The term international business company (or offshore business) refers to any legal entity whose beneficial ownership and business activities lie outside the country of incorporation i.e.
- Its shares must belong directly or indirectly exclusively to aliens, and
- Its income must be derived from sources abroad and business carried out outside the country of registration. However if the shareholder of the company is a European citizen then the company is allowed to carry out its activities also within Cyprus.
- IBCs (offshore business) are legal, recognized by the authorities.
- the procedures of establishing and operating such entities are simple and related costs low.
- Incorporating an IBC (offshore company) as a vehicle for your corporate or private business enables you to operate anonymously and without many of the restrictions involved in “onshore business”.
- It offers substantial tax benefits
