It offers similar asset protection as would a domestic incorporated company. However, the significant advantage of an IBC is that, as stated earlier, it is governed by the laws of the offshore country where it is incorporated. Since creditors commonly assume that an IBC holds assets with a financial institution located in the country of incorporation, it is common practice for an IBC to establish one or more bank or investment trading accounts in a country other than the country of incorporation. This set up provides an additional measure of privacy and protection. We mentioned above that sophisticated individuals have been using IBCs for the past few decades.
IBC formation explodes upwards after the new laws put in place.
Around 115,000 IBCs have now been formed. That said, before forming an IBC, you want to analyze your own financial and business affairs and do what is best for you. What is in your best interests may or may not involve going offshore. To be clear, understand that the sole purpose of this website is to inform and educate you. Without question, you should obtain the services of a knowledgable and competent Attorney or Accountant before establishing any sort of Offshore structure.