Dyson Singapore: Billionaire James Dyson's Family Office Hiring in Singapore

The family office of James Dyson, the billionaire founder of Dyson, the giant in vacuuming, was founded in Singapore and is hiring IT and financial staff.

Weybourne Group Ltd wants to build a team of senior employees in the city-state, according to job openings on the Dyson website. The family office was established in 2013 and employs around 55 people worldwide.

James Dyson, who decided earlier this year to relocate the company's headquarters to Singapore from the UK, has a net worth of approximately US $ 11.9 billion, making him the UK's second-richest person.

Singapore has proven to be a popular place to set up a family office due to the high standard of living, an abundance of international tax treaties and strict privacy rules. The number of family offices has quadrupled between 2016 and 2018, according to data from the Monetary Authority of Singapore.

Weybourne Services Singapore Pte was established on January 31. A treasury analyst role advertised on the website notes that every successful applicant must help manage the group's cash and financing requirements when dealing with foreign currency transactions. The Swiss private bank Lombard Odier is a banker of Weybourne, according to a request from the Accounting and Corporate Regulatory Authority of Singapore.

A Dyson representative did not immediately respond to a request for comment.

The expansion of the family office is further proof that Dyson's involvement with Singapore is more than profound. The device maker plans to rent extensively in Singapore, Malaysia and the Philippines, and Dyson itself has demolished several luxury properties on the island.

RHTLaw Taylor Wessing LLP partner Benjamin Szeto said that Singapore is an attractive basis for family offices because of political stability, the connection with global markets and the range of tax incentives.

"Singapore is pretty well known to have an extensive array of direct double taxation agreements with many countries," said Szeto, who is also deputy head of the law firm's private wealth practice. Those arrangements show the nation is "held in high regard by others around the world".