INSUBCONTINENT EXCLUSIVE:
Image copyrightGetty ImagesSony will move its European headquarters from the UK to the Netherlands to avoid disruptions caused by Brexit
The company said the move would help it avoid customs issues tied to Britain's exit from the EU, according to AFP
Despite the move, Sony won't shift personnel and operations from the existing UK operations
It is the latest Japanese company to flag a move to the continent in response to Brexit
The UK is on course to leave the European Union in March, but the two sides have yet to strike a deal.On a recent trip to the UK, Japan's
Prime Minister Shinzo Abe expressed concern over a no-deal Brexit
He said it could hurt Japanese companies, which employ up to 150,000 people in the UK
Electronics firms switch offSony spokesperson Takashi Iida told AFP the move would make Sony a "company based in the EU" so the common
customs procedures will apply to Sony's European operations after Britain leaves the bloc
Sony's rival Panasonic has already moved its headquarters to Amsterdam, mostly because of tax issues potentially created by Brexit.Both
companies say the decision is unlikely to have a major impact on jobs in the UK
Image copyrightGetty ImagesWhen Panasonic announced its move, it said "fewer than approximately 10" people would be affected out of a staff
of 30.Bank withdrawalSeveral Japanese firms, including MUFG, Nomura Holdings, Daiwa Securities and Sumitomo Mitsui Financial Group, have
said they plan to move their main EU bases out of London.Japanese bank Norinchukin announced earlier this month that it would set up a
wholly-owned subsidiary in the Netherlands in response to Brexit and other economic changes in Europe
Hitting the brakes A number of Japanese carmakers have also expressed concern over the impact of a hard Brexit
Toyota has warned that a no-deal Brexit would affect investment and would temporarily halt output at its plant in Burnaston.Honda has
already planned a six day halt in April to plan for "all possible outcomes caused by logistics and border issues".
