Despite the fact that Britain will soon leave the European Union, Snap, the company behind Snapchat mobile application announced that it will establish a headquarter for the international market in London.
The decision becomes more strange since Snap has not chosen Ireland as a checkpoint for the European region, where taxes are much lower and leaving the European Union is not in the country’s management plan.
The main reason why Snap chose the UK is that many of the company’s partners are based in London and across the country there are over 10 million active users of the platform. Of course, that number does not compare with the 150 million users in the European Union, representing about a third of the total users.
Snap Group Ltd., the entity under which the company operates in England, will receive the revenue generated in this country. Also, through this office will be proceeded the revenues generated elsewhere in Europe, where Snap had no officially entered yet.
The company already had a two-year official presence in London with a team that has grown from 6 employees to 75 in the past few months. The company’s headquarters will be established in Soho and its leadership will be handed to Claire Valoti, a former Facebook executive.
According to TechCrunch, this movement could prepare the company for bringing actions on the public market, where it is expected an evaluation of nearly $ 25 billion.
Various social networks have begun to develop in new directions in 2016 with live broadcasts from television channels on Facebook and special editions of some publications on Snapchat.
Rumor has it that 2017 will bring a Snap television program, created especially for the Snapchat application.