Ultra-deepwater drillship Deepwater Discovery working off West Africa (photo: Transocean)
Updated 21:15 Geneva, Switzerland (TSR, Fre) – TSR carries a video report on 10 foreign companies that have decided to move their head offices to Switzerland to date in 2009. They include Transocean, the world’s largest offshore oil drilling company, which has moved from the Caribbean to Geneva.
In a letter sent to TSR, the company noted that “Switzerland has a stable and developed tax regime and a network of tax treaties with most countries where we operate.” CEO Robert Long, who provided the quote, noted that a base in Switzerland will help the company improve its “ability to maintain a competitive worldwide effective corporate tax rate.”
Transocean will have a total in Geneva of about 35 people, the company says: 14 executives and other staff including support staff.
Switzerland is studying the possible need to change its corporate tax system, in particular to harmonize cantonal legislation covering taxes on profits made by subsidiaries. The TSR story asks if negative publicity about Swiss banking secrecy has prompted some companies to reconsider moving to Switzerland, and it takes the example of these 10 to say apparently not.
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News story, GenevaLunch, 25 March 2009.
Filed under: Business
Tags: banking secrecy, Business, Business and finance, business decisions, corporate tax, Geneva, offshore drilling, Swiss business, Transocean
August 18th, 2009 at 9:10 am
[...] and chief operating officer. He has been with Transocean since 1994. The company, which moved its head office from the Cayman Islands to Geneva in late 2008, has a small top management staff in Geneva, including Newman and Long, but it [...]
April 21st, 2010 at 11:29 pm
[...] Transocean moved its head office to Geneva, Switzerland in 2008. It has an office in canton Zug. [...]