What is IBC (ex Offshore)?
The term international business company (or offshore business) refers to any legal entity whose beneficial ownership and business activities lie outside the country of incorporation i.e.
- Its shares must belong directly or indirectly exclusively to aliens, and
- Its income must be derived from sources abroad and business carried out outside the country of registration. However if the shareholder of the company is a European citizen then the company is allowed to carry out its activities also within Cyprus.
- IBCs (offshore business) are legal, recognized by the authorities.
- the procedures of establishing and operating such entities are simple and related costs low.
- Incorporating an IBC in Cyprus (offshore company) as a vehicle for your corporate or private business enables you to operate anonymously and without many of the restrictions involved in «onshore business».
- It offers substantial tax benefits