Sony to shift UK headquarters to the Netherlands to avoid Brexit problems
The relocation will help Sony avoid tedious customs-related procedures expected after Britain leaves the European Union, the firm said.
In yet another major shift from an international firm out of Britain’s borders, Japanese electronics giant Sony announced on Wednesday it will be shifting its European head office from Britain to the Netherlands to avoid Brexit-related customs issues.
The relocation of the registration place of its Europe head office will help Sony avoid tedious customs-related procedures expected after Britain leaves the European Union (EU), Sony’s spokesperson Takashi Iida told AFP, and the change is slated to take place by the end of March.
Other than the registration change of its headquarters, which will make Sony ‘a company based in the EU’ and help Sony's European operations retain the bloc's common customs procedures, Mr Iida said the personnel and operations at its current UK company will not be moved.
The Brexit divorce deal states that the UK will be leaving the EU in March, but both parties have yet to strike a deal.
Sony joins other firms exiting Britain before the dreaded Brexit March deadline
Last year, Sony’s rival Panasonic moved its European headquarters from Britain to the Netherlands over concerns on potential tax issues that could be caused from Brexit.
British home electronics maker on Tuesday also announced plans to move its corporate head office to Singapore. Although the firm said it made the shift due to growing demands from Asia, the move coincided with Brexit, which will take place this year.
UK prime minister Theresa May racing for a solution to Brexit as problems snowball
UK prime minister Theresa May continued to reject calls for a second referendum and unveiled her ‘Brexit Plan B’ on Monday, a plan which only showed some reassurances that the Northern Ireland issue will be resolved, at some point.
On Tuesday, Brussels rejected Mrs May’s plans to renegotiate the Irish backstop, imploring for her to focus on garnering cross-party support to opt for a softer Brexit landing.
The UK has 66 more days to go until it is due to leave the EU.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Trading around Brexit
Find out how Britain’s EU exit continues to affect traders, and discover:
- How you can trade on Brexit
- The markets you should be watching
- Brexit trading strategies for key assets
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
