James Dyson, a billionaire from the United Kingdom, will be moving the corporate office and the tax registration of his vacuum business to Singapore.
The company said that the decision was driven by a desire to be closer to the fastest-growing markets of the eponymous brand. It insisted that the said decision was not related to the upcoming exit of the United Kingdom from the European Union or any tax implications. It claims that the move was about “future-proofing” the business. To date, James Dyson has been a steadfast supporter of Brexit, he even called on the government of the United Kingdom to walk away from the European Union without a deal.
The move of the legal entity of Dyson from the United Kingdom to Singapore “will happen over the coming months,” meaning that it is likely to take place before Brexit.
The firm confirmed that the majority of its product development will continue to be based in the south west of England. Dyson already manufactures products in Asia. It is planning to build its new electric vehicle in Singapore.
Jim Rowan, the chief executive of the company who is already based in Singapore, said that Asia is responsible for some of the biggest demand for its products, including its hairdryers, cleaners, and air purifiers.
He stated: “It allows us to make sure we will be putting our best efforts to secure those opportunities, as well as keeping an eye on those investments, especially [electric vehicles] and batteries.”
Rowan said that the firm will still be expanding its engineering and research operations in the United Kingdom, and that the tax effect of the said move will be negligible. Its technology centre in Singapore is anticipated to double in size this year.
Today, Dyson also disclosed that the profits of the company had broken past the £1 billion mark for the first time in 2018, an increase of 33 percent. Its turnover increased to 28 percent to amount to £4.4 billion.