banking, insurance or reinsurance services;
- Share its registered office with somebody else.
Other salient features
- Beneficiaries', directors', and members' names are NOT listed in public documents or registered with local authorities in some jurisdictions
- They may reside anywhere in the world (some restrictions may apply to residents of the jurisdiction of its incorporation)
- No annual return and/or audit required, and all financial data is kept confidentially in the company office
- The company may have corporate directors, enhancing its confidential characteristics even more
- The most important thing…An IBC enjoys exempt status in respect to virtually all kinds of taxes and stamp duties. For example, an IBC may have millions of dollars in profit and still pay virtually NO taxes in the country or territory where it was incorporated.
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