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.
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Trading around Brexit
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