Despite the notorious Brexit events over the last year, SnapChat’s parent company Snap will be opening up an office for international sales in London, England. The company is expected to expand its current staff of 75 employees and add staff members to fill open positions. The move raised eyebrows about the location of the company’s offices after the news of the Brexit events.
SnapChat is one of the leading applications available on mobile phones and boasts a userbase of about 150 million users worldwide. While a small percentage are in the UK, the new office in London would surely aid in the popularity of this market. Snap will also follow other large tech companies who use the area for tax purposes such as Google, Twitter and Facebook. The news was a boost to the post-Brexit market which surprised many after Britain’s exit from the EU. Also surprising was that the company would be paying UK corporate tax.
A spokesperson for Snap commented, “I am happy to confirm that the UK is the Snap Inc. family’s hub outside the US. The UK’s strong creative industries make this a great place to build a global business.”
SnapChat is rumored to be worth in excess of $25 billion and will name the new UK company Snap Group Limited.
The company is best known for its ultra-popular SnapChat application which runs on mobile devices. The application first debuted as an application that ran on Android based phones starting on October 29, 2012. Two months later, Snapchat upgraded capabilities to not just handle photos but also video clips. User could press the photo button while using the application to record up to ten seconds of video to use. Once the video is viewed a single time, the app deletes it permanently from the user’s phone to no longer be seen again.
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