It is worth reading this comment on
http://english.stackexchange.com/questions/34101/based-in-vs... :
'Except in the military context, “based out of ” is dubious, confusing, and poor English. I just saw it cause a very expensive confusion in a formal tax analysis from an American tax expert. He wrote that Company X was based out of Country Y, and all (foreign) readers of the report interpreted that Company X was based outside Country Y, and as such had no taxable presence there. This led to erroneous decisions being taken that resulted in payment of millions of U.S. dollars of taxes!'
peer agreement (net): -3