The answer depends on what your objectives are. Many countries all over the world are considered to be "tax havens". Generally they have no taxes (on foreignors) and strict privacy laws. If you wish to  operate an active income business that sells a product or service, then perhaps you should consider  a country that has a tax-treaty with your country of residence.

A different common objective is a passive income investment  IBC to accrue income, un-taxed or deferred, as a nest-egg. Then a country with strict privacy laws and a track-record of not giving in to high-tax nation pressures may be best.

For North Americans, several factors for choosing the jurisdiction are important. First, the tax havens under consideration must have no taxes of any kind and strictly enforced privacy laws. Next, English must be the main language, the judicial system must be based on British Common Law, the country must be politically stable and independent.

Ideally, the tax haven should be geographically close to home country to allow for visiting, and for time zone conveniency. This narrows the field down to The Bahamas, Belize, The British Virgin Islands (BVI), Nevis and St. Kitts, and The Turks & Caicos. Each of these jurisdictions forms completely private IBC's that are authorized to do business worldwide (except in the country of incorporation). An IBC formed in one country is just as private and functional as an IBC formed in any of the others.

The last important aspect is the price. Seychelles, Belize, the Bahamas and the BVI (in that order) are the most reasonably priced jurisdictions.