Snapchat Picks London for Heading its International Operations: With more than 150 million global active users, the social messaging app has decided to make London its home for International operations. This delivers another vote of confidence in Britain’s Tech sector over Brexit, as the nation prepares to leave the European union. Snapchat has decided to book sales in Britain in which it has no local entity rather than routing them through lower tax jurisdictions like Ireland and Luxembourg as some other US tech companies do.
Snapchat Picks London Despite Brexit as its Home for International Operations:
Snapchat’s owner Snap Inc plans to go public this year in the biggest US market debt since 2014. The company expressed that London is going to be a great place to build their Global business as it has a strong creative industries base. It is already evident that London has become a priority for global tech firms despite the uncertainty sparked by the Brexit vote.
One of the strong reasons for Snapchat to opt London is the pool of talent available in the creative and technology sectors of which must have come from Europe and further afield. On the other hand, the city has ben gaining the position to be a financial hub that provides access to funding for start-ups and a home for large companies.
Apart from Snapchat, many major companies including Google, Facebook, and Amazon have increased their investment since the referendum decision in June. On Tuesday, Claire Valoti, General Manager of Snap Group in the UK said, “We believe in the UK creative industries”.
He added saying, “The UK is where our advertising clients are, where more than 10 million daily Snapchatters are, and where we’ve already begun to hire talent”. From just six employees a year ago, the company now has 75 staff operating in London. Google mentioned that it would increase the staff base by introducing 3,000 engineers and other staff.