The IBC Legal Entity
An IBC is a legal entity incorporated in a tax haven which is free from all local taxes (except small fixed annual fees). Typically the IBC cannot conduct business in the country of incorporation. Dominica, British Virgin Islands, Nevis and Seychelles have special IBC legislation in place, which is similar to the legislation for Panama Corporation and Gibraltar Non-resident Company.
IBCs are offshore companies that are most commonly used for offshore banking to conduct international trade, investment activities, by professionals and for asset protection. Offshore companies can be involved in buying and selling goods and services, hold bank accounts and operate businesses. IBCs are also commonly used for the ownership of real property and land; for ownership of intellectual property, licensing and franchising; personal service by individuals working overseas and offshore e-business among other things.
An IBC can hold assets in a safe, secure financial center. At the same time, an IBC also allows the owner to retain 100% control of assets. An IBC's assets are extremely private. In the offshore jurisdictions, there is no ITIN required in order to open an IBC bank account. It is a crime for a banker to reveal your association with a bank account to an individual outside of the bank. IBC ownership records are not available in any public record.
There are countries with IBC laws that take privacy very seriously. The asset protection provisions in some countries are extremely strong. Many of these countries are island nations that have become financially strong by offering a safe-haven in which to store one’s money. One of the strongest IBC asset protection laws found is on the Island of Nevis (Nee’ Vuhs). Nevis is located in the Caribbean Sea and is about a one-hour flight East of Puerto Rico.
Read more about this topic: International Business Company
Famous quotes containing the words legal and/or entity:
“There are ... two minimum conditions necessary and sufficient for the existence of a legal system. On the one hand those rules of behavior which are valid according to the system’s ultimate criteria of validity must be generally obeyed, and on the other hand, its rules of recognition specifying the criteria of legal validity and its rules of change and adjudication must be effectively accepted as common public standards of official behavior by its officials.”
—H.L.A. (Herbert Lionel Adolphus)
“What is this world of ours? A complex entity subject to sudden changes which all indicate a tendency to destruction; a swift succession of beings which follow one another, assert themselves and disappear; a fleeting symmetry; a momentary order.”
—Denis Diderot (1713–1784)