In 2010, Garmin relocated from the Cayman Islands to Schaffhausen. The company values Schaffhausen’s central location, excellent public transportation and highly skilled workforce.
Garmin is the global leader in satellite navigation. Since 1989, Garmin Ltd. and its subsidiaries have been designing, manufacturing, marketing and selling navigation, communication and information devices and applications – most of which are enabled by GPS technology. Garmin’s products are used for automotive, mobile, wireless, outdoor recreation, fitness, marine, aviation and OEM applications. A member of the S&P 500 Index, Garmin Ltd. is incorporated in Schaffhausen, and its principal subsidiaries are located in the United States, Taiwan, Germany and the UK.
Garmin was originally incorporated in Taiwan in 1989. The company relocated to the Cayman Islands in 2000 in conjunction with its IPO on the NASDAQ, and then relocated to Switzerland in 2010. Relocating the jurisdiction of incorporation from the Cayman Islands to Switzerland enhances global business operations and the company’s reputation, in keeping with its status as an international leader with key operations in Asia as well as Europe and North America.
Switzerland is centrally located in Europe and affords close proximity to our major western and eastern European markets. It provides a base for expanding certain corporate functions for our European operations from a centralized location and facilitates acquiring or partnering with European businesses. Moreover, the Greater Zurich Area offers easy connections to Zurich Airport, excellent public transportation and a highly skilled workforce.
The canton of Schaffhausen and its economic development organization, represented by Marcus Cajacob, assisted Garmin in assessing Schaffhausen as a potential location.