SINGAPORE (BLUMBER) – The family office of James Dyson, founder of billionaire vacuum cleaner giant Dyson, has been incorporated in Singapore and is in the process of hiring IT and financial services staff.
Weybourne Group Ltd is seeking to build a team of senior staff in the city-state, according to job postings posted on Dyson's website. The family office was established in 2013 and employs about 55 people globally.
James Dyson, who decided earlier this year to move the company's headquarters to Singapore from the UK, has a net worth of about $ 11.9 billion, making it the second richest person in the UK.
Singapore has proven to be a popular place to set up a family office because of its high standard of living, the multitude of international tax treaties and strict privacy rules. The number of family offices quadrupled between 2016 and 2018, according to data from the Singapore Monetary Authority.
The services of Webb Singapore Singapore Pte were incorporated on 31 January. It should be announced that the role of Treasury Analyst is published on the website notes that each successful applicant will need to assist in managing the group's cash requirements and financing while dealing with foreign currency transactions. Swiss private bank Lombard Audier is a Weberian banker, according to a report to the Accounting and Regulatory Authority.
A representative from Dyson did not immediately respond to a request for comment.
The expansion of the family office is proof that Dyson's dedication to Singapore is more than deep in his skin. The device maker plans to deploy widely across Singapore, Malaysia and the Philippines, and Dyson himself has attracted several luxury properties to the island.
RHTLaw Taylor Wessing LLP partner Benjamin Cheto said Singapore is an attractive base for family offices because of its political stability, its connection to global markets and the range of tax incentives.
"Singapore is pretty well known for having a wide range of direct double taxation agreements with many countries," said Cheto, who is also the deputy head of the law firm's private wealth practice. These arrangements show that the nation is "accepted by others around the world".