What is an International Business Company (IBC)

An international business company (IBC) whether established in Belize, Seychelles, Cyprus or anywhere in the world it is established for tax planning and asset protection purposes. These companies are created to engage in international trade of goods or services with tax optimisation in mind. In some cases confidentiality is of paramount importance, in others asset protection hence different tax jurisdictions offer different solutions to the specific needs of our clients. 

One size fit all?

No. Even though the majority of the tax jurisdictions offer similar products and cost fairly the same, such jurisdictions have their differences, advantages and disadvantages which serve different purposes. What they do have in common though is zero or reduced tax rates and minimal filing requirements so that they are attractive to the public. For the majority of these jurisdictions, substance, physical visits or meetings by management are not even required making them the perfect vehicle used remotely by the ultimate beneficial owners; the persons who set them up.

How does it work?

Decide Where - Decide Vehicle - Create Company - Maintaining it

Once we decide the tax jurisdiction that best suits your needs, we will obtain from you the required documentation to proceed with the incorporation which usually takes few business days. Thereon, it is a matter of maintaining your IBC depending on the requirements of each jurisdiction; for instance in Cyprus a local audit is required whilst for Belize and BVI companies management accounts must be produced annually.  

How can we assist you

Whether establishing a stand alone IBC or a group of companies that includes an IBC we are here to help you. Being a firm of Chartered Accountants with truly international reach we can assist you with the creation of such groups or companies in our capacity of International Tax Experts (such groups usually include various multi tax jurisdiction vehicles) or/and we can handle the accounting, audit and tax obligations of these Companies within these groups under our capacity of licensed and regulated Auditors.

Sometimes the shareholders or the banks may request audited financial statements of the IBC. We can perform such audit engagements under the International Financial Reporting Standards (IFRSs). Typically such engagements are requested by IBCs owned by more than 1 shareholder and by European banks which want extra comfort and assurance over the financial size and affairs of their clients (the IBC) prior to opening their bank account or to continue keeping it.

Formation and support services

• Jurisdiction selection
• Company type selection
• Correspondence with local agents
• Correspondence with local government departments
• Continuous ad hoc advice and support
• Processing of accounting information
• Preparation of management accounts
• Audit engagements to the extent permitted by the jurisdiction
• Ad Hoc engagements

Once we discuss (either physically or remotely) and conclude on your needs and existing set up of operations we will establish the most efficient tax planning structure for you and upon your approval we will provide you with the international company vehicles that suit your needs, within hours. This is commonly achieved from our extensive network of international legal, audit and service provider firms which we have been co-operating with for almost a decade. 

Such companies include amongst others Belize, BVI, Cayman Island, Seychelles and many more jurisdictions each with its own benefits and characteristics.

Once the tax group is being established we will request to be the groups’ compliance representative; i.e CYAUSE Audit Services Ltd will be responsible for all group members compliance issues including local tax filings, VAT and tax.

To ensure this, we will be liaising with our or your overseas corporate service providers, accountants and lawyers to ensure that the group set up and individual company compliance is up to date. This is then something that will take place annually or semi-annually depending on client needs and jurisdictions involved.

For example, if within the group there is a BVI company, a Cyprus company and a Seychelles company and at the date of the group formation these companies had certain filing, tax and audit requirements. We will make sure that every six months or every year these requirements are been met so that all three companies are always compliant with their local regulators. We will also make sure that any local changes affecting these companies are also communicated to you to ensure compliance with the latest developments.

Through our extensive network of international tax advisors, auditors, law firms, corporate service providers and 3E Accounting Network we are in the position to provide you with consultation and tax advice for the most suitable jurisdiction and company type we should create that meets your specific needs instantly. 

We can facilitate the creation of any company anywhere in the world including

• Dubai
• Seychelles 
• BVI (the British Virgin Islands)
• Ireland
• Bahamas
• Malta
• Isle of Man
• Gibraltar
• Cayman Island
• Cyprus
• United Kingdom 
• Anywhere in the World

Simply drop us an email at kt@cyprusaccountants.com.cy together with the Company of your choice and we provide you with the incorporation process of any company in the world.

Depending on the jurisdiction, the timing and pricing of incorporating such companies varies.

Contact Us to Learn More