+ Plus, get YOUR most pressing bank account opening questions answered by our team!Īnd “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts. + Tried & tested banks for high-risk, offshore, & non-resident clients + GlobalBanks international bank database & detailed bank profiles + Step-by-step reports to open accounts in the best banking hubs + Expert insights on which banks to choose & why GlobalBanks IQ is our flagship international account opening solution. If so, you can get access to GlobalBanks IQ in just a few clicks. This is especially true when comparing long standing offshore entities like the British Virgin Islands BC to a more “difficult to bank” company like those registered in Saint Vincent and the Grenadines. That said, certain IBCs are better placed to access international banking than others. IBCs typically offer tax advantages, enhanced privacy, asset protection, and a strong foundation for international business. What Company Is an IBC?Īn IBC is an offshore corporate entity registered in an offshore jurisdiction or an offshore financial center. Alternatively, IBCs may also be used in business in order to benefit from specific tax treaties and related advantages. When a business owner decides to incorporate an IBC, it is usually because the business operates across a wide range of jurisdictions or requires access to a wide range of foreign currency. In business, IBC stands for International Business Company. IBCs can help their owners unlock a wide range of benefits including tax advantages, enhanced privacy, asset protection, and much more. IBC stands for International Business Company, which is a type of offshore corporate structure incorporated in an offshore financial center. If you have further questions you would like to ask our team, don’t hesitate to get in touch. 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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