web
counter

Offshore companies or IBCs

Discussion in 'Offshore Company & Bank Account Guides' started by Admin, Jun 5, 2016.

  1. Admin

    Admin Forum Moderator The Forum Cleaner

    bvi-company.jpg

    BVI Incorporation

    (International Business Company) are an essential or countries whose topography includes coastal areas. IBCs are primarily private corporations flaunting a viable organisational structure. They are exempted of taxes because of their international business affairs. They maintain strict confidentiality within their corporate structure.
    In 1984, the IBC adopted the British Virgin Island Ordinance and the IBC BVI acquired a prime status in the offshore services industry. Nowadays, BVI is the most famous tax haven as every month, more than 5000 offshore companies get registered and the number of total incorporations has risen to a whopping 600.000! BVI is therefore, the most dominant offshore domicile of present day and many IBCs around the globe are simply referred to as BVI.

    Although BVI was already a remarkably successful offshore corporate legislation, yet on January 1, 2005, the BVI Business Companies Act ensured its complete supremacy. Prior to the enforcement of this Act, the offshore financial industry faced a lot of challenges, particularly the pressure against ‘illegal discrimination’ between two types of companies; domestic and offshore. With the new BVI Act, all such discriminations have come to an end and a singular, uniform company; the BVI Business Company which enjoys the benefits of its former legislation, including tax exemption, sparkles on the horizon.
    Characteristics:

    1. Tax Exemption:
    As stated earlier, the most important characteristic of a BVI company is that it is absolutely exempted from income tax which implies that the estate, inheritance, succession or gift tax is not payable with respect to any shares or debt obligations of a BVI BC.

    2. Secrecy:
    Another prime factor of a BVI business company is its confidentiality. Except for the Memorandum and Articles of Association, no other information regarding details of the company beneficial owners, directors and shareholders are not a part of public record.

    3. Ease of Access:
    BVI is easily accessible by sea and air, has modern telecommunications and is on US Eastern Standard Time.

    4. Structural Flexibility:
    A BVI company is unique because it does not really require a whole company of individuals or corporations to be run. It may have only one director, one share holder, and one owner, and can still thrive in the industry.
    General advantages:
    Compiled below are some advantages that set BVI company apart from other offshore financial companies.
    • The official currency of BVI is a US dollar, which ensures that the local government does not control the currency, or artificially manipulate the money supply.
    • The BVI Company boasts of a clean international repute because of its political stability which it has maintained due to its British Overseas Territory status.
    • It has an independent judicial system based on the English Common Law which enhances its position among the competitors.
    • Client information secrecy is of utmost importance in BVI. Therefore, information sharing pacts with foreign countries or organizations in exchange for financial privileges is absolutely avoided. It is also because BVI
    Company is an independent country with a fairly high standard of living.
     
    I'mRobot, suzy, moneynetwork and 15 others like this.
  2. aage

    aage Offshore Agent Entrepreneur

    I read many places BVI is dead as an offshore jurisdiction, can that be true or nonsense?
     
    Admin and alley like this.
  3. auric

    auric Offshore Agent Mentor Group Sponsor Business Angel

    I would not recommend to incorporate your business in the BVI any longer! too much trouble to little outcome.
     
    uplana, mert, employme and 2 others like this.
  4. alley

    alley Offshore Agent Entrepreneur

    It looks to me that the BVI is a great offshore jurisdiction along with other others but they just have made it a complicated process to incorporate your business there. It seems also that they have been under pressure from other European nations to improve their DD procedures.
     
    mert, employme, yves and 1 other person like this.
  5. happyjohn

    happyjohn Corporate Services Entrepreneur Business Angel

    BVI is finish with all the regulations and DD policy they put in place to register a simple Company there!
     
    uplana and alley like this.
  6. alley

    alley Offshore Agent Entrepreneur

    Would you say it's easier to just order a read-made company maybe?
     
    Admin and happyjohn like this.
  7. happyjohn

    happyjohn Corporate Services Entrepreneur Business Angel

    No forget the BVI as possible option or solution for your business needs. As I understand you have already incorporated your business in Cyprus. Stay there and build and expand your business from there.
     
    mert and employme like this.
  8. vitomerchant

    vitomerchant Offshore Agent

    IBC or offshore company it is covering the same entity I think!
     
    yves and uplana like this.
  9. uplana

    uplana Corporate Services Business Angel

    Yes it is one and the same thing IBC = International Business Company and means you don't do business locally!
     
    londonfalls likes this.
  10. waltercrane

    waltercrane Member

    I still prefer Offshore company for my business, since I'm not able to provide a huge money on it. So offshore company is the best choice.
     
    employme likes this.
  11. shadowcaser

    shadowcaser Member

    We are the same mate. Offshore company is a real help for a small business like mine which only able to spend a little cash.
     
    employme likes this.
  12. yves

    yves Offshore Agent

    Isn't it all the same as long as the company does not do business locally you can call it a IBC even companies not registered in an offshore jurisdiction may be called IBC's
     
    employme likes this.
  13. Sany zeth

    Sany zeth Active Member

    Exactly you are right...
     
  14. maiden

    maiden Member

    I will only use offshore company for my business. They're suitable to my needs and not cost a lot.
     
    employme likes this.
  15. erzascarlet

    erzascarlet Member

    I prefer offshore company for my business. They offer all things I need in my business.
     
    employme likes this.
  16. employme

    employme Member

    So offshore IBC will not do business locally is there anyone actually do local business with their offshore corp?
     
  17. fireserve

    fireserve Super Moderator Mentor Group Sponsor

    BVI offshore company formation was among the first to request outrageous documents, so the Seychelles was following and I wonder who is next!
     
    moneynetwork likes this.
  18. londonfalls

    londonfalls New Member

    I contacted an law firm in the BVI asking them what they require to incorporate my business there. It was an endless list of requirements and ridiculous documents they required for a simple company formation. It is even faster and easier to incorporate a company in my home country!
     
  19. aris

    aris Offshore Agent

    Any recommendation to which law firm you have contacted please?
     
    I'mRobot likes this.
  20. mert

    mert Offshore Agent Business Angel

    I would also say.. figure out what the requirements are to get an BVI offshore company, check if you can get all the documents required and if possible it's still an great offshore jurisdiction to incorporate your business!
     
    I'mRobot likes this.