Garmin to incorporate in Switzerland

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Garmin Ltd. announced its board of directors unanimously approved moving the place of incorporation of the company from the Cayman Islands to Switzerland.

Garmin’s shareholders will be asked to vote in favor of the proposed change in place of incorporation at a shareholders meeting, which is set for May 20.

“Following a thorough review, we have determined that it is in the best interest of Garmin and its shareholders to change the jurisdiction of incorporation of our group parent company to Switzerland,” said Dr. Min Kao, chairman and CEO of Garmin, in a statement. “Switzerland is centrally located in Europe in close proximity to our major Western and Eastern European markets.”

Garmin said it does not expect that the redomestication will have any material impact on its financial results. Assuming completion of the redomestication, shares of the Swiss company would be listed on the Nasdaq Global Select Market under the symbol GRMN, the same symbol under which Garmin shares are currently listed.

The Swiss company would remain subject to the U.S. Securities and Exchange Commission reporting requirements, the mandates of the Sarbanes-Oxley Act and the applicable corporate governance rules of Nasdaq.

In addition, the Swiss company would continue to report its consolidated financial results in U.S. dollars and under U.S. generally accepted accounting principles.

Garmin Ltd. also announced its board approved the payment of a 2010 annual cash dividend in the amount of $1.50 per share, a one-time increase from 75 cents per share. The dividend is payable to shareholders of record on April 15 and will be paid on April 30.

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Comments

5 comments on “Garmin to incorporate in Switzerland

  1. Captain Kink

    Dumb move, the Swiss have horrible reputation and report any and all information which could be detrimental to any company or individual.

  2. Stsomewhere

    Sad that this ‘originally’ US company from Kansas has to move and incorporate outside the US. I am sure it is to avoid taxes.

  3. ABUTOM

    WAIT TILL EXXON MOVES TO ABU DHABI FOR 200 YEARS NO TAXES. NEW YORK GREED CHASED EXXON TO VIRGINIA AND CHUCK SCHUMER STILL WANTS HIS WINDFALL PROFITS TAXES.
    THE AMERICAN GOVERNMENT THE ENEMY OF BIG AND SMALL BUSINESS. 38,000 AMERICANS LOST THEIR JOBS LAST WEEK BUT THE GOVERNMENT GAINED 6,000 EMPLOYEES. NOW WITH COMMUNIST HEALTHCARE WE GET TO SPONSOR 18,000 NEW IRS AGENTS.
    WAIT TILL THE INSTALL TOILET METERS IN YOUR HOUSE. NO QUARTER NO TP. HAVE YOU SEEN THE NEW TOLL BOOTH AT THE BOTTOM OF YOUR DRIVEWAY?
    UNCLE SAP IS A TAX ADDICT.
     

  4. Captain Kink

    Hey “Really” do you think I’m dumb enough to give my name while being in a privacy business?  I’ve been in the asset protection business for eight years after being in the boat business for 25 now; I know what I’m talking about.  I know more about this subject than 99% of the lawyers who think they know it all.
    If you think the Swiss are above board, think about the Holocaust survivors and how the Nazi’s were shielded when they stole money.  We could go ono and on with Michael Milliken, the Marcos’ and now U S citizens with USB
    What’s your plan, “Really”, let our government steal your wealth?
     

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