International business companies
registered in jurisdictions like Seychelles
and British Virgin Islands (BVI), though
they do have similarities with the Cyprus offshore
companies, have also some important differences. Their
main characteristics are:
· The company can have only one director and a single
shareholder, like in the case of Cyprus.
· The shares can be either
registered or bearer. (Cyprus companies issue
only registered shares but anonymity is safeguarded
through nominee shareholders and directors, which
can also apply in the case of registered shares issued
by IBC incorporated in BVI and Seychelles.) In the
case of bearer shares our office needs to know the
shareholders’ names but this information is treated
as highly confidential by us and is not publicized.
· The company is not required
to prepare annual accounts or audited balance sheets.
· Seychelles, BVI, Niue are
all tax heaven countries i.e zero tax is
paid with the exception of a fixed annual duty, generally
between US$100 and $300.
· The details of the shareholders and /or directors
are not publicly available.
· Registration fees are somewhat lower than in the
case of the Cyprus companies.
· No double tax treaties exist with other countries,
unlike Cyprus.
· It is not necessary to hold an annual meeting in
the place of registration; there is no foreign exchange
control for the IBCs; no withholding tax on dividends;
100% repatriation of capital and profits; the above
also apply in the case of Cyprus international business
companies.
The most popular jurisdictions
are:
Ø The British Virgin Islands
Ø Belize
Ø The Seychelles
Ø Niue (New Zealand)
Ø Dominica.
