offshore

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Offshore

Describing an institution, especially a bank, that exists in a foreign country. Colloquially, the term refers to institutions that exist in known tax havens. Individuals and companies use offshore accounts to avoid or evade taxes in their home countries. As a result, some emerging financial centers have objected to being called "offshore," asking for parity with the developed financial world.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

offshore

Of or relating to a financial organization whose headquarters lies outside the United States. Although offshore institutions must abide by U.S. regulations for operations carried on within the U.S., other activities generally escape domestic regulation.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
Companies are now shifting from cost-driven offshoring to a multidimensional value proposition in creating a global footprint."
As companies expand offshoring activities by increasing scale or by offshoring more diverse and complex functions, most firms see a decline in the overall efficiency.
Organizations today follow a variety of approaches when entering into an IT offshoring arrangement.
residential mortgage market represents an incredible opportunity for the effective utilization of business process offshoring. The Outlook for the Real Estate Finance Industry report, prepared by the Council to Shape Change--an independent group of mortgage industry leaders, of which this author was a member--concluded that the mortgage market's correction would result in real estate financial processes being broken down into smaller components that can be isolated, optimized, automated and outsourced.
Matt Perkins, financial services partner at Deloitte in Birmingham, said: "Offshoring is maturing at a rapid pace but, in future, the best offshoring strategies will not, and cannot, be based on labour arbitrage alone.
Economic factors and the growth of technology have contributed to the offshoring explosion in the U.S.
But some say partners who manage and monitor the outsource process may find the value of their time makes offshoring more expensive than doing the job in-house.
For many workers, offshoring seems like a new face to an old enemy.
So, today's offshoring represents maintaining and continuously improving upon that effectiveness and efficiency for profitability." Organizations, he says, are going to a global delivery model.
Entitled The Cusp of a Revolution: How offshoring will transform the financial services industry, the Deloitte report tells CEOs that they had better get their companies aboard the offshore express before they miss out completely on this "transformational" opportunity and are left in the dust.
"Offshoring is creating significant operating cost advantages that leading lenders will use to competitively differentiate themselves in price, service and profitability," the study noted.