Recent issue of Fortune magazine has an interesting story (google: seacode offshore). A former tanker captain and an IT veteran teamed up to build a computer outsourcing company on a used cruise ship 3 miles off the shore of California.
By international convention, the ship and its crew (software engineers from India, China, etc) follows the law and tax code of the registering country (Panama for example). The crew are even allowed short shore leaves. They will work 6 days/week, take 2 months off for every 4 months work. There’s not much time difference for US customers. Even face-2-face meetings are now very cheaply possible.
Such a briliant business idea.