An IBC is a corporation that is incorporated (formed) in a zero tax or low tax jurisdiction and is typically authorized to do business anywhere in the world except its home country (i.e., an IBC formed in St Vincent and the Grenadines may do business anywhere in the world except St. Vincent). Just as with U.S. corporations, the same person may act as the shareholder, director, and officer of the company. As long as the Company has only one shareholder, one person may act for the company. If the Company has more than one shareholder then a minimum of two directors is needed.

The St. Vincent and the Grenadines IBC is a vehicle of choice for persons seeking a flexible and modern corporate vehicle through which to do business. The IBC is exempt from any corporate, income, withholding, capital gains or other taxes on income or assets for 25 years.