FILE PHOTO: Dyson CEO Jim Rowan speaks during a product launch event in Beijing, China September 12, 2018. REUTERS/Damir Sagolj/File Photo
LONDON (Reuters) – James Dyson, the billionaire Brexit supporter who revolutionized vacuum cleaners with his bagless technology, is moving his corporate office and tax registration to Singapore from Britain to be closer to his fastest growing markets.
The company said the move from Britain was not driven by the looming departure from the European Union or any tax implications. It already manufacturers products in Asia and will build its new electric car in Singapore.
Much of its product development will remain in south west England.
Chief Executive Jim Rowan said the group was seeing the biggest demand for its products like air purifiers and hairdryers as well as cleaners in Asia.
“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 said.
Rowan, who is already based in Singapore, will be joined by other senior executives.
He said the change in the company’s overall tax bill would be negligible as a result of the move, and the company was still expanding its research and engineering operation in Britain.
The move comes as Dyson said its annual profit had broken through the 1 billion pound barrier for the first time, driven by strong demand in China and other Asian countries.
($1 = 0.7741 pounds)
Reporting by Paul Sandle; editing by Kate Holton