Business
Companies Act 1992 and the International Business Companies Act 2000
Domestic companies incorporate under the Companies Act 1992, while the International Business Companies Act 2000 provides a streamlined vehicle widely used for cross-border holding and structuring. Both are administered by the Registrar General's Department. Since 2018 the Commercial Entities (Substance Requirements) Act has required relevant entities carrying on specified activities to demonstrate adequate local substance and to report annually.
Key rules
- Jurisdiction — National; Registrar General and the Securities Commission
- Deadline — Annual government fee: paid by 31 December for IBCs
- Deadline — Economic substance report: filed annually within nine months of the financial year end
- Deadline — Beneficial ownership: registered particulars kept current
Governing law
- Companies Act 1992
- International Business Companies Act 2000
- Commercial Entities (Substance Requirements) Act 2018
- Register of Beneficial Ownership Act 2018
In practice
The IBC is no longer a light-touch vehicle: substance and beneficial ownership legislation introduced in 2018 means an entity must be able to show where it is genuinely managed, and reporting failures carry penalties independent of any tax consequence. Businesses also need a Business Licence, which is assessed on turnover rather than profit and is a separate annual obligation from the corporate filings.