Yes, it can protect physical assets such as property, cash, cars, boats, IP etc. but be careful over which jurisdiction you choose, many may not protect your assets fully!
Some offshore service providers can open an account for a Seychelles IBC within 7-10 working days, you just need to speak to the right people that have good Banking relationships...
Buy cheap buy twice! Always stick to recommended firms that have a long history of top customer service and will stick with you throughout the life of your company (provided the company is renewed annually of course!).