International Business Corporations (IBCs) are entities that have been granted a charter by a foreign government to conduct a commercial enterprise.
Here are some advantages to using an IBC to move assets offshore:
An IBC can help you accomplish a variety of goals:
The Internal Revenue Service (IRS) in its Abusive Tax Scheme Program lists IBCs as a potential structure for tax evasion. Remember U.S. people are required to report all financial interest in their offshore accounts. You may use IBCs for privacy or asset protection against creditors and competitors, but not from the U.S. government.
Contact a business lawyer who is familiar with the intricacies and complexities of IBCs. A lawyer familiar with IBCs will be able to discuss the tax implications with you as well and make sure your IBC is working within the law.
Last Modified: 06-02-2015 12:16 PM PDTLaw Library Disclaimer
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