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Category Archives: Offshore
Posted: November 12, 2016 at 5:27 pm
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:
The former use (companies formed in offshore jurisdictions) is probably the more common usage of the term. In isolated instances the term can also be used in reference to companies with offshore oil and gas operations.
In relation to companies and similar entities which are incorporated in offshore jurisdictions, the use of both the words "offshore" and "company" can be varied in application.
The extent to which a jurisdiction is regarded as offshore is often a question of perception and degree. Classic tax haven countries such as Bermuda, British Virgin Islands and the Cayman Islands are quintessentially offshore jurisdictions, and companies incorporated in those jurisdictions are invariably labelled as offshore companies. Thereafter there are certain small intermediate countries or areas such as Hong Kong and Singapore (sometimes referred to as "mid-shore" jurisdictions) which, whilst having oversized financial centres, are not zero tax regimes. Finally, there are classes of industrialised economies which can be used as part of tax mitigation structures, including countries like Ireland, the Netherlands and even the United Kingdom, particularly in commentary relating to corporate inversion. Furthermore, in Federal systems, states which operate like a classic offshore centre can result in corporations formed there being labelled as offshore, even if they form part of the largest economy in the world (for example, Delaware in the United States).
Similarly, the term "company" is used loosely, and at its widest can be taken to refer to any type of artificial entity, including not just corporations and companies, but potentially also LLCs, LPs, LLPs, and sometimes partnerships or even offshore trusts.
Historically, offshore companies were broadly divided into two categories. On the one hand were companies which were statutorily exempt from taxation in their jurisdiction of registration provided that they did not undertake business with persons resident in that jurisdiction. Such companies were usually called International Business Companies, or IBCs. Such companies were largely popularized by the British Virgin Islands, but the model was copied widely. However, in the early 2000s the OECD launched a global initiative to prevent "ring fencing" of taxation in this manner, and many leading jurisdictions (including the British Virgin Islands and Gibraltar) repealed their International Business Companies legislation. But IBCs are still incorporated in a number of jurisdictions today including Anguilla and Panama.
Separately from IBCs, there are countries which operate tax regimes which broadly achieve the same effect: so long as the company's activities are carried on overseas, and none of the profits are repatriated, the company is not subject to taxation in its home jurisdiction. Where the home jurisdiction is regarded as an offshore jurisdiction, such companies are commonly regarded as offshore companies. Examples of this include Hong Kong and Uruguay. However, these tax regimes are not limited to conventional offshore jurisdictions: the United Kingdom operates on broadly similar principles in relation to taxation of companies.
Separately there are offshore jurisdictions which simply do not impose any form of taxation on companies, and so their companies are de facto tax exempt. Historically the best example of these countries were the Cayman Islands and Bermuda, although other countries such as the British Virgin Islands have now moved to this model. These could arguably fit into either of the previous two categories,depending on the fiscal point of view involved.
Although all offshore companies differ to a degree depending upon the corporate law in the relevant jurisdiction, all offshore companies tend to enjoy certain core characteristics:
The absence of taxation or regulation in the home jurisdiction does not of course exempt the relevant company from taxation or regulation abroad. For example, Michael Kors Holdings Limited is incorporated in the British Virgin Islands, but is listed on the New York Stock Exchange, where it is subject both the U.S. taxation and to financial regulation by the U.S. Securities and Exchange Commission.
Another common characteristic of offshore companies is the limited amount of information available to the public. This varies from jurisdiction to jurisdiction. At one end of the scale, in the Cayman Islands and Delaware, there is virtually no publicly available information. But at the other end of the scale, in Hong Kong companies file annual returns with particulars of directors, shareholders and annual accounts. However, even in jurisdictions where there is relatively little information available to the public as of right, most jurisdictions have laws which permit law enforcement authorities (either locally or from overseas) to have access to relevant information, and in some cases, private individuals.
In relation to flexible corporate law, most offshore jurisdictions will normally remove corporate fetters such as thin capitalisation rules, financial assistance rules, and limitations on corporate capacity and corporate benefit. A number have also removed or watered down rules relating to maintenance of capital or restrictions on payment of dividends. Beyond the common themes, a number of jurisdictions have also enacted special corporate provisions to try and attract business through offering corporate mechanisms that allow complex business transactions or reorganisations to occur more smoothly.
Offshore companies are used for a variety of commercial and private purposes, some legitimate and economically beneficial, whilst others may be harmful or even criminal. Allegations are frequently made in the press about offshore companies being used for money laundering, tax evasion, fraud, and other forms of white collar crime. Offshore companies are also used in a wide variety of commercial transactions from generic holding companies, to joint ventures and listing vehicles. Offshore companies are also used widely in connection with private wealth for tax mitigation and privacy. The use of offshore companies, particularly in tax planning, has become controversial in recent years, and a number of high-profile companies have ceased using offshore entities in their group structure as a result of public campaigns for such companies to pay their "fair share" of Government taxes.
Detailed information in relation to the use of offshore companies is notoriously difficult to come by because of the opaque nature of much of the business (and because, in many cases, the companies are used specifically to preserve the confidentiality of a transaction or individual). It is a commonly held view that most uses of offshore companies are driven by tax mitigation and/or regulatory arbitrage, although there are some suggestions that the amount of tax structuring may be less than commonly thought. Other commonly cited legitimate uses of offshore companies include uses as joint ventures, financing SPVs, stock market listing vehicles, holding companies and asset holding structures, and trading vehicles.
Intermediate uses of offshore companies (i.e. uses which might be considered legitimate or illegitimate depending upon a particular person's view of legitimacy of globalisation and tax planning) include uses as investment funds and private wealth holding vehicles.
The alternative use of the phrase offshore company, being a business or part of a business which uses offshoring as part of its business process, is less common, and is often used as a lazy shorthand way of saying that the relevant business engages in offshoring.
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Posted: November 6, 2016 at 7:09 pm
Offshore Seismic Surveying
Some of the richest energy reserves in the world are just off our US shores waiting to be discovered in a government owned area lying just 3 - 200 miles out to sea. An advanced exploration technique called seismic surveying is the first step to unlock this precious resource needed to ensure America's energy security.
Offshore, a form of sand control technology has been in commercial use since the early 1990s. Offshore sand control technology combines two mature oil and gas technologies hydraulic fracturing and gravel pack completions. The result has been a significant improvement in well life and reliability, productivity, and oil and gas recovery.
API is the worlds leading standard-developing organization for the oil and natural gas industry. See a brochure that provides an overview of industry guidance documents and best practices supporting safe offshore operations.
Opening theU.S. Atlantic Outer Continental Shelf (OCS), the U.S. Pacific OCS and the Eastern Gulf of Mexicoto offshore oil and natural gas exploration and production could have remarkable benefits for job creation, U.S. energy security, domestic investment, and revenue to the government.
Seismic testing has been safely used in the U.S. and around the world for decades to locate potential new sources of hydrocarbon energy. But as the federal government prepares to allow seismic surveys off the Atlantic Coast, groups opposed to oil and natural gas development are actively spreading misinformation.
Posted: at 7:09 pm
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Posted: October 23, 2016 at 4:25 am
COLUMN: How to Get Noticed by Young Recruiters
A public relations blogger offers tips for seasoned pros in her industry. How well do they apply to oil and gas candidates?
Iran is Open for the Oil Business - Sort Of
Hunger for Iran's cheap oil will lure some foreign companies, but questions remain on how much it will cost commodity prices.
Digital Technology to Transform Oil, Gas Hiring Practices
Industry insiders discuss the skill sets that oil and gas companies will need as they move towards digitalization.
Passive Aggressive Behaviors to Avoid at Work
Rigzone highlights common workplace behaviors that are considered to be passive aggressive.
Rigzone tracks the worldwide offshore rig fleet through its proprietary RigLogix database, and we make some of the key rig fleet data available to you here. You'll find information on offshore rig utilization, day rates, contracts, equipment specs, and much more.
The Rigzone Equipment Market brings buyers and sellers of oilfield equipment including land rigs, offshore rigs, drilling equipment, production equipment, and more in a seamless, worldwide exchange.
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Posted: September 11, 2016 at 5:30 pm
What is 'Offshore'
Offshore identifies any item that is located or based outside of one's national boundaries. The term "offshore" is used to describe foreign banks, corporations, investments and deposits. A company may legitimately move offshore for the purpose of tax avoidance or to enjoy relaxed regulations. Offshore financial institutions can also be used for illicit purposes such as money laundering and tax evasion.
Offshore can refer to a variety of foreign-based entities or accounts. In order to qualify as offshore, the accounts must be based in any country other than the customers or investors home nation, existing somewhat separately from the persons other resources and assets.
In the terms of business activities, offshoring is often referred to as outsourcing. This is the act of establishing certain portions of the business functions, such as manufacturing or call centers, in a nation other than the one in which the business most often does business. This is often done to take advantage of more favorable conditions in a foreign country, such as lower wage requirements or looser regulations, and can result in significant cost savings for the business.
Offshore investing can involve any situation in which the investors reside outside of the nation in which they are investing. This may require the creation of accounts in the nation in which the investor wishes to participate.
Offshore banking involves the securing of assets in financial institutions in foreign countries. This practice, which may be limited by the laws of the customers home nation, can be used to avoid certain unfavorable circumstances should the funds be kept in a financial institution in the home nation. This can include the avoidance of tax obligations as well as making it more difficult for these assets to be seized by a person or entity in the home nation. For those who work internationally, the ability to save and use funds in a foreign currency for international dealings can be a benefit. This can provide a simpler way to access funds in the needed currency without have to account for rapidly changing exchange rates.
Due to the fact that banking regulations vary from nation to nation, it is possible the country in which your funds are located does not offer the same protections as other nations.
Businesses with significant sales overseas, such as Apple Inc. and Microsoft Corp., may take the opportunity to keep related profits overseas in markets with lower tax burdens. In 2015, it was estimated that $2.10 trillion in profits were held overseas, across 304 U.S. corporations, which was an 8% rise when compared to 2014.
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Posted: August 25, 2016 at 4:34 pm
We are Offshore Company Formation experts specialized in Offshore Company Formation & Incorporation. Providing the most reliable Overseas Business Services in forward thinking, cutting edge jurisdictions. We offer complete solutions including offshore incorporation, opening offshore bank accounts, payment processing, virtual office services and much more.
Originally established in 1998 as Offshore Secrets Network, we work and partner with financial professionals in over 14 overseas territories and financial centers.
Our managing directors established connections of almost 18 years make it possible for us to offer clients the best products and services available in the best offshore locations around the world. Because we have so many options at our disposal, we can recommend the best jurisdictions and institutions to suit our clients needs. This is a brief list of some of the services and countries that we work in to establish offshore structures for our clients.
Today there are a multitude of offshore jurisdictions touting themselves as the best tax haven to domicile a corporation in. What one needs to look for when selecting an offshore jurisdiction is the following: There should be no taxation on offshore-derived income. The jurisdiction must be stable and secure. A lot of jurisdictions that were once good have in recent years gone bad Click here to read more about offshore corporations
There is no better time to take advantage of Banking Offshore, Offshore Incorporation & Offshore Company Formation as the world becomes a Global Village.
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Posted: at 4:34 pm
Saltwater Fishing Charters by Lagooner Fishing Guides
Thursday August 25, 2016
Canaveral Florida host some of the best charter Captains in the world and Lagooner Fishing Guide Captain Richard Bradley is right in amongst them. If the weather's nice and the seas are fair you'll experience the Atlantic Ocean on Florida's East Coast offering awesome King Mackerel action, seasonal mahi mahi or dorado, cobia, sailfish, grouper, snapper and tripletail like the ones displayed above this summer. There are days when the fish are biting so hard that you literally can't cast a second rod because the first one's already hooked up and running around the boat at breakneck speeds!
"Fishing offshore near Cape Canaveral between Daytona Beach and Fort Pierce, Florida has so much variety for anglers." Explains Captain Richard Bradley "If you are vacationing in Orlando or near it's theme parks Disney, Universal Studios, you'll not want to miss a day of action on the water catching fish and soaking up Florida's sunshine."
Picking an offshore fishing destination is easy in Central Florida as Port Canaveral is absolutely the best bet with the large variety of fish and habitat. Choosing a Charter Fishing Captain is just as easy too... Captain Richard Bradley has over 40 years fishing experience out of Port Canaveral and Cocoa Beach area and is well qualified and full time. "If you're choosing a Charter Captain, look for a full time, licensed and insured Captain" explains Captain Gina. "We see so many part time illegal fishing guides in our area that have no clue about how to take care of their customers and make a difference in a fishing day. Safety and success are our main concern and it's not just about making a boat payment or extra money for us, it's about making a lively hood and doing it RIGHT." Our website reflects what we believe so take a look around and you'll see quality in everything we do.
Offshore of Cocoa Beach and Port Canaveral's beaches are countless reefs, rocks, ridges and wrecks for the fishing enthusiast to explore. Hiring an experienced and knowledgeable local fishing guide offers the best opportunity for anglers to hookup with many of the local species of saltwater fish like the powerful Jack Crevelle or aerobatic tarpon. Venturing further offshore offers anglers deeper water species like Snapper, Grouper, Sailfish and Dolphin. Simply ask your Charter Fishing Captain what's biting and follow his lead to the best bite in Central Florida's offshore waters.
Hello, I'm Captain Gina Bradley from East Central Florida in Cocoa Beach. My husband, Captain Richard takes me offshore fishing all summer long for hard fighting and reel striping action that really makes for a wonderful day for this outdoors girl.
You really can't go wrong on Florida's east coast during the summer. The temperatures on the ocean are cooler than inshore and the fishing is fabulous and fast paced on most days. Captain Richard is an expert and knows how to put his anglers on the fish and you'll enjoy his enthusiasm and love for the outdoors.
Call me today and set up your offshore fishing trip in Central Florida Today!
Captain Gina Bradley Lagooner Booking Agent / 321-868-4953
It's Summer....! Offshore fishing in the summer in this part of Florida can be the most fun a family or serious anglers can have. Whether you're looking to sightfish for cobia or live bait for king mackerel and other offshore game fish, it's usually calm and hot in the summer months out of Port Canaveral. Typically summer fishing tends to slow down in the mid summer in the lagoons and gets really good offshore so it's a great time to change the scene and head out to the deep blue abyss for some hard fighting action.
Reviewed by Captain Richard Bradley on Last modified: January 19 2016 19:26:13.
Published by: Captain Richard Bradley of Lagooner Fishing Guides
Lagooner Fishing Guides Cocoa Beach's premier saltwater fishing guide with over 25 years of charter fishing experience in his native waters. Telephone: 321-868-4953 Website: http://www.lagooner.com
Currencies Accepted USD in the form of Cash, Credit Card, Debit Card
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Posted: August 23, 2016 at 9:31 am
Offshoring is the relocation of a business process from one country to anothertypically an operational process, such as manufacturing, or supporting processes, such as accounting. Typically this refers to a company business, although state governments may also employ offshoring. More recently, offshoring has been associated primarily with the outsourcing of technical and administrative services supporting domestic and global operations from outside the home country ("offshore outsourcing"), by means of internal (captive) or external (outsourcing) delivery models.
India has emerged as a key offshoring destination over the past 15 years. The term is in use in several distinct but closely related ways. It is sometimes used broadly to include substitution of a service from any foreign source for a service formerly produced internally to the firm. In other cases, only imported services from subsidiaries or other closely related suppliers are included. A further complication is that intermediate goods, such as partially completed computers, are not consistently included in the scope of the term.
Offshoring can be seen in the context of either production offshoring or services offshoring. After its accession to the World Trade Organization (WTO) in 2001, the People's Republic of China emerged as a prominent destination for production offshoring. Another focus area has been the software industry as part of global software development and developing global information systems. After technical progress in telecommunications improved the possibilities of trade in services, India became a country leading in this domain, though many parts of the world are now emerging as offshore destinations.
The economic logic is to reduce costs, sometimes called labor arbitrage, to improve corporate profitability. Jobs are added in the destination country providing the goods or services (generally a lower-cost labor country), but are subtracted in the higher-cost labor country. The increased safety net costs of the unemployed may be absorbed by the government (taxpayers) in the high-cost country or by the company doing the offshoring. Europe experienced less offshoring than the United States due to policies that applied more costs to corporations and cultural barriers.
Offshoring is defined as the movement of a business process done at a company in one country to the same or another company in another, different country. Almost always work is moved because of a lower cost of operations in the new location. More recently, offshoring drivers also include access to qualified personnel abroad, in particular in technical professions, and increasing speed to market. Offshoring is sometimes contrasted with outsourcing or offshore outsourcing. Outsourcing is the movement of internal business processes to an external organizational unit. Outsourcing refers to the process by which an organization gives part of its work to another firm / organization and makes it responsible for most of the applications as well as the design of the enterprise business process. This process is done under restrictions and strategies in order to establish consistency with the offshore outsourcing organizations. Many companies nowadays outsource various professional areas in the company such as e-mail services, payroll and call center. These jobs are being handled by other organizations that specialize in each sector allowing the offshoring company to focus more on other business concerns . However, subcontracting in the same country would be outsourcing, but not offshoring. A company moving an internal business unit from one country to another would be offshoring or physical restructuring, but not outsourcing. A company subcontracting a business unit to a different company in another country would be both outsourcing and offshoring.
Related terms include nearshoring, which implies relocation of business processes to (typically) lower cost foreign locations, but in close geographical proximity (e.g., shifting United States-based business processes to Canada/Latin America); inshoring, which means picking services within a country; and bestshoring or rightshoring, picking the "best shore" based on various criteria. Business process outsourcing (BPO) refers to outsourcing arrangements when entire business functions (such as Finance & Accounting, Customer Service, etc.) are outsourced. More specific terms can be found in the field of software development - for example Global Information System as a class of systems being developed for / by globally distributed teams.
A further term sometimes associated with offshoring is bodyshopping which is the practice of using offshored resources and personnel to do small disaggregated tasks within a business environment, without any broader intention to offshore an entire business function.
Production offshoring, also known as physical restructuring, of established products involves relocation of physical manufacturing processes to a lower-cost destination. Examples of production offshoring include the manufacture of electronic components in Costa Rica, production of apparel, toys, and consumer goods in China, Vietnam etc.
Product design, research and the development process that leads to new products, are relatively difficult to offshore. This is because research and development, in order to improve products and create new reference designs, require a skill set that is harder to obtain in regions with cheap labor. For this reason, in many cases only the manufacturing will be offshored by a company wishing to reduce costs.
However, there is a relationship between offshoring and patent-system strength. This is because companies under a strong patent system are not afraid to move work offshore because their work will remain their property. Conversely, companies in countries with weak patent systems have an increased fear of intellectual property theft from foreign vendors or workers, and, therefore, have less offshoring.
A major incentive for physical restructuring arrived when the North American Free Trade Agreement (NAFTA) made it easier for manufacturers to shift production facilities from the US to Mexico. This trend later shifted to China, which offered cheap prices through very low wage rates, few workers' rights laws, a fixed currency pegged to the US dollar, (currently fixed to a basket of economies) cheap loans, cheap land, and factories for new companies, few environmental regulations, and huge economies of scale based on cities with populations over a million workers dedicated to producing a single kind of product. However, many companies are reluctant to move high value-added production of leading-edge products to China because of lax enforcement of intellectual property laws. CAFTA has increased the velocity at which physical restructuring is occurring.
The growth of IT-enabled services offshoring is linked to the availability of large amounts of reliable and affordable communication infrastructure following the telecommunication and Internet expansion of the late 1990s. This was seen all the way up to the year 2000. Coupled with the digitization of many services, it was possible to shift the actual production location of services to low-cost countries in a manner theoretically transparent to end-users. Services include administrative services, such as finance and accounting, HR, and legal; call centers; marketing and sales services; IT infrastructure; application development; and knowledge services, including engineering support, product design, research and development, and analytics. General criteria for choosing IT outsourcing development partner commonly include: communication and language proficiency (both oral and written), previous work experience in client's industry, expertise in defined technologies needed, cost-effectiveness of offshore web development services, clients that are similar in size to the client's company, company longevity, company time zone.
India first benefited from the offshoring trend, as it has a large pool of English speaking people and technically proficient manpower. India's offshoring industry took root in low-end IT functions in the early 1990s and has since moved to back-office processes such as call centers and transaction processing. This spawned the neologism Bangalored, used to indicate a layoff, often systemic, and usually resulting from corporate outsourcing to lower wage economies derived from Bangalore in India, where some of the first outsource centers were located.
Currently, India's low-cost labor has made it an offshoring destination for global firms like HP, IBM, Accenture, Intel, AMD, Microsoft, Oracle Corporation, Cisco, SAP, and BEA[disambiguation needed].
Because of inflation, high domestic interest rates, robust economic growth and increased IT offshoring, the Indian IT sector has witnessed 10 - 15% wage growth in the 21st century. Consequently, Indian's operations and firms are concerned that they are becoming too expensive in comparison with competition from the other offshoring destinations. To maintain high growth rates, attempts have been made to grow up the value chain and diversify to other high-end work in addition to software and hardware engineering. These jobs include research and development, equity analysis, tax-return processing, radiological analysis, medical transcription, and more.
The choice of offshoring destination is often made according to cultural concerns. Japanese companies are starting to outsource to China, where large numbers of Japanese speakers can be found particularly in the city of Dalian, which was Japanese-occupied Chinese territory for decades (this is discussed in the book The World is Flat). German companies tend to outsource to Eastern European countries, such as Ukraine, where the most number of IT professionals in CEE work (90000 IT specialists in 2016),Poland and Romania, where proficiency in German is common. French companies outsource to North Africa for similar reasons. For Australian IT companies, Indonesia is one of the major choice of offshoring destination. Near-shore location, common time zone and adequate IT work force are the reasons for offshoring IT services to Indonesia.
Other offshoring destinations include Mexico, Central and South America, the Philippines, South Africa and Eastern European countries.
The Central America Free Trade Agreement (CAFTA) made nearshoring more attractive between the Central American countries of Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and the Dominican Republic and the US.
Once companies are comfortable with services offerings and started realizing the cost savings, many high-tech product companies, including some in Silicon Valley, started offshoring innovation work to countries like Belarus, South Africa, India, China, Mexico, Russia and Ukraine. Accessing the talent pools in these countries has the potential to cut costs or even shorten product lifecycles. Developing countries like India are also involved in this practice.
When offshoring knowledge work, firms heavily rely on the availability of technical personnel at offshore locations. In order to secure access to talent, Western firms often establish collaborative relationships with technical universities abroad and thereby customize university programs to serve their particular needs. Examples include universities in Shanghai, such as Tong-Ji University, where German firms and scholars co-sponsor labs, courses, and provide internships. Similar examples of collaborative arrangements can be found in Eastern Europe, e.g. Romania. Additionally, EU companies looking for IT innovation often setup collaboration with universities in countries such as Belarus and Ukraine, which have a high percentage of ICT graduates and overall a very skilled IT labor.
"Re-shoring", also known as "backshoring" or "inshoring" is offshoring that has been brought back onshore.
John Urry (distinguished professor of sociology at Lancaster University) argues that the concealment of income, the avoidance of taxation and eluding legislation relating to work, finance, pleasure, waste, energy and security may be becoming a serious concern for democratic governments and ordinary citizens who may be adversely affected by unregulated, offshore activities. Further, the rising costs of transportation could lead to production nearer the point of consumption becoming more economically viable, particularly as new technologies such as additive manufacturing mature 
Offshoring is often enabled by the transfer of valuable information to the offshore site. Such information and training enables the remote workers to produce results of comparable value previously produced by internal employees. When such transfer includes protected materials, as confidential documents and trade secrets, protected by non-disclosure agreements, then intellectual property has been transferred or exported. The documentation and valuation of such exports is quite difficult, but should be considered since it comprises items that may be regulated or taxable.
Offshoring has been a controversial issue spurring heated debates among economists, some of which overlap those related to the topic of free trade. It is seen as benefiting both the origin and destination country through free trade, providing jobs to the destination country and lower cost of goods and services to the origin country. This makes both sides see increased gross domestic product (GDP). And the total number of jobs increases in both countries since those workers in the origin country that lost their job can move to higher-value jobs in which their country has a comparative advantage.
On the other hand, job losses and wage erosion in developed countries have sparked opposition to offshoring. Experts argue that the quality of any new jobs in developed countries are less than the jobs lost and offer lower pay. Economists against offshoring charge that currency manipulation by governments and their central banks causes the difference in labor cost creating an illusion of comparative advantage. Further, they point out that even more educated highly trained workers with higher-value jobs such as software engineers, accountants, radiologists, and journalists in the developed world have been displaced by highly educated and cheaper workers from India and China. On May 1, 2002, Economist and former Ambassador Ernest H. Preeg testified before the Senate committee on Banking, Housing, and Urban Affairs that China, for instance, pegs its currency to the dollar at a sub-par value in violation of Article IV of the International Monetary Fund Articles of Agreement which state that no nation shall manipulate its currency to gain a market advantage. Traditionally "safe" developed world jobs in R&D and the Science, Technology, Engineering, and Mathematics (STEM) fields are now perceived to be endangered in these countries as higher proportions of workers are trained for these fields in developing nations. Economists such as Paul Craig Roberts claim that those economists who promote offshoring misunderstand the difference between comparative advantage and absolute advantage.
The Economist reported in January 2013 that: "High levels of unemployment in Western countries after the 2007-2008 financial crisis have made the public in many countries so hostile towards offshoring that many companies are now reluctant to engage in it." Economist Paul Krugman wrote in 2007 that while free trade among high-wage countries is viewed as win-win, free trade with low-wage countries is win-lose for many employees who find their jobs offshored or with stagnating wages. Two estimates of the impact of offshoring on U.S. jobs were between 150,000 and 300,000 per year from 2004-2015. This represents 10-15% of U.S. job creation. U.S. opinion polls indicate that between 76-95% of Americans surveyed agreed that "outsourcing of production and manufacturing work to foreign countries is a reason the U.S. economy is struggling and more people aren't being hired."
The increased safety net costs of the unemployed may be absorbed by the government (taxpayers) in the high-cost country or by the company doing the offshoring. Europe experienced less offshoring than the U.S. due to policies that applied more costs to corporations and cultural barriers.
Japanese companies often exploits the foreign labors, particularly Chinese and Vietnamese, by violating the Employment Security Act, and Labor Standard Act set by ministry of health and labors in Japan using the name of offshoring.
Article 44 of Employment Security Act in Japan implicitly bans the domestic/foreign workers being supplied by unauthorized companies regardless of their operating locations. Law will apply if at least one party of suppliers, clients, labors reside in Japan, and if the labors are the integral part of the chain of command by the client company, or the supplier.
No person shall carry out a labor supply business or have workers supplied by a person who carries out a labor supply business work under his/her own directions or orders, except in cases provided for in the following Article.
Employment Security Act
Those deemed to violate will be punished with
A person who falls under any of the following items shall be punished by imprisonment with work for not more than one year or a fine of not more than one million yen
Employment Security Act states, Article 64
as well as the punishment defined by the article 6 of Labor Standards Act in Japan,
Unless permitted by act, no person shall obtain profit by intervening, as a business, in the employment of other
Victims can lodge a criminal complaint against the CEO of the suppliers and clients in the Labor Standards Inspection Office (only applicable to Labor Standards Act) or Public Prosecutor's Office of the respective company location. Due to the risk of the CEO's arrest, Japanese company accustoms to the private settlement with financial package in the range between 20 and 100 million JPY (200,000 - million USD).
With the offshoring of call-center type applications, debate has also surfaced that this practice does serious damage to the quality of customer service and technical support that customers receive from companies who do it. Many companies have caught much public ire for their decisions to use foreign labor for customer service and technical support, mostly because of the apparent language barrier that it creates. While some nations have a high level of younger, skilled workers who are capable of speaking English as one of their native languages, their English skills have caused debate in North America and Europe.
Criticisms of outsourcing from much of the American public have been a response to what they view as very poor customer service and technical support being provided by overseas workers attempting to communicate with Americans.
Some claim that companies lose control and visibility across their extended supply chain under outsourcing, creating increased risks. A 2005 quantitative survey of 121 electronics industry participants by Industry Directions Inc and the Electronics Supply Chain Association (ESCA) found that 69% of respondents said they had less control over at least 5 of their key supply chain processes since the outsourced model took hold, while 66% of providers felt their aggregate risk with customers was high or very high. 36% of providers responded that they felt an increased risk of uncertainty compared to their uncertainty risk before the rise to prominence of the outsourced model. 62% of respondents described as "problematic" at least two core trading partner management practices, which included performance management and simple agreement on results. 40% of all respondents encountered resistance to sharing risk in outsourced partnership agreements, according to the research.
The transfer of knowledge outside a country may create competitors to the original companies themselves. Chinese manufacturers are already selling their goods directly to their overseas customers, without going through their previous domestic intermediaries that originally contracted their services. In the 1990s and 2000s, American automakers increasingly turned to China to create parts for their vehicles. By 2006, China leveraged this know-how and announced that they will begin competition with American automakers in their home market by selling fully Chinese automobiles directly to Americans. When a company moves the production of goods and services to another country, the investment that companies would otherwise make in the domestic market is transferred to the foreign market. Corporate money spent on factories, training, and taxes, which would otherwise be spent in the market of the company is then spent in the foreign market. As production increases in the foreign market, qualified and experienced domestic workers leave or are forced out of their jobs, often permanently leaving the industry. At some point, dramatically fewer domestic workers are left who are qualified to perform the work. This makes the domestic market dependent on the foreign market for those goods and services, thereby strategically weakening the "hollowed-out" domestic country. In effect, offshoring creates and strengthens the competitive industries of the foreign country while strategically weakening the domestic country.[dubious discuss]
However, employment data has cast doubt on this claim. For example, IT employment in the United States has recently reached pre-2001 levels and has been rising since. The number of jobs lost to offshoring is less than 1 percent of the total US labor market. According to a study by the Heritage foundation, outsourcing represents a very small proportion of jobs lost in the US. The total number of jobs lost to offshoring, both manufacturing and technical represent only 4 percent of the total jobs lost in the US. Major reasons for cutting jobs are from contract completion and downsizing. Some economists and commentators claim that the offshoring phenomenon is way overblown.
One solution often offered for domestic workers displaced by offshoring is retraining to new jobs. Some displaced workers are highly educated and possess graduate qualifications. Retraining to their current level in another field may not be an option because of the years of study and cost of education involved. Anecdotal evidence also suggests they would be rejected for being overqualified.
According to classical economics, the three factors of production are land, labor, and capital. Offshoring relies heavily on the mobility of two of these factors. That is, how offshoring affects economies depends on how easily capital and labor can be repurposed. Land, as a factor of production, is generally seen to have little or no mobility potential.
The effects of capital mobility on offshoring have been widely discussed. In microeconomics, a corporation must be able to spend working capital to afford the initial costs of offshoring. If the state heavily regulates how a corporation can spend its working capital, it will not be able to offshore its operations. For the same reason the macroeconomy must be free for offshoring to succeed. Generally, those who favor offshoring support capital mobility, and those who oppose offshoring call for greater regulation.
Labor mobility also plays a major role, and it is hotly debated. When computers and the Internet made work electronically portable, the forces of free market resulted in a global mobility of work in the services industry. Most theories that argue offshoring eventually benefits domestic workers assume that those workers will be able to obtain new jobs, even if they have to obtain employment by downpricing themselves back into the labor market (by accepting lower salaries) or by retraining themselves in a new field. Foreign workers benefit from new jobs and higher wages when the work moves to them.
In the developed world, moving manufacturing jobs out of the country dates to at least the 1960s while moving knowledge service jobs offshore dates to the 1970s  and has continued since then. It was characterized primarily by the transferring of factories from the developed to the developing world. This offshoring and closing of factories has caused a structural change in the developed world from an industrial to a post-industrial service society.
During the 20th century, the decreasing costs of transportation and communication crossed with great disparities on pay rates made increased offshoring from wealthier countries to less wealthy countries financially feasible for many companies. Further, the growth of the Internet, particularly fiber-optic intercontinental long haul capacity, and the World Wide Web reduced "transportation" costs for many kinds of information work to near zero.
With the development of the Internet, many new categories of work such as call centres, computer programming, reading medical data such as X-rays and magnetic resonance imaging, medical transcription, income tax preparation, and title searching are being offshored.
Before the 1990s, Ireland was one of the poorest countries in the EU. Because of Ireland's relatively low corporate tax rates, US companies began offshoring of software, electronic, and pharmaceutical intellectual property to Ireland for export. This helped create a high-tech "boom" and which led to Ireland becoming one of the richest EU countries.
In 1994 the North American Free Trade Agreement (NAFTA) went into effect. As concerns are widespread about uneven bargaining powers, and risks and benefits, negotiations are often difficult, such that the plan to create free trade areas (such as Free Trade Area of the Americas) has not yet been successful. In 2005, offshoring of skilled work, also referred to as knowledge work, dramatically increased from the US, which fed the growing worries about threats of job loss.
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OFFSHORE HISTORY & OVERVIEW
Established: 1948 Located: Taiwan Construction: Fiberglass Category: Powerboats, Motor Yachts, Luxury Yachts Worth Noting: In 1945, Richard Hunt, Offshore Yachts founder, worked with the U.S. Navy to develop FRP application for boats.
Richard O. Hunt founded Offshore Yachts in 1948. The companys roots date back to Word War II, when Richard pioneered the use of laminated fiberglass for the construction of auxiliary U.S. navy boats due to steel shortages.
After the war, Richard built the first laminated fiberglass pleasure cruisers, which started at 14 feet in length. The production of fiberglass boats was a milestone for Offshore, since fiberglass was becoming the replacement for wood due to its strength and durability.
Richards sons joined the family business in 1958, and son, Robert Hunt, still runs the business today. Shortly after, in 1960, Offshore built FRP cruising boats using a modified deep-vee hull, influenced by legendary boat-builder, Richard Bertram. This design technique creates a hull bottom capable of handling rougher waters.
Naval architect, William Crealock, designed powerboats for Offshore Yachts, developing the deep-fore-foot design, which became popular in the Offshore 48 model. Through the early 1980s, the introduction of the first Offshore 48 models established the maxim, The softest ride on the water.
Offshores philosophy of maximum comfort, safety, and convenience stems from the use of the latest technology in yacht building. Utilizing hand-laminating techniques and intricate molds to prevent leaking windows, Offshore has an impressive model line ranging from 52 to 92 feet.
Denison Yacht Sales specializes in helping clients buy and sell used Offshore Yachts for sale.
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Selling Your Current Offshore Yacht: Denison Yacht Sales would love to help you sell your Offshore Yacht! With a team of over 100 licensed yacht brokers in 18 locations worldwide, Denison is ready to provide your Offshore Yacht with true national exposure. Denisons comprehensive Offshore Yachts email and web marketing programs will provide your Offshore Yacht with global exposure in Europe, Latin America, Asia, and Australia.
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Posted: at 9:31 am
Cathelco will be providing a marine growth prevention system (MGPS) for the latest in a series of jackup rigs to be built by Lamprell, the UAE-based provider of fabrication, engineering and contracting services to the offshore and onshore oil & gas and renewable energy industries.
GE Oil & Gas has been awarded a multi-million-dollar Frame Agreement by Oil and Natural Gas Corporation Limited (ONGC), Indias largest E&P company. Under the agreement, GE will provide an estimated 55 subsea wellheads (SG5) over next three years for the operators offshore drilling campaign, in shallow to medium waters offshore India.
Independent ROV service provider ROVOP is set to increase its Houston workforce as a result of further business growth including recent contract wins in the Gulf of Mexico region.
Seadrill has received a notice of termination from Pemex Exploracion y Servicios for the West Pegasus drilling contract effective Aug. 16. Seadrill has disputed the grounds for termination and is reviewing its legal options, the company said in a statement announcing the cancellation.
An Aberdeen-based well management firm has successfully completed the plug and abandonment of a platform well located offshore Italy.
Statoil and its partners have submitted the Plan for Development and Operation for the Byrding oil and gas discovery in the North Sea.
Lady Sponsor Gretchen H. Watkins, COO at Maersk Oil, has named Maersk Drillings newest asset at a ceremony in Invergordon, Scotland. The Maersk Highlander, a harsh environment jackup rig, is now ready for work.
Exxon Mobil Corp., Chevron Corp. and Hess Corp. have agreed to bid together for rights to drill for crude in Mexicos deepwater oil areas, according to a person with direct knowledge of the plans.
Offshore oil explorer Cobalt International Energy Inc. jumped the most in four years after an analyst upgraded the stock and said it could be a takeover target for bigger drillers.
Sparrows Group and SPIE Oil & Gas Services have strengthened their existing service portfolios by signing a global agreement to work in collaboration to support the energy sector.
Maersk Supply Service will reduce its fleet by up to 20 vessels over the next 18 months. The divestment plan is a response to vessels in lay-up, limited trading opportunities and the global over-supply of offshore supply ships.
Tullow Oil has announced first oil from the Tweneboa, Enyenra and Ntomme (TEN) fields offshore Ghana, to the FPSO Prof. John Evans Atta Mills.
Independent Oil & Gas (IOG) provided an update on the drilling of the appraisal well on the Skipper oil discovery, which lies in Block 9/21a in license P1609 in the North Sea, of which IOG is 100% owner and operator.
Inspectors of Lloyds Register are optimizing inspection regimes thanks to their accredited status, using the OVID web based inspection tool to reference inspection reports.
A drilling contract has been awarded to the Frigstad Shekou, which is the first of two ultra deepwater semisubmersible drilling rigs, which were ordered by Frigstad Deepwater Ltd in December 2012.
The petroleum industry, under the direction of the Norwegian Oil and Gas Association, today announced its ambition to implement CO2 reduction measures corresponding to 2.5 MMt on the Norwegian continental shelf (NCS) by 2030 compared with 2020.
Delek Drilling and Avner Oil Exploration, part of Israel's leading integrated energy company, have signed a deal for the sale of 100% of their holdings in Karish and Tanin natural gas fields to Energean Oil & Gas.
GE Oil & Gas subsidiary, PT. VetcoGray Indonesia, has been awarded a field decommissioning contract with Premier Oil Indonesia, to support the shutdown of four subsea wells in Anoa field, offshore Indonesia.
JX Nippon Exploration and Production (UK) Limited has sold an 8.9% working interest in the Greater Mariner Area, including Mariner oil field, primarily located in UK license P335, to Siccar Point Energy UK Limited.
Aleksandar Milankovic, Ricardo Senne, Pablo E. Coronado, Halliburton
A high recovery rate and world record helped Petrobras achieve objectives, while saving 24 hr of deepwater drillship time, as well as operational costs.
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