7 Great Reasons to Consider Doing Business in the United Kingdom

Brexit has created some uncertainty among business owners and entrepreneurs thinking about launching or relocating a business in the United Kingdom. However, the country remains a prime place for doing business, especially for companies in certain industries, including digital technology and banking. London remains the top city in Europe for capital investment and by a significant margin. Beyond that, the UK is one of the easiest places to set up and run a business, as the British government has focused on driving entrepreneurship in the country. Some of the other key reasons for starting or moving a business to the UK include:

1. Strong local talent

London has an incredibly talented workforce that entrepreneurs can benefit from as they build up their companies. Moreover, the UK tends to attract talented workers from other places around the world. Currently the UK has a workforce of more than 30 million people, the second-largest pool in all of Europe. In addition, the UK has the top six universities in Europe and two of the top three in the world. Experts expect the British labor supply to be one of the only ones in Europe to continue growing in the next decade or so. Also, the UK has many policies for protecting its labor force, which is partially why the country attracts such skilled workers.

2. London is a major financial center

Even with Brexit, London remains one of the top financial centers in the entire world. This fact alone attracts business owners from across the globe. Many of the largest financial institutions in existence call London home. These institutions include Barclays, HSBC, the London Stock Exchange, and the Bank of England. HSBC and Barclays are the largest banks today. Because of its status as a major financial hub, London offers business owners a full range of financial services that can help companies grow quickly.

3. Ease of doing business

The World Bank ranked the UK as the easiest place in Europe to create and run a business. According to this report, it takes less than two weeks to set up a business in the UK compared to a European overall average of more than a month. In addition, the UK has a very high score in terms of ease of doing business. In fact, the World Bank has ranked it number one in Europe in terms of ease of doing business and number six in the entire world. This has attracted many people to the UK, as the barriers to doing business are much lower. In the end, this increases the amount of time you can spend actually focusing on the business itself.

4. Low business taxes

Something that business owners always need to think about is taxes. Navigating a tax system is often one of the most frustrating parts of starting and running a business. The corporate tax rate in the UK is set at 20 percent, which is far lower than many other European countries where taxes can claim more than a third of a company’s overall income. The tax question has become more complicated in the setting of Brexit, but it is still a significant draw for business owners. Historically, the UK had much higher corporate taxes. In the 1980s, for example, the corporate tax rate was effectively more than 50 percent. Today, the UK has one of the lowest rates in the entire industrialized world.

5. Convenient time zone

Companies with international operations quickly learn the stress of working across different time zones. The benefit of working with the UK is that its workday overlaps with many other regions of the world, including the entire United States and major business centers in Asia. Few other places of business have such overlap, which minimizes the need to hold meetings or phone calls well outside of business hours. This promotes wellness by keeping entrepreneurs on schedule in terms of sleep, which is often impossible when developing international business ties from other places around the world.

6. Political stability

While many people expect political stability from westernized countries, Brexit has interrupted that balance, not to mention many other unique political situations that have developed around the world in the past decade. Despite this, the UK is ranked as one of the most transparent countries by Transparency International. In fact, the UK has a higher rating than the United States, Japan, France, and Germany. Even throughout the Brexit process, the government has been completely open about everything that is happening, which helps to quell some anxiety.7. Optimal flexibility

Brexit may end up helping business owners in the UK to some extent by increasing the country’s flexibility. Since it’s not part of the European Union, the UK is in a better position to react very quickly to any market shifts or global events. This creates a safer environment for British businesses, as the government is in a better position to protect them and avoid the effects of major market turns. This is an important point to keep in mind, as it is one of the biggest benefits of Brexit for business owners and one of the major reasons why the UK decided to pursue this policy.

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