A corporation formed (incorporated) under a "Company Act' of tax havens, but not authorized to do business within that country. It is intended to be used for global operations and is owned by member(s)/shareholder(s). IBCs have attributes normally associated with any corporation.
A typical company of that type can carry on business outside 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. An IBC is exempted from all or the most part of taxes in jurisdiction of incorporation. As a rule such companies have low profile owing to the lack of requirements to register their Directors' and Shareholders' details with the local authorities.
A corporation formed (incorporated) under a Company Act of a tax haven, but not authorized to do business within that country of incorporation; intended to be used for global operations. Owned by member(s)/shareholder(s). Has the usual corporate attributes.
A term used to define a variety of offshore corporate structures. Common to all IBCs are its dedication to business use outside the incorporating jurisdiction, rapid formation, secrecy, broad powers, low cost, low to zero taxation and minimal filing and reporting requirements. An increasing number of offshore jurisdictions are permitting the use of bearer shares, nominee shareholders, directors and officers.
a corporation that is usually located in a low tax country that is not allowed to conduct business in that country.
An International Business Company or International Business Corporation (IBC) is an offshore company formed under the laws some jurisdictions as a tax-free company which is not permitted to engage in business within the jurisdiction it is incorporated in. Offshore Financial Centres which have allowed the formation of IBCs include Antigua, Anguilla, the British Virgin Islands, the Bahamas and Gibraltar.