offshore financial centers€¦ · offshore financial centers • areas specially designed to...
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OFFSHORE FINANCIAL CENTERS
•AREAS SPECIALLY DESIGNED TO PROMOTE BUSINESS TRANSACTIONS &
CENTERS FOR BANKING & FINANCE
CIRCULATION OF CAPITAL
•WHAT ADVANTAGES EXIST FOR THIS RELOCATED SERVICE?
• NAME SOME LOCATIONS THAT CONDUCT INTERNATIONAL BUSINESS
• EX. PANAMA, LUXEMBOURG, SWITZERLAND, SINGAPORE, BAHAMAS, KUWAIT, & CAYMAN ISLANDS
IN LDCs
What type of service?
________________
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OFFSHORE FINANCIAL CENTERS
Where are the larger concentrations of clustering? _____________________
- Why are they found there? ________________________
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THESE INVESTMENTS RUN MUCH OF BLOOMBERG’S FOUNDATION THROUGH LEGAL OFFSHORE
CORPORATIONS FOR THE PURPOSES OF TAX EVASION. $300 MILLION IS INVESTED IN FOREIGN
COMPANIES, WHICH THEN INVESTS THE MONEY IN HEDGE FUNDS. THE MONEY IS EVENTUALLY
RETURNED TO THE FOUNDATION, UNTAXED.
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BACK OFFICE
• CALL CENTERS FOR RESPONDING TO QUESTIONS
• FOUND IN LDCS = _____________ COUNTRIES
• TASKS:
• TELECOMMUNICATIONS
• PROCESS INSURANCE CLAIMS
• PAYROLL MANAGEMENT
• TRANSCRIPTION WORK
• ROUTINE CLERICAL ACTIVITIES
• CALL CENTERS -RESPONDING TO BILLS/ TECHNICAL INQUIRIES / SHIPMENTS
What type of service? ___________________
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WHY WERE THESE 2 BUSINESS SERVICES OUTSOURCED?
• SAVE $ WITH LABOR
• OTHER ADVANTAGES
• WHY ARE THEY NOW ABLE TO BE LOCATED IN LDCS?
• COMPUTER & COMMUNICATION TECHNOLOGY ACCESSIBILITY
• GLOBAL LANGUAGE AIDES COMMUNICATION OUTSIDE BORDERS
• ABILITY TO SPEAK ENGLISH
• CALL-CENTERS EDUCATED ON PRONUNCIATION IN “TYPICAL” BRITISH OR AMERICAN ENGLISH