Snapchat’s parent, Snap, picks Britain for its base in Europe
The company behind the messaging mobile app Snapchat will place its European base in Britain, a vote of confidence in the country’s economy after the vote to leave the European Union.
Los Angeles-based Snap Inc.’s decision runs counter to those of tech giants such as Apple Inc. and Google Inc., which have chosen to locate their bases in lower-tax countries such as Ireland. It also comes amid public frustration over alleged tax avoidance schemes of multinational corporations.
Snap, which has 75 staff members in Britain, will pay British corporation tax on its international profits.
Claire Valoti, general manager of Snap Group in Britain, says the company believes in Britain’s creative industries.
Snap has 150 million users a day worldwide and is planning it’s initial U.S. stock offering with a reported valuation of up to $25 billion.
Read more: Snapchat in 2017: 7 predictions about what’s to come »
The Britain news comes shortly after Snap’s decision to lease about a large amount of office space in Santa Monica, possibly the company’s largest real estate move yet.
Read more: Snap is expanding into 300,000 square feet of Santa Monica office space »
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