IBC - Advantages
IBC - Bank Accounts and InvestmentsOpen a bank account, make deposits and transact globally.
Manage offshore investments such as term deposits, bonds, stocks, mutual funds, CDs, etc.
Provide consulting, management, or professional services (and hire you).
Own a Corporate credit card, and it will allow you to cover your legitimate expenses using it.
Tax exempt in Country of Incorporation
No annual tax return required
Shareholders can remain confidential
Directors can remain confidential
Corporate Directors and Officers Allowed
Directors may Reside Anywhere
Bearer Shares are Allowed
Recognized Locally and Internationally
IBCs are offered in over 75 CountriesThere are over 75 countries that are trying to attract foreign investment by offering favourable rules to new companies.
Privacy may be a top priority, if so recent pressures by the OECD and G-10 Nations have resulted in a string of British Protectorates and American dependencies lifting their privacy. Countries to recently sell-out on privacy include many top names: BVI,Caymans, Bahamas, Jersey, Isle of Man, and many others. Your choice should be within 2-3 hours of your time zone (so you don’t have to set your alarm clock to call the Bank), which narrows the field down to about a half-dozen.
There are certain restrictions in naming your IBC, most registrars do not allow anything that suggests royalty, or anything that requires additionally licensing such as a Bank, Insurance, or Trust company dealing with the public.
It is a requirement that a physical address be given in the Country of Incorporation that represents your Company. Typically this is a lawyer, accountant, or preferably a Chartered Bank which would be considered the Registered Office.
It is required that a local registered professional act as the person capable of receiving any legal notice to your Company. (not to be an IBC mail address) This person would be considered the Registered Agent
There are two categories of shares that may represent the ownership of your Company. The traditional type we have domestically is the Registered Share, which is recorded with the Government Registrar. The more popular (for privacy purposes), is the Bearer Share, which is not registered. The main advantage of Bearer Shares, is that there exists no record of who the shareholder's) are. The ownership of the Company rests with who has possession of the Bearer Share Certificate.
To keep your Company a true foreign entity, you should not hold your Bearer Shares at home. It is best to keep the Bearer Shares offshore, and preferably held by a Private Foundation so that any onshore regulator has difficulty arguing that you are the beneficial owner. Alternatively, an offshore Trustee could render a private safeguarding service, that only you have access to the Bearer Shares. Never leave IBC shares in a safety deposit box at a local chartered bank or credit union.
If the shares are not officially held by someone, you may be deemed to be the sole shareholder by default if you cannot show who is. This means that you are responsible for the tax on world-wide income earned by you and your company. Be aware of your local Foreign Reporting Requirements.
A Nominee Director is a professional you may hire to serve as the management of the IBC. Their name would appear in most documents acting as the management of the company. The nominee Director may hold the Bearer Shares, since their name is used in all correspondence and obligations for the company, they need to know that someone is not out there putting the shares at risk in some way. For security reasons, various methods exist to limit the powers of the Nominee Director.
As most first world countries encourages International trade and investment, there are typically few restrictions on residents doing business or having bank accounts in other countries. Offshore investment vehicles are used every day by sophisticated and knowledgeable high net-worth individuals and corporations all over the world. However, some tax authorities such as the IRS (USA) and CCRA (Canada) want you to report your world-wide income, and any interest you have in an offshore entity.
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