Is Rolex a non profit organization?

Braindrain · Dec 30, 2020

Wryfox
Yep, done as a tax dodge. I'll try to dig up the history of it I have somewhere, but I recall when this was done pre war it was legal to set it up this way, but no longer as the loophole is closed. They are grandfathered.

During or just after WW2, I believe. UK was introducing all sorts of taxes so Rolex decided to pack up and HQ in Geneva.

thelinendial · Dec 30, 2020

Working in a corporate company, I can appreciate that they are not held to unrealistic shareholder expectations so beat to their own tune.

But otherwise know very little. It’d be a great investigative documentary.

Syrte · Oct 6, 2023

Braindrain
During or just after WW2, I believe. UK was introducing all sorts of taxes so Rolex decided to pack up and HQ in Geneva.

Had forgotten all about this thread and piece of info. If true- were they avoiding to pay a share of UK’s reconstruction after WWII? what a remarkable contribution.
The cherry on the cake is that they later got those British govt contracts for the now famed milsub divers.

STANDY · Oct 6, 2023

Well if you Google

Britanica

When did Rolex move to Geneva?

1919

The company was renamed Rolex Watch Co. Ltd. in 1915, probably because the name Wilsdorf was provoking anti-German prejudice in Great Britain during World War I. Rolex opened a Geneva office in 1919 and soon afterward moved headquarters to Switzerland and adopted the French-language corporate name of Montres Rolex SA.

Wiki

In November 1915, the company changed its name to Rolex Watch Co. Ltd. In 1919, Hans Wilsdorf moved the company from England to Geneva, Switzerland, because of heavy post-war taxes levied on luxury imports and high export duties on the silver and gold used for the watch cases.

Rolex

Rolex moved to Geneva, a city renowned internationally for watchmaking. Montres Rolex S.A. was registered in Geneva in 1920.

Braindrain · Oct 6, 2023

Syrte
Had forgotten all about this thread and piece of info. If true- were they avoiding to pay a share of UK’s reconstruction after WWII? what a remarkable contribution.

Yup, it wasn't exactly a secret.