Seagate Technology redomiciles from Cayman to Ireland pursuing tax advantage
Previously, it was discussed that United America Indemnity has completed the redomestication from the Cayman Islands to Ireland.
It was recently announced that another Cayman-registered company changes its jurisdiction of incorporation from the Cayman Islands to Ireland. After 10 years of incorporation in Cayman, Seagate Technology has redomiciled to Ireland in order to benefit from tax advantage.
According to a filing with the US Securities and Exchange Commission made on February 1, a multi-national company incorporated in Ireland, Seagate expected to minimize its tax burden and to benefit from the “extensive network of tax treaties.” Seagate’s shareholders approved the change of legal address. In 2009, the company reported sales of USD 9.8 billion and listed 47 000 employees.