flag of convenience
The term "flag of convenience" originates from maritime practices where shipowners register their vessels in foreign countries to benefit from favorable regulations and lower costs.
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Definition
C1Maritime Industry
(business, technical)The practice of registering a ship in a country other than that of its owner to benefit from more lenient regulations, lower taxes, and reduced operating costs.
Example
- Many shipping companies use a flag of convenience to minimize their expenses and regulatory burdens.
- Registering under a flag of convenience allows shipowners to avoid stricter labor laws.
B2General
(literal)The national flag flown by a ship registered in a country different from that of its owner.
Example
- The cargo ship flew a flag of convenience from Panama, despite being owned by a company based in Greece.
Similar
Terms that have similar or relatively close meanings to "flag of convenience":
house flagstrike one's flagflag gunfalse flagshow the flagblack flag