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Offshoring is the relocation of a business process from one country to another—typically an operational process, such as manufacturing, or supporting processes, such as accounting. Usually this refers to a company business, although state governments may also employ offshoring. [ 1 ]
Offshoring – moving work to another country. If the offshore workplace is a foreign subsidiary, owned by the company, then the offshore operation is a § captive , [ 215 ] sometimes referred to as in-house offshore.
a company, group or sometimes a division thereof, which engages in offshoring business processes. [ 1 ] International business companies (IBC) or other types of legal entities , which are incorporated under the laws of a jurisdiction, that prohibit local economic activities.
Risk is the major drawback with business process outsourcing. Outsourcing of an information system, for example, can cause security risks both from a communication and from a privacy perspective.
The concept of legal process outsourcing is based on the division of labour principle, prevalent in law firms, where various time consuming and onerous processes like due diligence are delegated to paralegals, document reviewers or interns. [14]
Offshoring as a service (OaaS) is a business model in which the offshore office is not owned by the entity itself, instead it is outsourced to a vendor. The concept of offshoring is not new; however, in the past, some companies have tried to open their own offshore offices.
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Offshoring involves shifting work to a foreign, distant organization in order to reduce production costs. Offshoring is subject to several different constraints, however, such as time lag between the parties, differences in local employment laws and practices, and oversight. [ 4 ]