Offshore corporation

{
  "id": "MLC-T-LAW-003535",
  "term": "Offshore corporation",
  "field": "Law",
  "definition": "A legal entity registered or incorporated in a foreign jurisdiction while its main business activities, management, or ownership are centered in another country. These jurisdictions, sometimes called tax havens, provide benefits such as reduced tax liability, asset protection, and greater corporate privacy. The formation and use of such corporations are legal but subject to strict reporting requirements in the owners' home countries, like the U.S. Foreign Account Tax Compliance Act.",
  "url": "https://mlchart.com/terminology/law/offshore-corporation/"
}