Meaning & Definition of word "Offshore"

Offshore

ˌɔːfˈʃɔːr

1. a location situated directionally away from the shore.
- Example: The fishermen ventured further offshore to catch larger fish.

1. to transfer business operations to a location outside the home country, often to reduce costs.
- Example: The company decided to offshore its customer service operations to improve efficiency.

1. located or based at a distance from the shore.
- Example: The company invested heavily in offshore wind farms to generate renewable energy.
2. involving or relating to financial services situated outside a country's jurisdiction.
- Example: We moved our investments to an offshore account to take advantage of tax benefits.
3. pertaining to activities or enterprises that are conducted at sea or over water.
- Example: The offshore drilling operation was halted due to environmental concerns.

From 'off' + 'shore', meaning away from the shore.

offshore banking:

Banking services provided outside of one's country, often for tax benefits.

offshore drilling:

The process of extracting oil or gas from beneath the ocean floor.

offshore outsourcing:

The practice of hiring third-party services from overseas.

offshoring:

The practice of moving business operations to another country.

offshore wind:

Wind energy generated from turbines located in the ocean.

offshore company:

A company that is registered in a foreign jurisdiction to take advantage of favorable regulatory conditions.

Meaning: A term used for businesses that operate outside of regulatory norms.

Example Sentence: That startup is considered offshore because they register in tax havens.

Meaning: Referring to activities that are hidden or undisclosed, often in a financial context.

Example Sentence: He's known for offshore dealings that evade scrutiny.