IBC or International Business Company or as it is also called international business corporation basically is an offshore company which is usually formed under the laws of some jurisdictions worldwide as a tax-neutral company meaning that it is not taxable in the country of incorporation. It is also limited in direct business activity it may conduct while operating within the context of the jurisdiction in which it is incorporated.
Meaning and main functions of IBC Often IBC features can vary by jurisdiction, however, usually they include business data confidentiality, ability to issue shares, provision for a local registered agent or office and exemption from local corporate taxation as the majority of offshore jurisdictions have removed or are processing the removal of IBCs from local taxation while reducing corporate tax to zero in order to avoid damaging the whole offshore finance industry.
Such companies in general are incorporated for offshore banking, making international investments, asset protection, real estate and intellectual property ownership and other business activities related to international trade.
A list of jurisdictions offering IBC as a business structure As it is stated in Streber Weekly, there are plenty of jurisdictions offering IBC as a business structure. The list of such jurisdictions is pretty long: Antigua and Barbuda, Anguilla, Barbados, Bahamas, Belize, Brunei, British Virgin Islands or BVI, Cook Islands, Comoros, Dominica, Grenada, Gambia, Mauritius, Marshall Islands, Monsterrat, Nauru, Saint Lucia, Samoa, St. Kitts and Nevis, St. Vincent and the Grenadines, Seychelles and Vanuatu. This list contains most of the jurisdictions without taking into account their worldwide reputation. Some popular offshore jurisdictions which weren't mentioned before offer territorial taxation and other tax incentives instead of offering IBCs. These business structures can be operating as exempt companies, free zone companies or non-resident companies etc. while lacking the ease of IBC companies: Panama, Hong Kong, Cayman Islands, Turks and Caicos Islands (TCI), United Arab Emirates (UAE), Bermuda.
For example, Panama's jurisdiction, in general, is suitable for International Foundation or IBC in terms of asset protection. Hong Kong jurisdiction in general is also suitable for international trade due to favorable taxation regime as it imposes no withholding tax, capital gains tax, tax on investment income, VAT and other sorts of taxes.
Most reputable jurisdictions for IBCs British Virgin Islands (BVI) is referred to as world's leading offshore business center with more than 450,000 operating companies registered in its territory. It is often called the grandfather of all IBCs. International international business companies have a rather good reputation among other jurisdictions of such kind due to the ability to transfer domicile and privacy of ownership for assets collected inside of the company. In general BVI provide flexible, low-cost and prompt services for international offshore companies' incorporation.
Seychelles can be alternatives to BVI offshore companies as this jurisdiction offer ease of administration, simplicity and privacy as well. In addition, IBC is the most widely used type of company incorporated on islands with more than 175,000 companies registered there. The IBCs of this jurisdiction are commonly used as consultancy and personal service companies as well as Holding Companies shares, real estate and equities.
Bahamas is one of the oldest offshore jurisdictions, considered to be a classic one as the BVI mentioned before as it is an independent and politically stable which has an improving reputation and is gambling friendly.
St. Kitts and Nevis has decent reputation while being also politically stable and having average to low costs. However, this jurisdiction is more popular for its Limited Liability Companies (LLC).
Saint Vincent and the Grenadines has merely low costs. It is quite politically stable with good reputation which has improved in recent years because of the gaining popularity due to financial operations carried out by Euro Pacific Bank and Loyal Bank.
Belize is also a great place for IBC formation. In frames of this jurisdiction IBC can be used with the purpose of international trade, asset protection, offshore banking, owning real estate, e-business or any other financial services.
Such IBCs are suitable for business transactions globally as well as making deposits and managing offshore investments such as bonds, mutual funds, stocks and other types of business services, while providing consulting and such professional services as management, corporate credit cards ownership, covering legitimate expenses etc.
The Republic of Cyprus or simply Cyprus is an island country located in the Eastern Mediterranean and is the third largest and most populous island in the Mediterranean. Cyprus is located North of Egypt, South of Turkey, West of Lebanon and Syria, Northwest of Israel and finally – Southeast of Greece.
As Cyprus is a former British Colony, approximately 80% of the population speak English relatively fluently. Similarly, also the legal system is developed based on the common law practiced in England. Cyprus is a free market economy that provides various opportunities including efficient tax planning for international businesses. With first-class accounting and legal services and excellent geographical location, Cyprus is a great place for doing business. The country is known to be a leader among tax planning jurisdictions, therefore incorporating a company in Cyprus is an ideal way to protect your business. During the last decade, Cyprus’ role in the international tax planning has grown dramatically. As an EU member state, Cyprus has gained a reputation as a legitimate and reliable jurisdiction with over 40 double tax treaties and some of the lowest taxes in the EU.
Benefits of acquiring Cypriot shelf company If you have decided, that Cyprus is the right jurisdiction for your business, you can either incorporate a new company or you can acquire a ready-made company. Ready-made companies are legal entities that have been incorporated some time ago and since then, have been “sitting on the shelf” for investors to buy them and start operating this company. Due to this comparison, ready-made companies are also called shelf companies. There are several benefits of acquiring a shelf company.
The main aim of a shelf company is to provide the investor with a company that has a clean history as often older companies are perceived as more trustworthy, reputable and reliable than newly incorporated businesses. Acquiring a shelf company is also quicker in comparison to the incorporation process of a new company. This turns out to be a major advantage for many entrepreneurs who need to start trading as soon as possible.
Acquisition of a Cyprus shelf company Acquisition of a shelf company in Cyprus is typically a simple and fast process. Companies that specialise in selling shelf companies offer full service. This means that together with the company itself, they can also provide a full set of corporate documents, company secretary, a registered office, nominee shareholders and directors, a company bank account with internet bank and debit cards, VAT number, and even a support for the first year of operation if necessary.
Generally, the procedure of a shelf company acquisition is fully organized by the service provider and it only takes 24 hours for you to be able to start trading. The process of a shelf company acquisition may differ among different service providers, but it generally takes 4 steps to buy a ready-made company:
Step 1. You choose a company from a list provided in your service providers’ web page;
Step 2. Your service provider sends you an invoice that needs to be paid;
Step 3. You file a signed Know Your Client form, a copy of your passport and a utility bill on your name;
Step 4. The service provider prepares your chosen company and all necessary documentation, which includes: all company incorporation documents, an open date share transfer agreement with your name, a trust deed prepared by the shareholders and nominee directors for you and some other informative documents. All the documents are sent to your address the same day. Since the company is already registered and has a VAT number, you can start trading the same day.
It is important for you to carefully consider which service provider is the most suitable for your needs as their offered service packages differ along with the prices and reliability. It is up to you to do a full due diligence for you to be able to trust your service provider. For example, while some service providers offer shelf companies with an already opened bank account, others offer an opportunity to open it only after the acquisition of the company, which will typically take several days.
Typically, shelf companies have a legal structure of a Private Limited Liability Company, which is also the most popular type of structure among newly incorporated companies. The popularity of this structure can be explained by the limited responsibility shareholders have in regards to the company’s debt and other liabilities. Also, the minimum capital is smaller in comparison to Public Limited Liability Companies – 5,000 EUR.
In general, company maintenance includes any operations that ensure a business is active in its day-to-day endeavours. In addition, many low-tax jurisdictions require every international business company to undergo a company renewal procedure on an annual basis, by submitting a renewal application and paying a certain state fee. In terms of financial planning, company maintenance is normally understood as referring to those expenses associated with taxes, state fees, stamp duties, charges and any other costs that may arise from operating a company.
There are 119358 km² of cultivated land in Ethiopia, and it comprises 11% of the country's total territory. In Ethiopia, permanent crops occupy 7278 km² of the land. This comprises 1% of the country's total territory. There are 112080 km² of arable land in Ethiopia. and it comprises 10% of the country's total territory. 85% of the population are working in agriculture. There are around 3000 tractors in use in the country.
Latvia is considered to be a large nation because of its total area. Its total land area is 64,589 km² (approx. 24,938 mi²). Continental shelf of Latvia is approximately 27,772 km² (around 10,723 mi²). Latvia is located in Europe. Europe is a continent whose borders date back to the period of antiquity. European countries include, but are not limited to, the United Kingdom, Italy, Germany, Switzerland, Luxembourg, Malta, and The Vatican. Latvia has 4 neighbouring countries. Its neighbours include Belarus, Estonia, Lithuania, Russia. Latvia is not a landlocked country. It means that is is bordered by at least one major body of water. The average elevation range of Latvia is 87 m (285 ft).
Neighbors Total length of land borders of Latvia is 1370 kilometers (~529 miles). Latvia shares its land borders with 4 different countries, and has the same number of unique land boundaries to neigbouring territories. As in the case of Latvia, if a country has the same number of unique neighboring territories as number of land borders, than that country has no non-contiguous sections of a land border. This is in contrast to several countries that have multiple non-contiguous sections of land borders. Latvia has 4 neighbouring countries. Its neighbours include Belarus, Estonia, Lithuania, and Russia. The lengths of the land borders of Latvia with its neighbouring countries are as follows:
Belarus - 141 km (88 mi), Estonia - 339 km (211 mi), Lithuania - 453 km (282 mi), Russia - 217 km (135 mi).
Cities The capital city of Latvia is Riga. The largest city in Latvia is Riga.
Elevation The average elevation range of Latvia is 87 m (285 ft). The highest point of Latvia is Gaizinkalns, with its official height being 312 m (1,024 ft). The lowest point of Latvia is Baltic Sea. The elevation difference between the highest (Gaizinkalns) and lowest (Baltic Sea) points of Latvia is 312 m (2 ft).
Area The total land area of Latvia is 64,589 km² (approx. 24,938 mi²). and the total exclusive economic zone (EEZ) is 28,452 km² (~10,985 mi²). The continental shelf of Latvia is approximately 27,772 km² (around 10,723 mi²). Including land mass and EEZ, the total area of Latvia is approximately 93,041 km² (~35,923 mi²). Latvia is considered to be a large nation because of its total area.
Forest and arable land 28,807 km² of Latvia's territory is covered in forests, and forest land comprises 45% of all the land in the country. There are 17,926 km² of arable land in Latvia, and it comprises 28% of the country's total territory.
The development of telecommunications and economic globalization have made it possible for interested investors to set up companies all over the world. With proper research, financial investment and legal backing, business ventures can be safely incorporated in almost any country in the world. Building an international business used to be a complicated entrepreneurial venture, but today it is commonplace with the help of experienced legal and business advisors.
The advantages of founding a company abroad are as numerous as they are obvious. Many countries offer specific locational advantages, ranging from natural resources and well-established infrastructure to beneficial laws and regulations that encourage growth in a particular industry. Likewise, it can be difficult to start a business or an acquisition in your own country due to adverse situations: political or regulatory environment, lack of resources and more. In this situation, it makes sense to consider an overseas option that offers greater opportunities for growth, development, and success.
Company registration in Tonga When starting a business in Tonga, an interested investor must conduct due diligence on legal procedures, international regulations and sufficient investment for success. It is crucial to understand cultural, social and political factors that influence starting and growing one's business. Failure to do so may result in unintended consequences. Poorly researched and toneless international launches often end in disaster as time, money and energy is wasted due to poor planning.
Legal Documents Every country in the world presents its own intricate challenges when it comes to starting, developing and maintaining a business. Owners, financiers and investors must make these commitments with the support of a knowledgeable and experienced legal team. Only someone with in-depth knowledge of local and international corporate law will be able to set up an overseas business while avoiding the pitfalls that plague many new businesses.
Additionally, smart business people can consider ways to invest in foreign companies without actually starting their own businesses. In these situations, it is still beneficial for the investor to partner with a knowledgeable global economics and litigation advisor. International investments create a truly diverse portfolio that offers growth opportunities that were unthinkable decades ago.
Potential investors, venture capitalists and entrepreneurs should consider the existing infrastructure in Tonga when planning to start a new business. While extensive infrastructure and systems can help make the process of starting a business a smooth one, it could also represent market saturation and reduced growth potential. On the other hand, a lack of infrastructure is often a major obstacle to growth; However, the lack of infrastructure points to a clear market opening for a creative and efficient new business.
Bank account opening in Tonga In connection with the incorporation of a company, it is necessary to open one or more bank accounts in Tonga. Confidus Solutions offers the ability to open a bank account in over twenty jurisdictions, making it easy for you to avoid challenging language barriers or bureaucratic hassles.
Virtual office in Tonga Since a registered address is a necessity for international business, Confidus Solutions enables foreign investors to set up a virtual office in Tonga. This address allows international entrepreneurs to accept mail, arrange for shipping and set up a registered bank account in their country of business.
Tax regulations If you are researching starting a business in Tonga, consult with a lawyer or consultant with extensive experience in the area you are considering. This advisor can help you with everything from laws and tax structures to local helpers. You need to consider every aspect from the local office to your highest organizational structure; Make sure you recruit the best possible mentors as you embark on this exciting but challenging process.
Confidus Solutions deals with not only offshore companies and banking, but also provides all necessary business support services. Our professional team is much more than traditional bookkeeping agencies or company formation agents. We can ensure all required support, including legal framework and personal assistance, and these are things that provide our clients with comfort they deserve.
Our business support services include following offers, but are not limited to:
Legal address; Mail forwarding; Bank accounts opening; Translation services; Document legalization and verification; Business due diligence; Representation during negotiations; Consultations regarding insurance; Real estate purchase and due diligence; Legal advice on commercial law; Virtual office; Management office; Contract law. We highly value needs of our clients, so we can offer you more services on case-to-case basis. Even though our central office is located in Europe – our numerous co-operation partners around the globe can help us find unique solution in any part of the world!
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27.06.2024 10:04