British appliance giant Dyson takes big leap to move head office to Singapore

It is set to build electric cars in the citystate.

Reuters reported that appliance manufacturer Dyson will transfer its head office to Singapore in a move to capture its fastest-growing markets.

Dyson, which is owned by Brexit-backer James Dyson explained that the the move to Singapore where it will build its new electric car was not influenced by Britain’s impending departure from the European Union or tax implications, with much of its product development remaining in south west England.

“Our growth rate in Asia has doubled most other places in the world over recent years,” chief executive Jim Rowan said, noting that 96% of the company’s sales were outside Britain whilst half of its profit came from Asia, making their Singapore transfer a ‘future proofing’ for Dyson.

Rowan who is already based in Singapore where corporate tax rate is at 17% said that there would be a “negligible difference” to its tax payments as a result of the move, comparing to Britain’s tax rate of 19% which is set to fall to 18% in 2020.

Here's more from Reuters.

Photo from Reuters.