A corporation formed (incorporated) under a "Company Act' of tax havens, but not authorized to do business within that country. It is intended to be used for global operations and is owned by member(s)/shareholder(s). IBCs have attributes normally associated with any corporation.
A typical company of that type can carry on business outside its jurisdiction of incorporation, have meetings of its Directors and/or Members anywhere in the world, keep as many bank accounts as it desires anywhere in any currency, issue bearer shares. An IBC is exempted from all or the most part of taxes in jurisdiction of incorporation. As a rule such companies have low profile owing to the lack of requirements to register their Directors' and Shareholders' details with the local authorities.
A corporation formed (incorporated) under a Company Act of a tax haven, but not authorized to do business within that country of incorporation; intended to be used for global operations. Owned by member(s)/shareholder(s). Has the usual corporate attributes.