Centalion Group will move its headquarters from Cyprus to Singapore, becoming the latest international company to relocate its central base outside the country.
The company announced the decision on 2 October. Centalion employs around 2,000 people worldwide, although no figures have been provided on the number of employees based in Cyprus.
Singapore to become Centalion’s headquarters
Centalion said its headquarters will move to Singapore, where the company has maintained a presence since 2006.
Its main commercial offices will remain in Geneva, Switzerland, and Houston, Texas.
International reports, including the Financial Times, said the move involves transferring the company’s existing legal entity to Singapore rather than establishing a new corporate structure.
The company changed its name from Gunvor to Centalion in July 2026.
Centalion’s global trading operations
Centalion Group describes itself as an independent global commodities trading company.
It says it develops supply-chain solutions for the safe and efficient movement of physical energy resources, electricity, metals and minerals from points of origin and storage to markets where demand is highest.
Another major company relocates from Cyprus
The move follows BrainRocket’s decision to relocate its headquarters from Cyprus to Spain, adding to concerns over the country’s ability to retain international businesses.
While BrainRocket’s departure involved around 1,500 employees in Cyprus, no comparable figures have been disclosed for Centalion’s local operations.
The developments have also renewed questions over whether Cyprus remains as competitive for international companies as government and business representatives have highlighted.
CCCI warns advantages cannot be taken for granted
Following BrainRocket’s relocation, the Cyprus Chamber of Commerce and Industry (CCCI) said the arrival and expansion of major international companies in recent years demonstrated the strength of the Cypriot economy.
However, it warned that these advantages “cannot be taken for granted” as international competition for businesses and skilled workers continues to intensify.
The chamber highlighted operating and energy costs, housing, bureaucracy, the speed of licensing and migration procedures, infrastructure and access to specialised staff as issues requiring consistent attention.
It also stressed the importance of maintaining a stable and predictable tax and regulatory environment.
Also read: President: Cyprus receives €709m under Recovery and Resilience Fund
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