Why should you consider incorporating an IBC?

If you have a considerable sum of money to safeguard, it might be in your best financial interest to set up an offshore company in the form of an International Business Corporation, otherwise known as the IBC, to shield your assets. An offshore company is essentially a company incorporated in a jurisdiction other than the one in which it conducts much of its operations.

WHAT ARE THE BENEFITS OF TAKING YOUR BUSINESS OFFSHORE?

Most of the biggest names in the Global industry including Boeing, Weyerhaeuser, Sears, Exxon, Caterpillar, Monsanto, and nearly all the fortune 1000 companies have gone offshore.

But why?

Well, there are many compelling reasons to set up an offshore company. However, most corporations turn to IBCs to take advantage of tax laws that are more partisan than those in the United States. Incorporating an offshore company is a great way to keep your taxes low and more of your company profits fluid — though, it does not alleviate the need to pay taxes in the country where the income was derived.

The other benefits of incorporating an offshore company are; holding offshore bank accounts, the ability to trade internationally, business and land ownership in a foreign country, increased financial flexibility and privacy. With the formation of your new offshore company, which could take as little as two days to register in some jurisdictions, you will also enjoy complete confidentiality in your corporate affairs. Business owners can also form an offshore company with a minimum amount of cash equity in the business. Different countries have different rules for this, but overall upfront costs are much cheaper to set up an offshore company in a jurisdiction like Panama as opposed to Switzerland, for example.

You may also find that offshore companies offer a higher quality of asset protection than setting up your company in the United States. Most offshore destinations will let you form an offshore company in such a way that earnings are fully shielded from any lawsuits or creditors waiting in the wings to attack your hard-earned profits. In jurisdictions such as Panama, for example, a person can incorporate an offshore company without using their real name. This can provide a level of anonymity that is not possible in the U.S. system of the business. This type of corporation is known as an anonymous bearer share corporation. In today's banking world, very few places outside of Panama still offer and enforce, through banking secrecy laws, this level of privacy.

Bottom Line

Do you wish to break the restrictive chains of onshore bureaucracy by taking your business offshore and take advantage of some of the incredible offshore jurisdictions, such as Panama?

With no requirements to meet, and no annual returns to file, your newly formed offshore corporation will grant you the business flexibility you only dreamed of. If you want to set up an offshore company, then you need to research the jurisdiction in which you will incorporate and be comfortable with the advantages and disadvantages offered.

It is advised that you look for a reliable and well-established agency that will assist you in setting up your offshore company and advise you on all the legal aspects. These professionals have years of experience in setting up offshore companies, offshore bank accounts, setting up a trust, and so on. They also offer total privacy and guarantee that your accounts and personal details will remain secure and confidential.

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Created on Sep 1st 2020 05:27. Viewed 262 times.

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