Brexit-supporter James Dyson to move Dyson HQ to Singapore

Brexit-supporter James Dyson to move Dyson HQ to Singapore

Justifying the move, chief executive Jim Rowan dismissed the idea of Brexit and lower taxes being a motivation.

Following the move, Dyson will no longer be a British registered company, and Singapore will become its main tax base, where corporate tax rates are 17 per cent compared to the UK's 19 per cent.

Sir James Dyson did not comment on the move to Singapore.

The headquarter switch from Malmesbury, Wiltshire, is likely to prove controversial given that Sir James - the company's billionaire chairman, founder and owner - is an outspoken proponent of Brexit.

"But, no doubt the usual suspects will attack him", the LBC presenter added.

Dyson broke through the £1billion barrier for annual profit for the first time in 2018.

Company founder Sir James Dyson has been in favour of Brexit, but Mr Rowan confirmed that Britain's departure from the European Union would have little impact on the firm and that they had not made any contingency plans.

"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.

He added: "We have seen an acceleration of opportunities to grow the company from a revenue perspective in Asia".

Rowan added that the company will still be expanding its research and engineering operations in the United Kingdom, and that the tax impact of the move will be negligible.

"We would describe ourselves as a global technology company and in fact we have been a global company for some time".

It reported earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.1 billion pounds (US$1.42 billion) in 2018 on turnover up 28 per cent to 4.4 billion pounds.

James Dyson, the 71-year-old founder, is the 129th richest person in the world, worth nearly $14 billion Canadian, according to Bloomberg. It already manufacturers products in Asia and will build its new electric vehicle in Singapore.

Rowan said moving to Singapore was part of "the evolution" of the company.

"Globally, enthusiastic owners are demanding high-performance products so we are deepening our operations and technology investments to meet their needs".

Tristan Fewings/BFC via Getty ImagesSir James Dyson presents the Special Recognition award for Innovation on stage during The Fashion Awards 2017.

The company insists the change has nothing to do with Brexit or tax but is about "future-proofing" the business by being closer to its fastest growing markets in the Far East.

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