International business company

US LLCs, UK LLPs and Hong Kong companies are all examples which are widely used in similar capacity to IBCs and which meet all the characteristics above.

However, in recent years, countries such as Belize have changed their corporate laws in order to adhere to global transparency initiatives such as the Common Reporting Standard (CRS) and the United States version FATCA.

Though this is generally the rule of thumb, the last decade has seen many changes in corporate laws around the world; as a result, offshore companies and structures in Belize, for instance, are losing their 'offshore' status and are being restructured into the local economy.

Offshore companies can be used for virtually any type of transactional activity (some requiring a special license) such as buying and selling goods and services, or holding of physical or digital assets, intellectual property, real estate or for banking and investment accounts.

Most corporate laws in jurisdictions omit the word 'offshore' due to its negative connotations and non-specific character, instead using IBC in reference to companies that engage in non-local activities outside the boundaries of the state.