The British appliance company Dyson has announced its intention to move its headquarters to Singapore, with the aim of “shielding” the future of the company. Sir James Dyson, who owns 100% of the company, advocated a hard Brexit before the referendum.
The CEO of the firm, Jim Rowan, assured the media that the measure is not related to the economic uncertainty generated by the forthcoming exit of the United Kingdom from the European Union (EU) or Singapore’s fiscal policy.
“The movement has nothing to do with Brexit or taxes,” Rowan said, noting that there are “huge profit opportunities in Singapore.”
“The tax differences are negligible for us, we pay taxes around the world and we will continue to do so in the United Kingdom,” said the company’s CEO, which has about 12,000 workers, some 5,000 of them in the United Kingdom. The corporation tax in Singapore is 17%, and in the United Kingdom it is 19%.
Rowan said that “more and more customers” and “all manufacturing operations” of Dyson are in Asia, so the change of venue is part of a trend that “has been going on for some time.”
The company’s founder and chief engineer, James Dyson, was one of the entrepreneurs who campaigned for Brexit before the 2016 referendum, in which he won the option for the UK to leave the EU.
The businessman argued then that leaving the EU block will allow the UK to make “adjustments” to take advantage of the “growth of Asian economies and the rest of the world.”