British billionaire Dyson moves vacuum giant to Singapore – Business News Weekly
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 tho