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An IBC is a legal entity incorporated in a tax haven which is free from all local taxes and cannot conduct any business activity in the country of the incorporation. Offshore, in its broadest sense of the term, means simply a jurisdiction other than your own. Offshore companies are most commonly used for offshore banking to conduct international trade, investment activities or for assets protection. Offshore companies are also used for the ownership of real property and land, for ownership of intellectual property, licensing and franchising, personal services by individuals working overseas and offshore e-business. Those kinds of companies can be involved in buying and selling goods and services, hold bank accounts and operate businesses.
Characteristics of an IBC vary by jurisdiction and usually will include: rapid formation, low costs, minimal filing and reporting requirements, exemption from local corporate taxation and stamp duty, preservation of confidentiality of the beneficial owner of the company, wide corporate powers to engage in different businesses and activities, abrogation or restriction of the requirement 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 and provision for a local registered agent. Usually, to incorporate an IBC the requirements are minimal: a shareholder and a director, shareholder and director can be the same person and there are no restrictions on their nationality. IBC's may issue different types of shares including the unnamed bearer shares, it is another way of protecting shareholders identity.
With nowadays technology and internet facility a business location is really not nearly as significant as it has been traditionally. You may now operate and accessed digital data from an Internet server located anywhere in the world and operate a business or hold existing funds securely and privately. Therefore an IBC allows you to hold assets out of your name in a safe and secure financial center and the same time allows you to retain 100% control of your IBC’S assets. There are countries with IBC laws that take privacy very seriously. Many of these countries have become financially strong by offering a safe-haven in which to store one’s money.