Many well-respected newspapers and news websites – Financial Times, The Guardian, The Verge… – broke the news this morning that Snap Inc, the company behind Snapchat, would be erecting a new international headquarters in the United Kingdom’s capital city. The choice for London was reportedly made because of the area’s “strong creative industries” and was interpreted as a vote of confidence, despite the imminent Brexit.
Snapchat has been trying to rebrand to a camera-first company, introducing their Spectacles in September to prove it. For now, this gadget is only sold through vending machines across the United States, and the London HQ was seen as an attempt to break through that.
But Snapchat isn’t moving at all. In a statement on their website, they claim that they’re only making “a change to the way we operate our business in London (and a few other countries) through a U.K. entity. This allows us to pay taxes in the U.K., which we believe is part of being a good local partner as we grow our business.”
So it’s all just a tax maneuver. They apparently intent to stay true to their one and only HQ in Venice.