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Going Dutch: Which Firms Are Moving to the Netherlands Because of Brexit?

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Going Dutch: Which Firms Are Moving to the Netherlands Because of Brexit? SEPTEMBER 2019 Going Dutch: Which firms are Alert Clingendael moving to the Netherlands because of Brexit? Rem KortewegRem Continued uncertainty about Brexit has led setting up EU offices alongside their UK many UK-based businesses to activate their ones, deferring investments from UK contingency plans. Companies have decided sites to European plants, or relocating to move all, or part, of their operations to altogether. On 1 February 2019, the EU member-states in order to continue Institute of Directors – a British business to serve their customers in the single association – reported that, based on its market. Precautionary measures include survey of 1200 company directors, “nearly Clingendael Alert one in three UK firms” were planning for a off announcing their plans until Brexit has Brexit relocation.1 happened. Our list, however, mentions those companies that have already moved, or The Netherlands is one of the countries are in the process of moving. The list also firms have put on their shortlist. In late includes a number of firms which have January, the Dutch government’s foreign announced a move to the Netherlands in investment arm, NFIA, announced that it the event the UK leaves the EU without was talking to more than 250 companies a deal, but for obvious reasons have not which were thinking of moving some, or yet enacted those plans. It is also the first all, of their activities to the Netherlands.2 publicly available list of its kind for the Of course, any prudent executive will Netherlands. shop around and compare what Dutch regulators and tax authorities have to The Netherlands of course is not the only offer over their Irish, German, Spanish or destination for UK-based companies French peers. It is one thing to discuss nervous about Brexit. For instance, in the the possibility of moving, actually moving financial sector alone, Ireland announced is quite another. In August 2019, the NFIA that 100 asset-managers had moved to confirmed that 98 companies had “opted the country since the EU referendum for the Netherlands” as a consequence of in June 2016. Large commercial banks uncertainty around Brexit, but it offered little have shifted balance-sheet assets and detail about the companies or their plans.3 personnel to Frankfurt and Paris, or have moved their European headquarters there. So, what companies are moving to This Clingendael Alert does not seek to the Netherlands because of Brexit? assess how the Netherlands compares The Clingendael Institute has compiled a to other countries as a destination for database of companies that have announced corporate Brexit refugees. Instead, it aims their decision to move to the Netherlands, to offer a degree of detail about who are or have been reported to do so. This list is coming to Holland. By September 2019, based on open-source information. Though the list comprised 56 companies. companies may have additional reasons for wanting to reduce their footprint in the UK, There are several different ways in which each decision listed here to shift operations Brexit-impacted companies move to the to the Netherlands has been attributed to Netherlands: Brexit uncertainty and is drawn from media – Relocate activities to the EU market. reports or press statements. It should not In the case of multinationals, this will come as a surprise that our list contains likely include setting up a legal entity fewer companies than the 98 companies or headquarters. This can also include mentioned by the NFIA. Firms may be moving a particular production line to unwilling to make their plans public, or hold the Netherlands; – Expand existing activities in the Netherlands, and downscaling those in the UK; 1 Institute of Directors, “Nearly a third of firms – Set up a European headquarters looking overseas due to Brexit”, 1 February 2019, that covers all European, including UK, https://www.iod.com/news/news/articles/Nearly- activities; a-third-of-firms-looking-overseas-due-to-Brexit. – Open an EU office, allowing it to 2 NFIA, “More Foreign Companies invest in Holland reproduce services for the EU market. in 2018: 10,000 extra jobs”, 9 February 2019, https://investinholland.com/news/more-foreign- companies-invest-in-holland-in-2018-10000-extra- jobs/. 3 NFIA, “More Brexit-impacted companies choose the Netherlands due to ongoing uncertainty”, 26 August 2019, https://investinholland.com/news/ more-brexit-impacted-companies-choose-the- netherlands-due-to-ongoing-uncertainty/. 2 Clingendael Alert Type of move 30 25 20 15 10 5 0 Relocation Expansion Europe HQ EU office Financials come first treasury. The arrival of these trading venues and exchanges now lays the foundation for Companies in the financial sector make the further expansion of financial trading up the majority of firms arriving in the activities in and around Amsterdam. Netherlands: 32 of the 56 companies identified. Among them are trading A second subgroup includes boutique venues and boutique firms while – with trading firms, many of them high-frequency some exceptions – few large commercial traders, and FinTech companies. They institutions have opted for the Netherlands. include companies like Jump Trading, Radix, Hard Eight, the Gelber Group, One subgroup of firms consists of Azimo and CurrencyCloud. Aside from trading venues, markets or platforms. access to the EU single market, it seems These include exchanges like the CBOE, these firms are attracted by the friendly Bloomberg’s swaps market, TP ICAP, regulatory environment for FinTech and MarketAxess, the EU trading platforms Amsterdam’s high-speed internet exchange of the London Stock Exchange and point. The decision of important derivatives CME’s EBS and BrokerTec derivatives markets to base their EU platforms in markets. Though the number of employees Amsterdam will also have played a role. connected with these moves is not large, the volumes of trade which will be routed A third group consists of larger, and more through the Netherlands as a result of traditional, financial companies. Some, like these moves are. For instance, in August BlackRock and Royal Bank of Scotland, 2019, CME’s BrokerTec average daily have migrated assets, accounts or other European volume was EUR 263 billion.4 parts of the balance sheet from the UK to Of course, the tax proceeds from an EU office in the Netherlands. These steps transaction fees will accrue to the Dutch are not accompanied by large transfers of staff. Others, including Australia’s CBA, two big Japanese banks – Norinchukin and MUFG – and two shipping insurance firms 4 CME Group averaged 16.6. million contracts per – Steamship Mutual and UK P&I Club – have day in July 2019, up 23% from July 2018, https:// www.prnewswire.com/news-releases/cme- chosen the Netherlands as their EU base, group-averaged-16-6-million-contracts-per-day- and their moves involve more staff rotation in-july-2019--up-23-from-july-2018--300895521. to Netherlands. Meanwhile, at the behest html. of European financial regulators, the Dutch 3 Clingendael Alert Type of sector Financials Pharmaceuticals Media & Entertainment NGO Transport Electronics Food Automobile Healthcare Infrastructure Retail 0 5 10 15 20 25 30 35 bank ING is moving risk managers, bond to Amsterdam. With EMA’s arrival the seeds and currency traders from its London are sown for a pharmaceutical cluster in the office to Amsterdam. A No Deal Brexit Netherlands, but it remains to be seen how which would sever ties between the City it will grow. of London and the EU single market would surely add momentum to this trend among firms in the financial sector. A media magnet? Ten percent of the firms identified in the Pharma follows slowly database work in the media industry. For instance, the Japanese multinational The EU’s decision in November 2017 to Sony has decided to move its European relocate the European Medicines Agency headquarters to the Netherlands. This is (EMA) from London to Amsterdam has primarily a move for legal purposes, ensuring given a boost to the development of a business continuity in the event of a No pharmaceutical cluster in the Netherlands. Deal Brexit. Companies like Discovery In the wake of that decision, some expected have opted for the Netherlands to obtain that pharmaceutical companies would want EU licenses and guarantee their ability to to set up a presence close to the regulatory broadcast across the EU. Online and digital agency. This trend is materialising, but media companies like DAZN and TVT Media only marginally so: five pharmaceutical seek access to those same licences, but are companies have set up an EU office in the also attracted by Amsterdam’s high-speed Netherlands, including Shionogi, Alnylam internet, its creative sector and the presence and Dechra. The EMA has also attracted of other media firms like Netflix. In the non-EU regulatory peers, including an EU event of a No Deal Brexit, the BBC has also office of the US Food & Drug Administration announced that an office in the Netherlands and the British Standards Institution. will allow it to operate with the necessary Amsterdam’s proximity to London was EU licenses. one of the reasons for relocating the EMA there, but it might also be a reason Besides these three larger developments, why many London-based pharmaceutical the steps taken by a number of individual companies now see no need to move staff firms are worth noting: 4 Clingendael Alert Country of Origin 30 25 20 15 10 5 0 UK US Japan NL Australia GER Spain – Three humanitarian NGO’s have decided Shionogi. Some of the moves merely involve to move their office from the UK to changing the company’s European legal The Hague; structure – such as Sony’s decision to – Ferrovial, the Spanish infrastructure firm move its European headquarters – while that manages Heathrow Airport, has other moves also include substantial job moved its international headquarters to shifts, as is the case with Shionogi’s arrival.
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