Offshore
The term offshore refers to a location outside of one's home country. The term is commonly used in the banking and financial sectors to describe areas where regulations differ from the home country. Offshore locations are generally island nations, where entities set up corporations, investments, and deposits. Companies and individuals may move offshore for more favorable conditions, including tax avoidance, relaxed regulations, or asset protection. Although offshore institutions can also be used for illicit purposes, they aren't considered illegal [Investopedia].
The term "offshore company" or “offshore corporation” is used in at least two distinct and different ways. An offshore company may be a reference to a company, group, or sometimes a division thereof, which engages in offshoring business processes or International business companies or other types of legal entities incorporated under the laws of a jurisdiction that prohibit local economic activities. The former use is probably the more common usage of the term. In isolated instances, the term can also be used for companies with offshore oil and gas operations [Wikipedia].
Offshore company. Wikipedia. Retrieved from: https://en.wikipedia.org/wiki/Offshore_company
Offshore: Definition, How It Works, Pros and Cons. Investopedia. Retrieved from: https://www.investopedia.com/terms/o/offshore.asp