Malaysia Hotline: +603- 2141 8908
IBC
- an International Business Company - is the most commonly used official name
for what is more popularly known as an "offshore company". IBC's are
the basic building blocks of the offshore financial services industry.
Essentially,
a modern IBC is a private corporation which is exempt from tax, suitable for
virtually any international business activity, has a flexible organizational
structure, is not burdened by excessive reporting and record-keeping
requirements, and maintains strict confidentiality provisions.
Since
the adoption of the British Virgin Islands International Business Companies
Ordinance in 1984, the BVI IBC has attained a model status in the offshore
services industry. With more than 600,000 total incorporations and more than
5000 new companies registered every month, BVI is by far the most popular
offshore tax haven. Such is the dominance of the British Virgin Islands as an
offshore corporate domicile, that in many regions of the Far East International
Business Companies are called simply as "BVI's".
In
January 1, 2005 a brand-new version of the BVI Business Companies Act came into
force. The new Act represents a further development in the already outstanding
BVI offshore corporate legislation. The new law successfully addresses the
challenges faced by the offshore financial industry in the 21st century, in
particular the pressures against 'illegal discrimination' between domestic and
offshore companies. Thus the new BVI Business Companies Act removes any former
distinction between a local company (operating in the domestic market) and an
offshore company (restricted only to international business). According to the
new Act, there is now only one, unified type of company - a BVI Business
Company, which continues to be exempt from tax and continues to enjoy all the
substantial benefits afforded by the previous legislation.
The
Chief Minister of the BVI, Dr. the Hon. D. Orlando Smith, said at the
announcement of the new legislation: "The new BVI Business Companies Act
was designed to safeguard the attributes that have made the BVI the world's
premier offshore company domicile. The collaborative effort to draft this new
Act has resulted in legislation that not only retains all the virtues of the
current IBC Act, but makes the BVI even more attractive to clients by including
new features that have become desirable since the enactment of the current
Act."
Contact us
If you have further queries, please contact Tannet
24 hours Malaysia hotline：603-21418908;
24 hours Hong Kong hotline：852-27837818;
24 hours Hong Kong hotline：86-755- 36990589;
Email: mytannet@gmail.com
TANNET GROUP : http://www.tannet-group.net, http://en.tannet.com.my