INTERNATIONAL BUSINESS CORPORATIONS

A term used to define a variety of offshore corporate structures. Common to all IBCs are their 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. Once formed, the company will become a 'separate legal entity' and once established, its financial liability be limited and it can also be arranged that the principals will have no manifest connection with the company. IBCs are routinely used in money-laundering schemes because they provide an impenetrable layer of protection around the ownership of assets. The corporation was created as a legal entity in order to give business people the opportunity to conduct their affairs without risking all their assets. At its heart was the concept of limited liability that depended on a paid-in capital. In the world's leading commercial jurisdictions, corporations are required by law to have regular meetings and keep books and corporate records, otherwise the protection of the corporate form ends. In contrast, in most jurisdictions the IBC operates without any government requirements. The purpose of the IBCs corporate form is to enable its owners to act with complete anonymity and the limited liability has been extended to a concept of no legal responsibility for any action.