The 2 types of companies are increasingly similar, but a domestic company still needs 2 directors instead of one (who must be individuals) and 2 shareholders instead of one. This may all change shortly and the domestic company may soon also allow you to have only 1 director and 1 shareholder just like with an IBC. The Registrar of Companies operates the registry for domestic companies whereas the FSA operates a more modern and efficient registry for the IBC. IBC name application can be done in less than 1 hour and registration can be completed within a day, whereas name application for a domestic company can take several days, and registration of a company can take 2 to 3 weeks.