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Here are some of
the most frequently asked Questions and Answers about International Business Companys
(IBC's).
 What is an IBC?
An "IBC" is short for International Business Company. Such a
company is formed and registered in a country other than a major industrialized nation.
It is considered a separate legal person and allows you to conduct business that is
international in scope without the restrictions often found in a developed country.
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Is it illegal to own an IBC?
Absolutely not. Some governments give the impression that they are
frowned upon because they fear that they could lose taxes earned by such companies, but
there is nothing illegal about an IBC. If your country requires payment of taxes on
income earned overseas and you do not pay these taxes, this is called tax evasion and
could carry a heavy penalty in your own country. The wealthy have used these
vehicles for many years. It is only since common people have begun to use them that
they seemed to be frowned upon. You cannot get into trouble with the authorities in
your country for just owning an IBC. Your problems only begin if you choose not to
pay your taxes and observe the reporting requirements of your country.
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Why should I get an IBC?
Owning an IBC will bring you several benefits, including the following:
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1. Privacy - It protects
your business from the snooping eyes of nosy neighbours.
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2. Asset Protection - If
you live in a country where people are quick to sue, having an IBC will protect you from
frivolous lawsuits and from creditors who are trying to relieve you of your assets.
It could protect you from being taken to the cleaners by a spouse in the event of a
divorce. It is insurance against predators of all kind.
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3. Investment Opportunities
- An IBC is excellent for investment purposes. Many of the best investments are
available only outside of the developed countries. Some of these investments will
not accept funds from citizens of certain countries. Since an IBC is a separate
person, domiciled in an offshore location, you can invest through such a company and be
better able to diversify your investments worldwide. As industrialized countries
develop more and more repressive and controlling laws, the flood of investment money going
offshore will become a veritable torrent.
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4. Family Asset Protection
- An IBC can be used with one or more offshore trusts to protect family assets, saving the
money usually associated with probate and inheritance taxes, and to reduce or eliminate
capital gains taxes. |
Will an IBC help me reduce
Taxes?
An IBC can help you defer payment of taxes if your business is properly
structured and in some instances it may help you to reduce taxes. It should not be
viewed primarily as a tax saving vehicle, but rather as one that provides you with privacy
and asset protection. We recommend that you pay your taxes and not be forced to
enjoy it in a small room controlled by the judicial system in your country. It is
best to be transparent in all your business dealings through an IBC.
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What can I do through an IBC?
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You can own a bank account in any country of the
world and make deposits and withdrawals at will, using either bank wires, bank drafts or
credit cards.
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You can own an offshore credit card with a paper
trail that goes back to the offshore jurisdiction. Your home government is usually
most interested in the big-ticket items that you purchase with such cards.
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You can invest in stocks, bonds, mutual funds,
certificates of deposit, real estate, gold, etc., in any part of the world.
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You can handle all the international marketing
of a product manufactured at home base though an IBC and reduce operational costs.
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You can handle all advertising of a business in
your domicile from an offshore IBC and improve your profit margins.
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You can operate a consulting or management
business from an IBC.
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You can use an IBC to apply for a banking
license or an insurance license. The latter is especially suitable for professionals
who wish to reduce the high insurance premiums associated with some professions such as
the practice of medicine. You can also use an IBC to apply for a mutual fund license
and own your own mutual fund. |
In which countries can you assist me to form
an IBC?
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St. Vincent & the Grenadines |
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St. Lucia |
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Grenada |
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Panama |
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Belize |
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The BVI |
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St. Kitts/Nevis |
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Anguila |
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Dominica |
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Guernsey |
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Cyprus |
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Liechtenstein |
Please note that the setup cost varies with each
jurisdiction. For prices for an IBC in St. Vincent & the Grenadines, see our price list. Please ask for a quotation for any
other jurisdiction in which you are interested at info@argonlimited.com
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What are the
advantages of forming an IBC in St. Vincent & the Grenadines?
The following advantages have been given by the
current Director of the International Financial Services Authority in St. Vincent:
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The lowest government
fees of any offshore jurisdiction |
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Zero taxation of
international entities |
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Old established
banking history and culture |
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Joint
supervision/regulation of international banks by the International Financial Services
Authority (IFSA) and the Eastern Caribbean Central Bank (ECCB) |
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Home of the Mustique
Company - oldest, most successful private investment project in the Caribbean |
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An independent
supervisory Authority |
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Excellent professional
services |
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A stable, secure and
well regulated operational environment |
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Culture of Anti Money
Laundering (AML) Compliance |
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Absence of major
financial scandals in the sector |
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Absence of a
reputation for having "capitulated" to the Financial Action Task Force
(FATF)/international organizations |
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Bearer Shares are
provided by this jurisdiction. Some jurisdictions eliminated bearer shares, oblivious to
the fact that many European countries still offer them |
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Strong position on the
OECD harmful tax initiative |
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Unlike some Eastern
Caribbean islands which emerged from blacklisting with zero or just one international
bank, St. Vincent & the Grenadines emerged as a viable international banking center
with some ten banks remaining when the jurisdiction was de-listed. |
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What name should I give to my
IBC?
You can choose any name you wish. We simply check out its availability
and inform you. Some people use the names of birds, flowers, plants, place names
etc. You can create a name out of thin air if you choose. In general, you
should choose a name that can be easily remembered, if it is to be used in a business
whose name clients will need to remember. It is sometimes a good idea to choose a
name that starts with a letter that is high in the alphabet.
Each name must carry a suffix such as "Limited", "Ltd.",
"Incorporated", "Inc ", "S.A.", "GmBH",
"AG" "Corporation" or "Corp. "
We can provide you with a list of available names that we have checked with the Authority, from which you can choose a name for your IBC.
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Who will form the IBC for me?
The IBC documents are usually prepared and registered by a licensed
professional called "A Registered Agent". Such an agent is usually an
attorney, or a person trained as one, an accountant or a professional who is of high
character and with the knowledge and ability to conduct this business. The IBC is
registered at the International Financial Services Authority (IFSA).
The office of the Registered Agent is called "The Registered
Office". This will be the local address of your IBC in the jurisdiction that
you choose.
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What documents must I submit to the
Registered Agent?
You must submit a signed application form for each beneficial owner and
office of the company (see application form), a
picture ID, usually a copy of your passport or your driver's license.
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What documents will I receive from
the Registered Agent?
When your IBC is registered, you will receive
the following:
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Articles of Incorporation |
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By-Laws |
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Certificate of Incorporation |
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Tax Exempt Certificate |
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Certificate of Good Standing |
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Power of Attorney |
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Share Certificate(s) |
These documents can be apostilled if required in
your country (many European countries require this to be done).
The cost of mailing the documents to you is included in the setup cost. If you wish them to be sent by courier, the cost is $50.00 to the US and $75.00 to all other countries.
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Can I have an Offshore Director
for my IBC?
Yes, you may. However, please note that the idea of a Nominee Director
is a misnomer. One is either a Director or one is not. Our company can provide
a Director if this person is fully acquainted with the business at all times and is paid
as a director. No responsible Registered Agent will make provisions for "paper
directors".
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How should I show ownership of my
IBC?
You may show ownership either with Registered Shares or Bearer Shares.
The person who has title to Bearer Shares is the person who has possession. Most
jurisdictions have ceased to issue Bearer Shares. St. Vincent & the Grenadines
still issues such shares, but the Registered Agent is required to hold these in safe
keeping for the client. A copy of the share certificate is sent to the client.
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What happens to my IBC if
I should die?
The assets in an IBC will pass to a relative according to the laws of
inheritance in the jurisdiction where the IBC is formed, if you die without making advance
provisions. To prevent this, you should ask an attorney to prepare a minute, adopted
at a meeting of the owners of the IBC, that appoints your chosen successor in your stead,
in the event of your death and lodge a copy of this with the Registered Agent.
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What is the cost of an IBC?
Request current setup fee by sending us an email to argonlimited@gmail or calling 784 485 6585.
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What
should I do now?
Call Argon Limited if you have further questions at: 784 485 6585, or send
E-mail to:
 argonlimited@gmail. com
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Proceed to the Application page. |
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