Panama City 6/6/2013 6:05:40 AM
Why set up an International Business Company?
In the business world, the interest in starting an international business company (or IBC) is higher than it has been in years. The benefits that individuals and businesses can reap from setting one of these up draws a lot of attention and interest from people from all walks of life. However, not all people know about the benefits, nor do they know how to go about setting one up. There are some countries that are better as tax havens than others too. There are many advantages of an international business company and here are some of the biggest reasons people consider setting one up.
Privacy
There are no requirements or obligations for an offshore company to file annual financial reports and audits in most offshore jurisdictions to the tax authority. Since there are no reports involved, many people never have to tell anyone that their money is there and that is great for people wanting to keep their finances quiet. It is also helpful because instead of the money being put under the name of those who put it into the company, it is listed under the name of a company of which you are simply listed as a shareholder.
Protection
When there is less information shared and required to be shown, it is easier for you to protect your assets. Since this information is kept personal, if any type of lawsuit is brought against you, personal or business, this information does not have to included in your personal finances. Many times when a personal law suit comes against a person or business, they can go after more than just the business finances. There are certain types of claims that can also include getting money from the individuals in the business if they are found at fault.
Taxes
The other big benefit that some consider to be the greatest benefit of all is that there are different tax structures for these types of businesses. When money is tied up in another country in any type of offshore banking or business, it is subject to the tax laws of that country. These countries will serve as tax havens of sort for people to leave their money. If left in the same country they are living, the tax laws change. This is a large benefit because people then get to keep more of their money without the government taking their portion when April rolls around. One great example is with the Panama IBC. In this case there are fees, but they are minimal when compared to the taxes of the United States.
Easily Setting Up an IBC
The first thing you need to know about setting up an IBC is that it is easy. So easy, in fact, that you can simply go down to your local bank and open one, no flight plans required. If you are going to set one up, it can also be a good idea to consult a lawyer from the country of your choosing about what you might want to do, since they are the ones that are going to be experts on the laws.
