TYPES OF COMPANY:
- International Business Companies (IBCs)
- LLCs, called Societies With Restricted Liabilities (SRL)
- Companies Providing International Financial Services
- Exempt Insurance Company
- Qualified Insurance Company
- External Company
- Protected Cell Companies
- IBC $1.
- Exempt Insurance Company $125,000
- Company Providing International Financial Services and accepting third party deposits $2 million; If not accepting third party deposits $500,000.
|Annual fees:||$1,400(for IBCs)|
|Rate of Taxation:||International Business Companies 1% – 2.5%|
|How long to incorporate:||5 business days on average. 24 hours for urgent requests. incorporation|
|No. of Directors needed:||Minimum of one. May be foreign or local. May be person or Corporation.|
If there is a Secretary a local person is recommended
|Annual meetings:|| One annual general meeting required each year.|
Location subject to By-Laws. First shareholders must be within 18 months of incorporation.
Next meeting 15 months thereafter. Shareholder meetings may be in person or by telephone,
subject to By-Laws.IBCs must file their financial statement with the International
Financial Unit. These must be audited if revenues are $1 million or more.
They are not available to the public. Annual returns not required.
|Exchange controls:||None for IBCs|
BANK ACCOUNT OPENING