Posts Tagged "IBC"

Information from Deloitte about the Tax System in Cyprus

Posted by offshorepedia on Feb 26, 2011 in Cyprus, Link Bank | 1 comment

Deloitte is one of the largest providers of audit, tax,consulting and financial advisory services in Cyprus and constitutes a part of Deloitte Touche Tohmatsu (DTT) that is one of the world’s leading professional services firms with almost 170.000 people in more than 140 countries.

Deloitte’s professional services in Cyprus includes:

• audit of financial statements in accordance with International, UK or US audit standards tax services to both Cyprus and foreign companies,
• consulting services including financial and management consulting,

Personal Investment Corporation (PIC)

Posted by offshorepedia on Feb 22, 2011 in Dictionary | 0 comments

A PIC, or Personal Investment Corporation, is a term used in the banking industry to refer to an International Business Company (IBC). PICs are generally created for the private bank’s client in order to hold the client’s investment assets.

Some Basic Characteristics of an International Business Company (IBC) in Belize

Posted by offshorepedia on Feb 27, 2010 in Belize, Company Formation | 0 comments

Belize is a popular jurisdiction for incorporating offshore companies and IBC’s incorporated in Belize are often used by high net worth individuals to lease and own property, estate planning, tax optimization and also in conjunction with trust and by international companies in cross border transactions.

A Belize IBC is a tax-free and exchange control-free Limited Liability Company, incorporated under the laws of Belize. However all its profit-earning activities must be conducted outside Belize. A foreign company also has the option to continue under the law of Belize as an IBC and would still have all the benefits provided by law.

A fundamental feature of the IBC in Belize is how the law was specially designed to be cost saving. Because there are no minimum capital requirements, no need for audited accounts, no annual returns, no requirement for a local director or secretary and no requirement for an annual general meeting, the costs of maintaining a Belize IBC are kept to a minimum.

Another feature that makes a Belize IBC attractive is its flexibility. Only one director and one shareholder are necessary and it may have bearer shares or registered shares, voting or non-voting shares as well as the authorized share capital may or may not have a par value. The IBC may conduct any business that is not prohibited under the laws of Belize save and except for banking, insurance, trust management and collective investments, which requires a license. The IBC may also purchase its own shares and redeem its own shares.

Although the Belize IBC must conduct all its profit earning activities outside Belize, it may lease an office in Belize, obtain the services of Belize professionals and trust companies, keep its company records and hold meetings in Belize, operate an account with a local Banking institution, hold shares in another Belize IBC and own vessels registered in Belize.

To register a company in Belize proper due diligence is carried out by the registered agents in compliance with The Money Laundering Act and Code of Conduct in Belize. A company may choose to have nominee directors or nominee shareholders; however, the only document presented for public filing at the registry is the Memorandum and Articles of Incorporation. There is no requirement for public disclosure or annual filing of accounts under the act. The Financial Intelligence Unit of Belize and the International Financial Services Commission of Belize are the only two organizations that have privy to client’s information upon request.

IBC – International Business Company

Posted by offshorepedia on Feb 21, 2010 in Dictionary | 0 comments

IBC is short for International Business Company or International Business Corporation. An IBC is incorporated in an offshore jurisdiction and does not conduct any business in that jurisdiction. The IBC is almost always exempted from all taxes in the jurisdiction where it is incorporated even though it has to pay some annual fees to the local authorities. The concept with IBCs exists in most offshore jurisdictions.

Features of International Business Companies (IBC’s) in Belize

Posted by offshorepedia on Jan 20, 2010 in Belize, Company Formation | 0 comments

There are many features that set Belize apart from other locations for IBC creation and incorporation. Below are some of the major features:

• Competitive prices for incorporation and annual fees for a Belize IBC;
• The incorporation process for Belize Offshore companies will not take longer that 3 working days;
• A Belize offshore company is exempted from all taxes;
• The names of the shareholders and directors for offshore Belize are not a part of the public record;
• The bearer share is allowed for offshore Belize;
• Minimum of one director and shareholder required for Belize incorporation;
• To incorporate in Belize, the director(s) and the shareholder(s) can be physical person or a company;
• The director and the shareholder can be the same person;
• There is no requirement to appoint a local or any secretary for Belize companies;
• The first director of the company is appointed at the organizational meeting of the Belize corporation;
• For Belize corporations, there is no requirements to file any accounts or to provide annual audits reports;
• The register of shares has to be kept and up to date;
• A registered agent and a registered office are required;
• Annual fees are due to be paid by the 31st of July, starting from the second year of incorporation and each subsequent year thereafter;
• The Belize IBC cannot derive any income from activities in Belize;