Whats the difference between an IBC and an LLC?
First of all, a US Limited Liability Company (LLC) is not a regular tax-free company. An LLC is a US registered company which does not issue shares, therefore does not have shareholders. Its owners are known as members. While an IBC cannot conduct business in the country of incorporation, there is no such restriction on an LLC. The similarity is where an LLC is owned and operated outside of the United States by US non-resident aliens and have more than one member; there is no tax liability on its members. LLC’s must file annual accounts. Its members are individually liable to tax on their share of the profits if earned within the US or if a member is a US citizen or resident.
