An international business corporation or company, (IBC) is an offshore company formed under the laws of some jurisdictions as a tax-free company that is forbidden from engaging in business within a jurisdiction in which it is not incorporated.
Characteristics of an IBC vary by jurisdiction, but will usually include:
- Exemption from local corporate taxation and stamp duty, providing the company does not engage in local business
- Preservation of the beneficial owner of the company’s confidentiality.
- Wide corporate powers to engage in different businesses and activities
- Abrogation or restriction of requirements to demonstrate corporate benefit
- The ability to issue shares in either registered or bearer form
- An abrogation of any requirements to appoint local directors or officers
- Provision for a local registered agent
IBCs are offshore companies that are most commonly used for offshore banking in the conduct of international trade and investment activities, by professionals, and for asset protection. Offshore companies may be involved in buying and selling goods and services. Holding bank accounts and operating businesses. IBCs are also commonly used for the ownership of real property and land; for ownership of intellectual property, licensing and franchising; and personal service by individuals working overseas and offshore e-business, among other things.
An IBC can hold assets in a secure financial center. At the same time, an IBC allows the owner to retain total control of their assets. An IBC’s assets are extremely private.
Creating an IBC, or International Business Corporation, is easy, you visit your local bank and set up your own corporate business account. You don’t need to go to the country in which you want to form the account.
The advantage of an IBC is its portability factor. An IBC that is formed in Panama, for example, can open a bank account in Switzerland, the United States and most other countries. The bank that opens the IBC account will need to see the incorporation documents, a corporate resolution by the directors authorizing the opening of the account, and the name of the person who is appointed as the account signatory. When the account’s signatory is decided on, the bank will then require the proper identification papers for the signatory. Opening an IBC is a similar process to the opening of a domestic bank account. The point is, that an IBC account can be opened anywhere in the world, operating privately and tax-free.
For more information about setting up International Business Corporation please visit Global-Reserve.com where you will find an interactive application form.
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