Exempted companies (also referred to as IBC's or
offshore companies) are used for a multitude of different
purposes, including, without limitation:
As directors, officers and shareholders
of other companies;
As trustees of trusts exempt from
licensing requirements;
As general partners to exempt limited
partnerships;
To hold property located outside TCI;
To hold title to property and assets
generally;
To act as mutual funds in certain
circumstances;
To manage and maintain bank and brokerage
accounts.
Exempted companies are typically limited by
shares, however, they may be limited by guarantee (i.e. not
having a share capital) or incorporated in a hybrid form (i.e.
limited by guarantee and having a share capital). The more
specialized forms are used in particular cases to achieve
specific objectives - see this site's information on Guarantee
Companies and Hybrid Companies.
