Offshore Corporations Information

Offshore corporations are simply corporations formed outside of the United States. Generally speaking, their business is to be conducted outside of the country where formed and they may not do business with any person resident in that country (excepting that they may have bank accounts there). They are very popular and widely used because of their administrative ease, flexibility and tax exempt status in their country of origin. They are widely accepted and understood by the international financial community. They may engage in any activity that is not illegal under the laws of the country of their origin subject only to any restrictions that may have been placed in the corporate charter as well as any restrictions that may exist in the jurisdictions where they operate.

International Business Companies or IBCs (another way of saying "offshore corporations") are popular because of the asset protection they provide as well as the privacy and anonymity that IBCs enjoy. However, under US and local laws you may be obligated to disclose your ownership interest in your IBCs and you are also obligated to pay certain US and local income taxes as may be generated by their operations. Likewise, depending upon the jurisdiction in which your IBCs operate, you may be required to disclose the names and addresses of their officers and directors.

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