News & Insight
Dyson: forget about Brexit, investment in Singapore is a smart move
On Tuesday last week, British tech titan Dyson announced that it will move its corporate head office from Wiltshire (a county in the South West of England) to Singapore.
The move is unsurprising. In February 2017, Dyson opened a £330 million research and development centre, dubbed its Technology Centre, which is said to focus on robotic engineering and artificial intelligence. In October last year, Dyson announced that it will commit £2 billion to build its electric cars in Singapore.
Relocation of its HQ has seen James Dyson, an outspoken Brexit supporter, facing heavy criticism.
The economic reality, however, is that Asia’s tech industry (amongst others) is growing and lit with bright and new opportunities.
Singapore is the principal gateway to the growing tech markets in ASEAN, and to the booming tech talent pool and tech companies of China. Singapore, the jewel of Southeast Asia and the obvious bridge to look to between ASEAN and China, has heavily invested into numerous initiatives to be a ‘Smart Nation’ and is the Global-Asia node of technology, innovation and enterprise.
There is nothing surprising about an ambitious tech company, whether based in the UK or EU or elsewhere, investing in Singapore. On 4 January this year, Singapore and the UK issued a Joint Statement to launch the “Singapore-United Kingdom Partnership for the Future”, which look towards creating new opportunities for collaboration between the nations.
On 19 October last year, the EU signed with Singapore a EU-Singapore Free Trade Agreement (EUSFTA). Upon ratification, Singapore will remove tariffs on all EU products entering Singapore, and the EU will remove tariffs on 84% of all Singapore products entering the EU, with the remaining 16% to be removed over a period of 3 to 5 years.
With the EUSFTA and with the uncertainties around Brexit, trading through Singapore for a business is a prime alternative destination to make trade with Europe easier and almost tariff-free.
You can read about HLaw’s key sector highlights of the tech opportunities in Britain and Singapore here: https://humphreys.law/uk-singapore-opportunities/.
Please do contact us at firstname.lastname@example.org if you are looking to do business in Asia or the UK. Humphreys Law is well-positioned to support global tech businesses on corporate and commercial deals and projects.
Image: A Dyson Singapore technology centre [Image credit: Dyson]