International Business Corporation (IBC)
Definition: The term international business corporation or IBC refers to a corporation formed in an offshore financial secrecy jurisdiction which is afforded certain tax advantages and protection as to the disclosure of its beneficial owner. Depending on the offshore financial secrecy jurisdiction, shareholders of the IBC may remain confidential through the use of bearer shares.Just as with U.S. corporations, the same person may act as a shareholder, director, president, agent, or as any other officer within the company. Generally, however, the beneficial owner(s) will appoint resident officers and directors for the IBC. Typically an IBC is authorized to do business anywhere in the world except in its home country where it was incorporated (i.e. an IBC formed in The Bahamas may do business anywhere in the world except The Bahamas). The IBC may purchase real estate, cars, businesses, etc. The beneficial owner may act as an agent of the IBC to purchase assets on its behalf. By this means, assets are held under a corporate name, thereby helping to protect the beneficial owner's privacy. It has been reported that there are over one million IBCs formed in offshore jurisdictions worldwide.