An international Business Company is defined as a company that pays no taxes, and is for the most part free of trade and other restrictions such as exchange control, trade licensing and public disclosure requirements in the country in which it is incorporated and resident. In all other respects an offshore corporation can perform practically any function an ordinary corporation can perform. Thus the Belize IBC is an ideal tax planning vehicle which can be used for a wide range of commercial activities. It now offers tax-free IBCs by virtue of the IBC Act 1990. This legislation is modelled on the earlier British Virgin Islands legislation and as the annual Government fees are only $100, whereas the equivalent fee payable in BVI is US$300. Belize Offshore Centre is likely to become an important offshore corporate domicile