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F.A.Q. - Corporations (IBCs)

Topics
International Business Companies (IBC)
Belize IBCs
Functionality and Structure of an IBC

International Business Companies (IBC)

What is an International Business Company?
An entity recognized by law as a separate "person" with limited liability. It is essentially a corporation that has the option to sell shares, the right to sue and be sued, and has perpetual existence.
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How are IBCs used?
They may be used to own and operate businesses, issue shares, bonds or otherwise, raise capital, guarantee obligations, hire employees, buy goods and services, sell goods and services, make contracts, rent office space, maintain checking and savings accounts, open brokerage accounts and maintain retirement plans for employees. Although most offshore corporations are private and closely held, some are publicly traded on major stock exchanges.
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What does a corporate search under an IBC reveal?
A corporate search will reveal the name of the corporation, the date of existence, amendments, and any other publicly filed document. Different jurisdictions share different information and some share less than others. Under Belize law for example, there is no requirement that the names of corporate officers, directors, or shareholders be filed in any public registry. Such information, therefore, remains confidential.
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Belize IBCs

Why should I choose a Belize IBC?
Belize is a preferred tax haven for the following reasons:

Belize is an independent country. Colonized by the British and thereby deriving itself from British Commonwealth and having its law based on British Common Law, Belize is one of the most stable democracies in the world.

Belize has a highly developed and reliable international communications system partly because of its large amount of tourism, and its main language is English.

Belize is a desirable place to visit or retire. It can be reached by air or auto...it's two hours south of Cancun on the Caribbean coast.

Belize is an established international banking and financial center.

There are no currency exchange controls or restrictions on the movement of money entering or departing the country.

Belize does not tax income generated outside of the country, whether by local or foreign corporations. It also has no tax treaty with the U.S. or Canada.

Belize Law protects the anonymity and privacy of banking and corporate operations. Specifically, corporate shareholders are not listed publicly. Moreover, violations of privacy are punishable by jail time and heavy fines.

Belize has not signed the U.S. Mutual Legal Assistance Treaty (Belize is one of few countries left that has not).

*No other jurisdiction has proven that it will back up its privacy laws as strongly as Belize. The only challenge to Belize' sovereignty came in 1995 when the Supreme Court of Belize successfully kept the country's privacy laws from being breached by the United States Securities and Exchange Commission.
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Functionality and Structure of an IBC

What are Registered Shares?
Registered share certificates indicate the name of the owner on the document. The name of the shareholder is also recorded in the internal corporate records of the company. Although the registered owner is recorded in the corporation's internal records, no public registry of shareholders is maintained. The share registry is an internal corporate document available only to directors, officers, and shareholders under conditions specified in the jurisdiction's corporate statute.
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What are Bearer Shares?
Bearer share certificates do not indicate the name of the owner as does a standard share certificate. The certificate is not endorsed so that the person having physical possession of the document is the owner. Bearer shares facilitate the transfer of assets because transfer of ownership is accomplished simply by the transfer of the certificate.
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What is a Registered Agent?
An agent established on behalf of the company who is required to ensure that the corporation has an assigned representative at a known address to receive all service of process (legal notices) on its behalf. The registered agent forwards these documents to the address of record for the corporation. Every corporation must have a legally registered agent. We provide this as a service, which is included in your corporate structure costs.
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What is a Nominee Director?
An individual designated, or nominated, as the director of a corporation to essentially take on the liability in place of the actual individual(s) running the corporation. Every IBC must have a Board of Directors. The Board may consist of one person or many people. For instance, the founder of the IBC may appoint himself/herself as the Director and sole officer of the corporation. However, most IBCs are formed with a Nominee Director. The nominee may be, but does not have to be, an individual who works and/or resides in the country where the IBC is formed. The nominee may be used to sign (contracts, loans, bank applications, etc.) for the IBC should the founder not want his/her signature to be connected with the corporation. The nominee director has no knowledge of the IBC's affairs or accounts, cannot control or influence the IBC, and will not act unless instructed to by the founder.
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For a breakdown of all costs, please visit http://www.1offshorebanksource.com/international_business_company_rates.htm.