Sony has relocated its European headquarters to Amsterdam in an attempt to safeguard itself from the possible disruption from Brexit.
The Japanese tech company confirmed the said move last night.
Sony said that it had established a new legal entity in the Netherlands. It said that it will merge its UK-based business into the new headquarters.
In a statement, Sony stated: “In this way we can continue our business as usual without disruption once the UK leaves the EU. All our existing European business functions, facilities, departments, sites and location of our people will remain unchanged.”
Last August, Panasonic, a fellow Japanese tech giant, confirmed that it was relocating its headquarters to Amsterdam because of concerns that it could face a massive tax bill once the United Kingdom leaves the European Union.
During a speech at the time the chief executive of Panasonic Europe, Laurent Abadie, informed Nikkei, a Japanese business publication, that there were concerns that Japan will officially designate the United Kingdom as a tax haven if corporate taxes are reduced to attract businesses after Brexit.
Other firms looking to insure themselves against the disruption of Brexit include P&O which this week said that it would register its fleet of cross-channel ferries under the flag of Cyprus due to fears of Brexit disruption.
A spokesperson of the P&O stated: “In advance of Britain leaving the European Union on 29 March 2019, we undertook a review of the flag status of our ships on the English Channel. For operational and accounting reasons, we have concluded that the best course of action is to re-flag all ships to be under the Cyprus flag.”
He added: “The Cyprus flag is on the ‘white list’ of both the Paris and Tokyo memoranda of understanding, resulting in fewer inspections and delays, and will result in significantly more favourable tonnage tax arrangements as the ships will be flagged in an EU member state. We have no plans to make any other changes, including the terms and conditions of any of our seafarers, as a result of the new arrangements.”