Shell Corporation
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A shell corporation is a
company A company, abbreviated as co., is a Legal personality, legal entity representing an association of people, whether Natural person, natural, Legal person, legal or a mixture of both, with a specific objective. Company members share a common p ...
or
corporation A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and r ...
that exists only on paper and has no office and no employees, but may have a bank account or may hold passive investments or be the registered owner of assets, such as
intellectual property Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, cop ...
, or ships. Shell companies may be registered to the address of a company that provides a service setting up shell companies, and which may act as the agent for receipt of legal correspondence (such as an accountant or lawyer). The company may serve as a vehicle for business transactions without itself having any significant
asset In financial accountancy, financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value ...
s or operations. Shell companies are used regularly for
tax evasion Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxp ...
,
tax avoidance Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law. A tax shelter is one type of tax avoidance, and tax havens are jurisdict ...
,
money laundering Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions ...
, or to achieve a specific goal such as
anonymity Anonymity describes situations where the acting person's identity is unknown. Some writers have argued that namelessness, though technically correct, does not capture what is more centrally at stake in contexts of anonymity. The important idea he ...
. Anonymity may be sought to shield personal assets from others, such as a spouse when a marriage is breaking down, from creditors, or from government authorities. Shell companies can have legitimate business purposes. They may, for example, act as trustee for a trust, and not engage in any other activity on their own account. This structure creates
limited liability Limited liability is a legal status in which a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company or partnership. If a company that provides limited liability to it ...
for the trustee. A corporate shell can also be formed around a partnership to create limited liability for the partners, and other business ventures, or to immunize one part of a business from the risks of another part. Shell companies can be used to transfer assets from one company into a new one, while leaving the liabilities in the former company.


SEC definition

The
U.S. Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...
defines a "shell" company as follows:
Shell company: The term shell company means a registrant, other than an asset-backed issuer as defined in Item 1101(b) of Regulation AB (§ 229.1101(b) of this chapter), that has: (1) No or nominal operations; and (2) Either: (i) No or nominal assets; (ii) Assets consisting solely of cash and cash equivalents; or (iii) Assets consisting of any amount of cash and cash equivalents and nominal other assets.'


Background

Some shell companies may have previously had operations that shrank due to unfavorable market conditions or company mismanagement. A shell corporation may also arise when a company's operations have been wound up, for example following a takeover, but the "shell" of the original company continues to exist. The term "shell corporation" does not describe the purpose of a corporate entity, but in general is more informative to classify an entity according to its role in a particular corporate structure; e.g.
holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
,
general partner General partner is a person who joins with at least one other person to form a business. A general partner has responsibility for the actions of the business, can legally bind the business and is personally liable for all the partnership's debts an ...
, or a limited partner. Shell companies are a main component of the
underground economy A black market, underground economy, or shadow economy is a clandestine market or series of transactions that has some aspect of illegality or is characterized by noncompliance with an institutional set of rules. If the rule defines the se ...
, especially those based in
tax haven A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...
s. They may also be known as '' international business companies'', ''personal
investment companies An investment company is a financial institution principally engaged in holding, managing and investing securities. These companies in the United States are regulated by the U.S. Securities and Exchange Commission and must be registered under the ...
'', ''
front companies A front organization is any entity set up by and controlled by another organization, such as intelligence agencies, organized crime groups, terrorist organizations, secret societies, banned organizations, religious or political groups, advocacy gro ...
'', or ''" mailbox" companies''. Shell companies can also be used for tax avoidance. A classic
tax avoidance Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law. A tax shelter is one type of tax avoidance, and tax havens are jurisdict ...
operation may utilize favorable
transfer pricing In taxation and accounting, transfer pricing refers to the rules and methods for pricing transactions within and between enterprises under common ownership or control. Because of the potential for cross-border controlled transactions to distort ...
among multiple corporate entities to lower tax liability in a certain country; e.g.
Double Irish arrangement The Double Irish arrangement was a base erosion and profit shifting (BEPS) corporate tax avoidance tool used mostly by United States multinationals since the late 1980s to avoid corporate taxation on non-U.S. profits. It was the largest tax ...
. A
special purpose entity A special-purpose entity (SPE; or, in Europe and India, special-purpose vehicle/SPV; or, in some cases in each EU jurisdiction, FVC, financial vehicle corporation) is a legal entity (usually a limited company of some type or, sometimes, a limited ...
, used often in the context of a larger corporate structure, may be formed to achieve a specific goal, such as to create
anonymity Anonymity describes situations where the acting person's identity is unknown. Some writers have argued that namelessness, though technically correct, does not capture what is more centrally at stake in contexts of anonymity. The important idea he ...
. According to a 2013 experimental study where the researchers requested anonymous incorporation in violation of international law, one in four corporate service providers offered to provide services in violation of international law.


Examples

Shell companies can be used to transfer assets of one company into a new company without having the liabilities of the former company. For example, when
Sega Sammy Holdings (also known as the Sega Sammy Group and generally Sega Sammy, stylized as SᴇɢᴀSammy) is a Japanese holding company formed from the merger of Sega and Sammy Corporation in 2004. Both companies are involved in the amusement industry (Sega wi ...
purchased the bankrupt
Index Corporation , formerly known as , is a Japanese corporate information and communications technology company owned by Sawada Holdings. "Index Corporation" was a corporate name used by three different Japanese companies, between 1997 and 2016, the last one be ...
in June 2013, they formed a shell company in September 2013, called Sega Dream Corporation, into which were transferred valuable assets of the old company, including the
Atlus is a Japanese video game developer, publisher, arcade manufacturer and distribution company based in Tokyo. A subsidiary of Sega, the company is known for video game series such as ''Megami Tensei'', ''Persona'', ''Etrian Odyssey'' and ''Trau ...
brand and Index Corporation's
intellectual properties Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, cop ...
. This meant that the liabilities of the old company were left in the old company, and Sega Dream had clean title to all the assets of the old company. The former Index Corporation was then dissolved. Sega Dream Corporation was renamed as Index Corporation in November 2013. When
Hilco Hilco Global is an American financial services holding company. It operates over twenty businesses and specializes in asset valuation, advisory, monetization, and disposition services. Headquartered in Northbrook, Illinois, it has offices th ...
purchased
HMV Canada HMV Canada Ltd. was a Canadian entertainment retailer, owned by Hilco. The company was originally a subsidiary of HMV in the United Kingdom until it was sold to Hilco Capital in 2011. HMV itself would later be bought by Hilco in 2013. HMV Canada ...
, they used a shell company by the name of Huk 10 Ltd. in order to secure funds and minimize liability. HMV was then sued by Huk 10 Ltd., allowing Hilco to regain assets and dispose of HMV Canada. As another example, the use of a shell company in a tax haven makes it possible to move profits to that shell company, in a strategy of
tax evasion Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxp ...
. A United States company buying products from overseas would have to pay US taxes on the profits, but to avoid this, it may buy the products through a non-resident shell company based in a tax haven, where it is described as an offshore company. The shell company would purchase the products in its name, mark up the products and sell them on to the US company, thereby transferring the profit to the tax haven. (The products may never actually physically pass through that tax haven, and be shipped directly to the US company.) As the shell company is not based in the United States, its profit is not subject to US income tax, and as it is an offshore company in the tax haven jurisdiction, it is not taxed there either. Under the tax haven law, the profits are deemed not to have been made in the jurisdiction, with the sale deemed to have taken place in the United States. As US personal income tax is significantly less important than corporate income tax, US company executives would claim a salary (or fees, consulting fees, etc.) from the company's profits. In addition, there are several shell companies that are used by broadcasting groups to circumvent
FCC The Federal Communications Commission (FCC) is an independent agency of the United States federal government that regulates communications by radio, television, wire, satellite, and cable across the United States. The FCC maintains jurisdictio ...
limits on television station ownership. For example,
Sinclair Broadcasting Group Sinclair Broadcast Group, Inc. (SBG) is a publicly traded American telecommunications conglomerate that is controlled by the descendants of company founder Julian Sinclair Smith. Headquartered in the Baltimore suburb of Cockeysville, Maryland ...
forms local marketing agreements with stations owned by
Cunningham Broadcasting Cunningham Broadcasting Corporation is an owner of broadcast television stations in the United States. The company currently owns fifteen stations – eight affiliated with Fox, three affiliated with The CW, two affiliated with ABC, and two affili ...
and
Deerfield Media Deerfield Media, Inc. is a broadcasting company and a shell corporation owned and operated by Stephen P. Mumblow. It was established on December 1, 2012 by the acquisition of several television stations connected to the Sinclair Broadcast Group. ...
; nearly all of the stock of Cunningham Broadcasting is controlled by trusts in the name of the owner's children. Other examples include
Nexstar Media Group Nexstar Media Group, Inc. is an American publicly traded media company with headquarter offices in Irving, Texas; Midtown Manhattan; and Chicago, Illinois. The company is the largest television station owner in the United States, owning 197 te ...
controlling television stations owned by
Mission Broadcasting Mission Broadcasting, Inc. is a television station group that owns 20 television stations in 17 markets in the United States. The group's Chair is Nancie Smith, the widow of David S. Smith, who founded the company in 1996 and died in 2011. All but ...
and
Vaughan Media Vaughan Media, LLC is a company which owns the broadcast licenses of several stations operated by Nexstar Media Group. History The company was founded in 2011 when it made its first acquisition, WBDT, from ACME Communications. LIN Media, the o ...
.


Countries of domicile

Typical countries of domicile of shell companies are
offshore financial centre An offshore financial centre (OFC) is defined as a "country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy." "Offshore" does not refer ...
s like
Ireland Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Grea ...
,
Liechtenstein Liechtenstein (), officially the Principality of Liechtenstein (german: link=no, Fürstentum Liechtenstein), is a German-speaking microstate located in the Alps between Austria and Switzerland. Liechtenstein is a semi-constitutional monarchy ...
,
Luxembourg Luxembourg ( ; lb, Lëtzebuerg ; french: link=no, Luxembourg; german: link=no, Luxemburg), officially the Grand Duchy of Luxembourg, ; french: link=no, Grand-Duché de Luxembourg ; german: link=no, Großherzogtum Luxemburg is a small lan ...
,
Switzerland ). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel ...
,
Isle of Man ) , anthem = "O Land of Our Birth" , image = Isle of Man by Sentinel-2.jpg , image_map = Europe-Isle_of_Man.svg , mapsize = , map_alt = Location of the Isle of Man in Europe , map_caption = Location of the Isle of Man (green) in Europe ...
, and the
Channel Islands The Channel Islands ( nrf, Îles d'la Manche; french: îles Anglo-Normandes or ''îles de la Manche'') are an archipelago in the English Channel, off the French coast of Normandy. They include two Crown Dependencies: the Bailiwick of Jersey, ...
including
Guernsey Guernsey (; Guernésiais: ''Guernési''; french: Guernesey) is an island in the English Channel off the coast of Normandy that is part of the Bailiwick of Guernsey, a British Crown Dependency. It is the second largest of the Channel Islands ...
and
Jersey Jersey ( , ; nrf, Jèrri, label=Jèrriais ), officially the Bailiwick of Jersey (french: Bailliage de Jersey, links=no; Jèrriais: ), is an island country and self-governing Crown Dependencies, Crown Dependency near the coast of north-west F ...
in Europe,
Bahamas The Bahamas (), officially the Commonwealth of The Bahamas, is an island country within the Lucayan Archipelago of the West Indies in the Atlantic Ocean, North Atlantic. It takes up 97% of the Lucayan Archipelago's land area and is home to ...
,
Barbados Barbados is an island country in the Lesser Antilles of the West Indies, in the Caribbean region of the Americas, and the most easterly of the Caribbean Islands. It occupies an area of and has a population of about 287,000 (2019 estimate). ...
,
Bermuda ) , anthem = "God Save the King" , song_type = National song , song = " Hail to Bermuda" , image_map = , map_caption = , image_map2 = , mapsize2 = , map_caption2 = , subdivision_type = Sovereign state , subdivision_name = , e ...
,
Cayman Islands The Cayman Islands () is a self-governing British Overseas Territory—the largest by population in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the ...
, and
Virgin Islands The Virgin Islands ( es, Islas Vírgenes) are an archipelago in the Caribbean Sea. They are geologically and biogeographically the easternmost part of the Greater Antilles, the northern islands belonging to the Puerto Rico Trench and St. Croix ...
in the Caribbean,
Panama Panama ( , ; es, link=no, Panamá ), officially the Republic of Panama ( es, República de Panamá), is a transcontinental country spanning the southern part of North America and the northern part of South America. It is bordered by Cos ...
in Central America, and
Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...
and
Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...
in Asia. Shell companies are usually offered by law firms based in those countries. The process of establishing a shell company can sometimes be done very quickly online. In 2021 anonymous corporations were made illegal in the United States with the passage of the Corporate Transparency Act as part of the
William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 The William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 () is a United States federal law which specifies the budget, expenditures and policies of the U.S. Department of Defense (DOD) for fiscal year 2021. Analogo ...
. But exemptions were included which are meant to limit its scope to the entities most likely to be used for illicit purposes. Companies which are exempt from the act include foreign companies that do not formally register to do business and companies that fall into one of 24 enumerated categories which include companies that employ more than 20 people, have revenues above $5 million, and a physical presence in the United States, as well Churches, charities, non-profits, trusts or partnerships. Companies that are Banks, broker-dealers, public issuers, insurance companies are also exempt. Due to
federalism Federalism is a combined or compound mode of government that combines a general government (the central or "federal" government) with regional governments (Province, provincial, State (sub-national), state, Canton (administrative division), can ...
in the United States, shell companies are often set-up in states such
Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...
,
Nevada Nevada ( ; ) is a U.S. state, state in the Western United States, Western region of the United States. It is bordered by Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. N ...
, and
Wyoming Wyoming () is a U.S. state, state in the Mountain states, Mountain West subregion of the Western United States. It is bordered by Montana to the north and northwest, South Dakota and Nebraska to the east, Idaho to the west, Utah to the south ...
due to advantageous tax regimes.


Abuse

Shell companies have been used to commit fraud, by creating an empty shell company with a name similar to existing real companies, then running up the price of the empty shell and suddenly selling it (
pump and dump Pump and dump (P&D) is a form of securities fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements, in order to sell the cheaply purchased stock at a higher price. Once the operat ...
). There are also shell companies that were created for the purpose of owning assets (including tangibles, such as a real estate for property development, and intangibles, such as
royalties A royalty payment is a payment made by one party to another that owns a particular asset, for the right to ongoing use of that asset. Royalties are typically agreed upon as a percentage of gross or net revenues derived from the use of an asset o ...
or
copyrights A copyright is a type of intellectual property that gives its owner the exclusive right to copy, distribute, adapt, display, and perform a creative work, usually for a limited time. The creative work may be in a literary, artistic, education ...
) and receiving income. The reasons behind creating such a shell company may include protection against litigation and/or tax benefits (some expenses that would not be deductible for an individual may be deductible for a corporation). Sometimes, shell companies are used for
tax evasion Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxp ...
or
tax avoidance Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law. A tax shelter is one type of tax avoidance, and tax havens are jurisdict ...
.
Nicholas Shaxson Nicholas Shaxson (born 1966) is a British author, journalist and investigator. He is best known for his investigative books ''Poisoned Wells'' (2007) and '' Treasure Islands'' (2011). He has worked as a part-time writer and researcher for the Tax ...
, '' Treasure Islands: Tax Havens and the Men who Stole the World,''
Random House Random House is an American book publisher and the largest general-interest paperback publisher in the world. The company has several independently managed subsidiaries around the world. It is part of Penguin Random House, which is owned by Germ ...
, January 2011


Offshore Leaks

In 2013 the
International Consortium of Investigative Journalists The International Consortium of Investigative Journalists, Inc. (ICIJ), is an independent global network of 280 investigative journalists and over 140 media organizations spanning more than 100 countries. It is based in Washington, D.C. with pe ...
published a report called "Offshore Leaks" with information about the use and owners of 130,000 shell companies. Many of the shell companies belonged to politicians and celebrities from around the world and were being used for tax evasion and hiding financial assets.


Panama Papers

In 2016 a leak of 11.5 million documents to the German newspaper ''
Süddeutsche Zeitung The ''Süddeutsche Zeitung'' (; ), published in Munich, Bavaria, is one of the largest daily newspapers in Germany. The tone of SZ is mainly described as centre-left, liberal, social-liberal, progressive-liberal, and social-democrat. History ...
'' revealed information about owners of more than 214,000 shell companies administered by the law firm
Mossack Fonseca Mossack Fonseca & Co. () was a Panamanian law firm and Corporate services, corporate service provider.


India

After India's decision to demonetise ₹500 and ₹1000 rupee notes on 8 November 2016, various authorities noticed a surge in shell companies depositing cash in banks, possibly in an attempt to hide the real owner of the wealth. In response, in July 2017, the authorities ordered nearly 2,000 shell companies to be shut down while Securities and Exchange Board of India (SEBI) imposed trading restrictions on 162 listed entities as shell companies. A high-level task force found that hundreds of shell companies were registered in a few buildings in
Kolkata Kolkata (, or , ; also known as Calcutta , the official name until 2001) is the capital of the Indian state of West Bengal, on the eastern bank of the Hooghly River west of the border with Bangladesh. It is the primary business, comme ...
. Many of those were found to be locked, with their padlocks coated in dust and many others which had office space the size of cubicles.


Regulation

Since shell companies are very often abused for various illegal purposes, regulation of shell companies is becoming more important to prevent such illegal activities.


United Kingdom

Currently British overseas territories and crown dependencies are only required to tell the true name of owners of shell companies upon request from official law enforcement agencies. However, since 2020 they are forced to publish these names in a public register in order to prevent anonymous use of shell companies.


United States

The new customer due diligence (CDD) rule from 2016 forces banks to know the names of their customers in order to reveal them to law enforcement agencies upon request. Thereby, anonymous misuse of shell companies shall be prevented. The rule is administered by the
Financial Crimes Enforcement Network The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terr ...
(FinCEN). In January 2021 anonymous shell companies were effectively banned via a provision in the
William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 The William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 () is a United States federal law which specifies the budget, expenditures and policies of the U.S. Department of Defense (DOD) for fiscal year 2021. Analogo ...
.


India

A "Task Force On Shell Corporations" was constituted in 2017 under the chairmanship of the Revenue Secretary to the Government Of India and Corporate Affairs Secretary to Govt. Of India, for effectively tackling malpractice by shell companies in a comprehensive manner.


European Union

On 22 December 2021, the European Commission adopted a proposal for an EU Directive to tackle the misuse of shell companies for tax purposes. Also known as the "Unshell" directive, the proposal requires the unanimous agreement of all 27 EU Member States' finance ministers before entering into force.


See also

*
Alternative public offering An alternative public offering (APO) is the combination of a reverse merger with a simultaneous private investment of public equity (PIPE). It allows companies an alternative to an initial public offering (IPO) as a means of going public while ra ...
*
Brass plate company A brass plate company or brass plate trust is a legally constituted company lacking meaningful connection with the location of incorporation. The name is based on a company whose only tangible existence in its jurisdiction of incorporation is th ...
*
Dummy corporation A dummy corporation, dummy company, or false company is an entity created to serve as a front or cover for one or more companies. It can have the appearance of being real (logo, website, and sometimes employing actual staff), but lacks the capacity ...
*
Front organization A front organization is any entity set up by and controlled by another organization, such as intelligence agencies, organized crime groups, terrorist organizations, secret societies, banned organizations, religious or political groups, advocacy gro ...
*
Holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
* Internal competition *
Loophole A loophole is an ambiguity or inadequacy in a system, such as a law or security, which can be used to circumvent or otherwise avoid the purpose, implied or explicitly stated, of the system. Originally, the word meant an arrowslit, a narrow verti ...
*
Money laundering Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions ...
*
Numbered company A numbered company is a corporation given a generic name based on its sequentially assigned registration number. For instance, an entity incorporated under the Canada Business Corporations Act and assigned the corporation number 1234567 would be e ...
*
Offshore company 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: * a company, group or sometimes a division thereof, which engages in offshoring business pro ...
*
Offshore financial center An offshore financial centre (OFC) is defined as a "country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy." "Offshore" does not refer ...
*
Shadow banking system The shadow banking system is a term for the collection of non-bank financial intermediaries (NBFIs) that provide services similar to traditional commercial banks but outside normal banking regulations. Examples of NBFIs include hedge funds, ins ...
*
Structured investment vehicle A structured investment vehicle (SIV) is a non-bank financial institution established to earn a credit spread between the longer-term assets held in its portfolio and the shorter-term liabilities it issues. They are simple credit spread lenders, ...
* Tax inversion *
Transparency (market) In economics, a market is transparent if much is known by many about: What products and services or capital assets are available, market depth (quantity available), what price, and where. Transparency is important since it is one of the theoreti ...


References

{{Authority control Corporations Tax avoidance Fraud