LONDON (Reuters) – James Dyson, the billionaire Brexit supporter who revolutionized vacuum cleaners with his bagless technology, is moving his head office to Singapore from Britain to be closer to his company’s fastest-growing markets.
Dyson’s company said the move to Singapore, where it will build its new electric car, was not driven by Britain’s looming departure from the European Union or tax implications, with much of its product development remaining in south west England.
Inventor - Britain - Entrepreneurs - Company - Insight
The 71-year-old inventor has become one of Britain’s best-known entrepreneurs, creating a multibillion-dollar company from an insight that a cyclone could collect household dust better than a clogged-up bag.
Chief Executive Jim Rowan said the manufacturer of air purifiers, hairdryers and cleaner, lauded by politicians as a British success story, was a “global technology company”, with 96 percent of its sales outside Britain.
Growth - Rate - Asia - Places - World
“Our growth rate in Asia has doubled most other places in the world over recent years,” he said, adding that more than half of its profit came from the region and the move was aimed at “future proofing” Dyson.
Rowan said the company, which broke through the 1 billion pound ($1.3 billion) barrier for annual profit in 2018, was moving to be near its manufacturing centers and the markets where it was seeing the biggest demand.
Efforts - Opportunities - Eye - Investments - EV
“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 EV (electric vehicles) and batteries,” he told reporters on Tuesday.
There would be a “negligible difference” to its tax payments as a result, said Rowan, who is already based in Singapore, where the corporate tax rate is 17 percent. It is 19 percent in...
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