Generally speaking, a tax haven is a jurisdiction in which taxes are either applied at a low rate or not at all. Well-known examples of tax haven jurisdictions include Panama, Belize, the Seychelles, the Cayman Islands, the Isle of Man and Hong Kong. Very often, such territories are also called offshores, with companies registered under these jurisdictions described as offshore companies.
An offshore company is a company established in order to operate and perform business activities outside the jurisdiction in which it was officially incorporated, as well as outside (or off the shores of)