It’s being described as an ‘earthquake’ in Geneva business circles.
The world’s leading testing and certification company, SGS, is leaving Geneva and moving to canton Zug.
It’s been based in Geneva since 1915.
The company employs 100,000 worldwide, but only about 150 at its Geneva HQ. It’s not a massive loss of jobs to the canton – but there are fears it may persuade other multinationals to make a move.
The head of the Geneva Chamber of Commerce, Vincent Subilia, says it’s an ‘earthquake for the Geneva economic fabric.’ He’s urging shareholders not to ratify the decision at their meeting next month.
Tax is thought to be a main motivator. Not the tax the company will pay, but the personal tax rates for the company’s executives who are earning more than a million a year.
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