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Brexit doesn't scare Snapchat; company selects London for its international HQ

By Plamen Dimitrov

Updated: Jan 10, 2017, 5:45 AM

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Brexit doesn't scare Snapchat; company selects London for its international HQ

Snap Inc. - the company behind popular image messaging app Snapchat is looking to set up a new base for its international operations in London, despite Britain's impending exit from the European Union.

Claire Valoti, general manager of Snap Inc. in the UK, has described the country as "a great place to build a global business" due to the strong creative industries that are present in Britain:

We believe in the UK creative industries... 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.

Snapchat has more than 150 million active users, half of which reside outside the U.S. The company's decision to set up base in London isn't too surprising, as the city continues to be an economical powerhouse, but it also means that Snapchat would have to book all sales made outside the U.S. in the U.K., where taxes are higher than some other popular destinations for American tech companies such as Dublin, Luxembourg and Cyprus.

source: Reuters

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