VistaPrint Ltd. could be the latest company to leave Bermuda after its board of directors unanimously approved moving the domicile of the publicly-traded parent of the VistaPrint group of companies to The Netherlands.

Subject to approval by the Supreme Court of Bermuda, VistaPrint's shareholders will be asked to vote in favour of the proposal at a special meeting of shareholders expected to take place in July.

If approved, VistaPrint reckons the move of the parent company's place of incorporation should take effect in the first quarter of fiscal year 2010.

The small business marketing company's first manufacturing facility is already based in The Netherlands and has undergone multiple expansions, now encompassing more than 16,000 square metres since its initial construction in 2003.

"After careful consideration, our board of directors has concluded that it is in the best interests of VistaPrint and our shareholders to move our corporate domicile to the Netherlands and to re-establish an office in France that operates under the French headquarters tax legislation," said VistaPrint chairman, president and CEO Robert Keane.

"We believe that these moves will provide important managerial, economic and operational benefits for our company that will augment our competitiveness in markets worldwide."