Sign up here to receive our Free Non-Resident Banking Starter Guide and weekly updates on the best account opening options available: Frequently Asked Questionsīelow are a few of the most common questions we receive from people looking into what an IBC is. Do You Want Our Free Non-Resident Banking Guide? As for the client, banks will only offer them services that make sense for the financial position of their IBC and their banking requirements. From the bank perspective, this is due to different capabilities, different client appetites, and different areas of expertise. Considering these two areas of activities, the IBC banking services that banks will typically offer include the following:Īgain, the specific services each bank will offer clients are different. That said, IBCs are generally used as offshore holding companies or as corporate entities to support activities across a number of jurisdictions. The specific banking services that are offered to each IBC client will depend on their specific banking requirements, deposit and account balance, activities, and timelines. Likewise, individuals should consider the ongoing reporting and disclosure requirements that they may have to their home country if they own or control a company outside of their home country. In other words, individuals should be looking for an IBC that directly supports their citizenship, residency, and broader tax planning strategy. Instead, each potential corporate structure needs to be carefully assessed in the context of each individual. Additionally, the specific benefits that offshore lawyers and service providers promote are not always applicable to everyone. Importantly, while IBCs can offer benefits, they can also be expensive to set up and expensive to maintain. Depending on the business activities and regulatory environment, it is possible that IBCs will face taxation locally regardless of where incorporation was completed. That said, the jurisdiction where an IBC operates is also important. IBCs are a popular corporate structure for anyone looking at tax planning. IBCs offer a range of benefits, including tax benefits, asset protection, minimal reporting requirements, and minimal disclosure requirements. IBC refers to an International Business Company, which is a corporate entity registered in an offshore jurisdiction or offshore financial center. Do You Want Help Opening Bank Accounts?. This article is part of our free series on international banking ranging from our free guide on bearer shares to opening accounts remotely.įeel free to use the table of contents to jump ahead to the sections most relevant to you. In this article, we’re answering “What is an IBC?” But, instead of keeping you waiting, an IBC is an International Business Company.īelow, we discuss where IBCs are incorporated, how they are used, and the benefits that most people can unlock with an IBC.
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