22-01-2019, 09:43 PM
11
Re: A true Leaver
Originally Posted by OldGreyFox
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Chief executive Jim Rowan said it was not to do with Brexit or tax but added: "It's to make us future-proof for where we see the biggest opportunities."
22-01-2019, 09:49 PM
14
Re: A true Leaver
Originally Posted by AnnieS
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Which is a different way of saying that there is no future and there are no big opportunities in the UK.
22-01-2019, 09:51 PM
15
Re: A true Leaver
Originally Posted by OldGreyFox
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Are you reading between the lines again Annie? What he actually said was that there would be more room to expand his business from Asia. No doubt his UK business will also benefit from his expansion...
22-01-2019, 09:55 PM
16
Re: A true Leaver
Originally Posted by OldGreyFox
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Dyson has announced that it is moving its headquarters to Singapore, from Malmesbury in Wiltshire.
The move by the appliance maker means two executives will relocate - chief financial officer Jorn Jensen and chief technical officer Martin Bowen.
Other work at Malmesbury will not be affected and no jobs will be lost.
Chief executive Jim Rowan said it was not to do with Brexit or tax but added: "It's to make us future-proof for where we see the biggest opportunities."
He added: "We have seen an acceleration of opportunities to grow the company from a revenue perspective in Asia. We have always had a revenue stream there and will be putting up our best efforts as well as keeping an eye on investments.
"We would describe ourselves as a global technology company and in fact we have been a global company for some time. Most successful companies these days are global."
British bases
Dyson already has a presence in Singapore and in October announced plans to build its new electric car in its new factory there.
Most of its products are designed in the UK, but manufactured in Asia.
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The company was keen to stress that it will still be investing money in its British bases.
Mr Rowan said it would be spending £200m in new buildings and testing facilities in Hullavington, and £44m in refreshing office space and adding new laboratories in Malmesbury as well as investing £31m for the young undergraduates at its university on the same site.
"Malmesbury has been the epicentre for us and we will continue to invest all over the UK," he added.
"The tax difference is negligible for us," added Mr Rowan, who confirmed that the company would be registered in Singapore, rather than in the UK.
"We are taxed all over the world and we will continue to pay tax in the UK."
Analysis:
Theo Leggett, business correspondent
Dyson's chief executive Jim Rowan said today he would describe the business as a global technology company.
However, because its roots are in Britain and its founder Sir James Dyson has been a vocal supporter of Brexit, the decision to move its headquarters to Singapore is likely to make political waves.
In practical terms, the change is a minor one. Two senior executives will be transferred to the Singapore office, where the company itself will now be registered.
There will be no impact on its 4,000 workers in Britain, and according to Mr Rowan, little impact on its tax affairs either. In 2017, it paid £95 million to the Exchequer.
It will continue to invest in its UK research and engineering sites in Malmesbury, London and Bristol, as well as a new centre in Hullavington, where it plans to develop a groundbreaking electric car.
But the change is still highly symbolic.
Dyson has made it clear its centre of gravity now lies in Asia, where it sees the biggest opportunities for growth.
He obviously doesn’t believe in the vision of a global UK as set out by Brexiteers. He could have opened s subsidiary office but has instead decided that he would rather his company was Singaporean rather than British. Current technology has if anything made the location of head offices irrelevant and is no barrier to growth. So why move?
Possibly because traditional retail outlets are declining, being replaced with online sales. Large corpotations are increasingly selling direc, following Apples model and some “manage” their tax liabilities by the sales transaction taking place in a low taxation country. And Singapore is.. ......
22-01-2019, 10:00 PM
17
Re: A true Leaver
It's about tax and being close to what he sees as the big markets of the future. Being in a no deal country between the US and Europe is now a liability. The US is becoming totally insular, the EU inaccessible from the UK. Geographical proximity to markets is a competitive advantage for most businesses.22-01-2019, 10:03 PM
18
Re: A true Leaver
Originally Posted by OldGreyFox
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Are you reading between the lines again Annie? What he actually said was that there would be more room to expand his business from Asia. No doubt his UK business will also benefit from his expansion...
22-01-2019, 10:10 PM
20
Re: A true Leaver
Originally Posted by AnnieS
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It's about tax and being close to what he sees as the big markets of the future. Being in a no deal country between the US and Europe is now a liability. The US is becoming totally insular, the EU inaccessible from the UK. Geographical proximity to markets is a competitive advantage for most businesses.
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