The TCI and BVI are both British dependencies which are favoured for offshore incorporations because they are politically stable and they offer special types of companies - the Exempted company in the case of TCI and the IBC also known as the International Business Company in the case of the BVI . Belize , formerly known as British Honduras, and the Bahamas also offer IBC's. Only one director is required and details need not appear on any public record so confidentiality can be retained. Directors may be corporate or individual. Shares may be issued in bearer or registered form but in either case no details need appear on the public file.
Shareholders can be individuals or corporations.
There is no requirement in any of the jurisdictions to file accounts on the public record. Board meetings may be held anywhere in the world. No tax is payable in the country of incorporation. Maintenance is simple and inexpensive the only requirement being to maintain a registered office address and a local resident representative in the country of incorporation. There is no requirement that the company state its registered office address or details of its directors on the company letterhead.