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IBC or International Business Company or as it is also called International Business Corporation is basically an offshore company that is usually incorporated under the laws of some jurisdictions worldwide as a tax neutral company, meaning that it is not subject to tax in the country of incorporation. It is also limited in the direct business activities it may engage in while operating in the context of the jurisdiction in which it is incorporated.
Importance and main functions of IBC
Often IBC features can vary by jurisdiction, but typically include confidentiality of business records, ability to issue shares, provision of a local registered agent or office, and exemption from local corporate income tax as the majority of offshore Jurisdictions that removed or are processing removal exempt IBC from local taxation while reducing corporate income tax to zero to avoid hurting the entire offshore finance industry.
Such companies are generally formed for offshore banking, international investment, asset protection, real estate and intellectual property ownership, and other business activities related to international trade.
A list of jurisdictions offering IBC as a business structure
As stated in Streber Weekly, there are many jurisdictions that offer IBC as a business structure. The list of such jurisdictions is quite long: Antigua and Barbuda, Anguilla, Barbados, Bahamas, Belize, Brunei, British Virgin Islands or BVI, Cook Islands, Comoros, Dominica, Grenada, Gambia, Mauritius, Marshall Islands, Monsterrat, Nauru, Saint Lucia, Samoa, St. Kitts and Nevis, St. Vincent and the Grenadines, Seychelles and Vanuatu. This list includes most jurisdictions without considering their worldwide reputation. Some popular offshore jurisdictions not mentioned previously offer territorial taxation and other tax incentives in lieu of IBCs. These business structures can operate as Exempt Corporations, Free Zone Corporations, or Non-Resident Corporations, etc. without having the ease of IBC corporations: Panama, Hong Kong, Cayman Islands, Turks and Caicos Islands (TCI), United Arab Emirates (UAE), Bermuda.
For example, the jurisdiction of Panama is generally appropriate for International Foundation or IBC in terms of asset protection. The jurisdiction of Hong Kong in general is also convenient for international trade due to the favorable tax system as no withholding tax, capital gains tax, capital gains tax, VAT and other types of taxes are levied.
The most respected jurisdictions for IBCs
The British Virgin Islands (BVI) is recognized as the world's leading offshore business center with more than 450,000 operating companies registered on its territory. He is often referred to as the grandfather of all IBCs. International international business corporations have a fairly good reputation among other jurisdictions of this type due to the ability to transfer domicile and privacy of ownership for assets collected within the corporation. In general, the BVI provide flexible, cost-effective and fast international offshore company formation services.
Seychelles can be alternatives to BVI offshore companies as this jurisdiction also offers ease of administration, simplicity and privacy. Additionally, with more than 175,000 companies registered there, IBC is the most common type of company formed on islands. The IBCs of this jurisdiction are commonly used as consulting and staffing services firms, as well as holding companies for stocks, real estate, and stocks.
The Bahamas is one of the oldest offshore jurisdictions to be considered classic like the previously mentioned BVI as it is independent, politically stable, has an improving reputation and is gambling friendly.
Saint Kitts and Nevis has a good reputation but is also politically stable and has an average to low cost. However, this jurisdiction is more popular for its limited liability companies (LLC).
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Today, banking accounts for the largest share of the Luxembourg economy in terms of net worth and turnover. Back in 2017, according to the Global Financial Centers Index, Luxembourg ranked 18th among the most competitive financial centers in the world, while at the same time ranking third among the most competitive banks in the European Union. Luxembourg has a narrow specialization in the field of cross-border finance management. Due to the fact that the domestic market of Luxembourg is quite small, the country's financial center is mainly focused on the international market.
To date, there are 144 banks in Luxembourg. More than 120 of them are actually branches and subsidiaries of international banks. Luxembourg's financial sector is currently one of the largest contributors to the domestic economy. The total net worth of Luxembourg banks is roughly estimated at almost 760 billion euros. Luxembourg is also the world's second largest investment center after the US.
Below you can find an overview of the 6 largest commercial banks in Luxembourg. Deutsche Bank Luxembourg S.A. Total volume of assets in year 2015: ~ €80,023,000,000
Annual total profit in year 2015: ~ €289,000,000
One of the biggest German banks - Deutsche Bank has successfully established a subsidiary bank on the territory of Luxembourg back in year 1970. Back in the days it was one of the first foreign subsidiary banks in the post-World War II period. Deutsche Bank Luxembourg was one of the original financial institutions which were incorporated in the state. Today Deutsche Bank Luxembourg S.A. provides wealth management services to wealthy private individuals and clients, issues international loans as well as provides agency services, corporate and investment related banking services, and retail investment services.
CACEIS Bank Luxembourg Total volume of assets in year 2015: ~ €46,082,000,000
Annual total profit in year 2015: ~ €84,000,000
CACEIS originates from France. It specializes in fund management. CACEIS is a part of Credit Agricole Group - a French banking cooperative comprised of 39 smaller local banks. The bank was established in year 2003 and today one of the biggest financial institutions in the country. CACEIS provides wide range of services, including different kinds of deposits and custody related services, wealth management, transfer agency, as well as institutional and corporate banking services.
Banque et Caisse d'Epargne de l'Etat (BCEE) Total volume of assets in year 2015: ~ €42,797,000,000
Annual total profit in year 2015: ~ €230,000,000
The Banque et Caisse d'Épargne de l'État (also known as BCEE) currently is the biggest domestic financial institution in Luxembourg. Better known as Spuerkeess in local language, it was established in year 1856 and since then is fully owned by the state of Luxembourg. The bank provides wide range of commercial and corporate banking services, including fund management, project investment, and narrow specialized private banking. Bank's long term credit rating according to Moody's is Aa2, which is a high grade.
Société Générale Bank & Trust Total volume of assets in year 2015: ~ €36,399,000,000
Annual total profit in year 2015: ~ €406,000,000
Societe Generale Bank & Trust is one of the oldest international financial institutions based in Luxembourg. It was originally established as a branch bank of Société Générale Alsacienne de Banque (also known as OGENAL). In the past well known as Luxbanque Société Luxembourgeoise de Banque S.A., the bank had changed its name to Société Générale Bank & Trust S.A. back in year 1995. Societe Generale Bank & Trust currently provides a great variety of banking services and products, including wealth management, securities trading and fund management, provision of corporate financing services both in Europe and globally.
BGL BNP Paribas Total volume of assets in year 2015: ~ €32,969,000,000
Annual total profit in year 2015: ~ €152,000,000
Banque Générale du Luxembourg (also known as BGL) was incorporated back in year 1919 as a local bank. In year 2009, BGL became a part of the international BNP Paribas Group. Today Banque Générale du Luxembourg offers banking products mostly in retail banking, individual wealth management, as well as corporate and institutional investment banking and fund management. BGL BNP Paribas' long term credit rating according to Moody's is A1, which is upper medium grade.
UniCredit Luxembourg S.A. Total volume of assets in year 2015: ~ €19,728,000,000
Annual total profit in year 2015: ~ €64,000,000
UniCredit Bank historically was one of the first international financial institutions to operate on the territory Luxembourg. The bank is a part of UniCredit Group, which was established by a merger of several banks from Italy, Germany, and Austria, in addition to acquisitions in Central and Eastern Europe. Currently UniCredit Group runs several branches and subsidiaries in almost 50 countries of the world. The bank provides wealth management and corporate banking services and had been granted a long-term credit rating of A3, upper medium grade, according to Moody's.
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Company types The sociedad de garantia reciproca and sociedad anónima are frequently encountered company types throughout South America. All South American countries are independent from each other, which makes it difficult to offer specific guidelines for registering a company. Please bear in mind that if you need to incorporate a company in Brazil, make sure you contact us first. There are fundamental differences between private (fundação privada) and public (fundação pública) entities in Brazil.
However, if you are looking for an easy-to-follow tutorial on the major legal structures for companies in South America, please continue reading, as there are a number of factors that may present significant challenges and risks. Confidus Solutions’ top-choice suggestions are Argentina, Chile, Colombia, Ecuador, Paraguay and Peru.
Argentina A view in ArgentinaIn Argentina, you can incorporate an S.R.L., an S.C.S., an S.C.p.A., an Soc.Col. or one of several other legal entities. S.R.L. in Spanish stands for sociedad de responsabilidad limitada, which closely resembles the United Kingdom’s Limited Company (Ltd) or the US limited liability company. The S.C.S., or sociedad en comandita simple, is almost identical to a limited partnership. S.C.p.A. stands for “sociedad en comandita por acciones” and is a limited partnership with shares, whereas a Soc.Col. or sociedad colectiva is general partnership similar to those found in the United States of America. Argentina also has several other legal entities that we have not listed here.
Brazil A view in BrazilIn Brazil, you can incorporate an Ltda, an S.A., a sociedade simples or one of several other types of legal entities. Ltda in Portuguese stands for sociedade limitada, which is similar to a limited company (Ltd) in the United Kingdom. An S.A. is a sociedade anônima which is equivalent to a UK plc. Finally, the sociedade simples is exactly the same as a PLLC. Brazil also has a number of other legal entities not listed here. Contact us if you need help deciding on the most suitable company type for your corporate needs.
Chile A view in ChileIn Chile, the options are SpA, LTDA. or few other company types. SpA in Spanish stands for sociedad por acciones, which is essentially a limited partnership with shares. LTDA. stands for sociedad de responsabilidad limitada and is equivalent to the United Kingdom’s limited company (Ltd). More and more business leaders are shifting their focus from China to Chile — a country that attracts a substantial amount of foreign investment. This is mainly due to its growing economy and dynamic business regulations. Incorporating a company in Chile can bring many benefits.
Colombia A view in ColombiaIn Colombia, the available company types are S.A., S.A.S. and Ltda. S.A. in Spanish stands for sociedad anónima which is quite close to a plc in the United Kingdom or a corporation in the United States. S.A.S. stands for sociedad por acciones simplificada, which is a similar concept to the French S.A.S. (societé par actions simplifiée). Finally, an Ltda in Colombia is a sociedad de responsabilidad limitada, equivalent to the idea of a limited company (Ltd) in the United Kingdom or an LLC in the United States.
Ecuador A view in EcuadorIn Ecuador, you can incorporate a C.A., a Cía, an Ltda or an E.P., among other options. A C.A. in Spanish is a compañía anónima; A Cía Ltda is a compañía limitada, which means limited liability company; while an E.P. is an empresa pública.
Peru A view in PeruPeru, among many other options, offers the chance to register an S.A.A. (sociedad anónima abierta in Spanish). This is a specific type of legal entity that must meet one or more conditions, set out in Article 249 of the General Corporation Law. Remember, an S.A.A. is audited by the Comisión Nacional Supervisora de Empresas y Valores (CONASEV). Forming a company in Peru gives you a ready-made solution for doing business all over South America, legitimately.
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North Korea is a Juche one-party state (various interpretations). In terms of political and civil liberties, North Korea ranks 3rd. Citizens in North Korea experience little to no civil liberties and political rights. Citizens are not free to express themselves and enjoy neither political freedom nor representative government. Countries with this political situation are dangerous for investment as an authoritarian government may have over-control over economic affairs. Prime Minister is Kim Jong Un.
According to the World Bank Group, North Korea's Government Effectiveness Index is -1.65. This indicates that the government of North Korea is very ineffective. The government is unable to provide civil and public services to its citizens and has fostered a situation that is contributing to political and social unrest. In North Korea, legislative power rests with a Supreme People's Assembly. The Global Peace Index (GPI) for North Korea is 2.977. In 2013, North Korea received US$98.1 million in development aid. In 2014, foreign aid was $118.5. North Korea is a member of the United Nations (UN). On September 17, 1991, it became a full member of the United Nations.
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Possible risks Compliance rules, laws and standards typically cover matters related to maintaining reasonable standards of market conduct and treating clients fairly. Depending on the size of their business, banks' compliance obligations can range from preventing conflicts of interest, money laundering and tax evasion to monitoring trading activities and ensuring compliance with applicable regulations. The compliance requirements for most financial institutions have increased significantly since the financial crisis of 2008, and new compliance issues are constantly emerging – such as conduct risk, risk culture, anti-money laundering and the risk of the Next Generation Bank Secrecy Act (AML/BSA) and third – and including fourth party risk.
The compliance function needs to broaden its focus beyond the financial institution and its employees. It is also responsible for ensuring that the bank's customers do not use the bank for illegal activities such as tax evasion, money laundering or terrorist financing. If illegal activities are suspected, the compliance office must ensure that the bank takes the right steps, otherwise it can be held liable.
While banks view compliance requirements as a way to keep their reputations clean, non-compliance can result in hefty fines, regulatory and legal penalties, and reputational damage. “Compliance risk” is defined as a bank's risk of suffering regulatory or legal sanctions, reputational damage or significant financial loss because of its failure to comply with regulations, laws, rules, relevant self-regulatory standards and codes of conduct applicable to specific business operations.
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A representative office of a company is an office established in a foreign market to perform marketing functions, data collection, and other operations that do not involve the sale of products or the provision of services. A key characteristic of a representative office is that, by definition, it cannot be involved in transactions, billing, or any other form of buying or selling products.
Activities of a representative office Representative offices are mainly used for two activities that complement the main functions of the company:
Representation of the parent company managing information When representing the parent company, a representative office can contract and communicate with local partners on its behalf (e.g. organize meetings, send partners information to the parent company, etc.).
In managing information, a representative office may conduct market research, organize marketing campaigns, and collect data from customers. It also serves as a point of contact between head office and customers when no other communication channels are available.
In general, a representative office is a way for a company to venture into an unfamiliar foreign market without taking too many risks. This is because, in many countries, establishing a representative office is easier than opening a branch office - since representative offices cannot sell any products or services, they are often less strictly regulated than other types of companies. Representative offices require fewer resources (logistics networks, specialized sales staff, warehouses for goods) to perform their main tasks, so in case of failure, withdrawing from a particular market will not be overly costly.
Advantages of a representative office A representative office has several advantages over other ways of representing a company in a foreign market:
Easier registration and management Representative offices cannot conduct business transactions, which is why they are not as strictly regulated as other companies in many countries. Ability to open bank accounts Although representative offices are limited in their functionality, they can still be used to open corporate bank accounts for their parent company in a foreign market. Easy first market entry Representative offices are an advantageous solution when the parent company is unsure whether or not to expand into a specific foreign market, as they allow it to enter the market for initial research without the need to establish supply chains, a customer base, etc . circumvent restrictions In certain jurisdictions, branch offices and other forms of corporate representation with the ability to conduct transactions are prohibited or subject to certain restrictions. Representative offices are a way to enter the market bypassing these restrictions.
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13.01.2024 15:28
