Since Brexit, the UK has been experiencing an economic boom. This rise implies that the various predictions about Britain’s demise were exaggerations seeing as they’ve been going strong since the vote.
Since Brexit, the UK has been experiencing an economic boom. This rise implies that the various predictions about Britain’s demise were exaggerations seeing as they’ve been going strong since the vote. Unemployment has reduced to the lowest level in over 40 years due to UK’s advancement as an international technology hub. There’s also increasing growth in the manufacturing sector due to a weaker pound sterling.
With all these happening, you’ll need to have a considerable amount of pre-knowledge of the UK’s market to do business in the country. Like any international destination, opening a business in the UK has its own challenges.
An official data from the British government shows that there are over six million businesses in the UK, and the figure keeps growing from 2.4 million in 2000.
Currently, EEA and EU nationals don’t require special permission to start businesses in Britain except for Romania and Bulgaria. However, the withdrawal from the EU is still in transition, so the rules might change.
You may need to get a visa if you’re coming from outside EEA or EU. While prospective entrepreneurs could get favorable treatment in the country’s point-based immigration system; however, you’ll be required to obey various rules before you can get Tier 1 status.
Many things have changed with the way businesses are being operated before and now. With the rise of technology and the beginning of Brexit, the UK has experienced an unexpected surge in the number of businesses in the country.
According to Reboot SEO Agency, the UK registered about 835,494 new businesses last year. This number is a 41 percent increase from the 2019 figure, 591,924, and a 96 percent rise from the 2018 figure, 425,703. It’s also a 141 percent rise from 2017, which had 345,675 new businesses registered.
Multinational corporations prefer doing business in the UK for several reasons. For one, they’ll gain new affluent customers, create new potential for extending into other countries in Europe, and access opportunity to market stagnant products or service. Companies in the UK can access over 500 million customers in Europe.
One complicated factor when it comes to global expansion is handling the tax system. The current tax rate in the UK is at 20 percent, which is fair compared to the rest of the foreign markets.
The UK has double taxation agreements from treaties they entered with other countries, so most Britain-based firms won’t have to pay for Corporation Tax on foreign dividends.
A strong infrastructure is crucial to your businesses’ growth regardless of the country. There’s always constant ongoing infrastructure improvement in transportation, telecommunications, waste management, and energy. So the United Kingdom is equipped with enough infrastructure for any business to thrive.
Another reason to move your business operations to the UK is a large number of skilled employees. With over 30 million people in the workforce, the second-largest workforce in the EU, you can find skilled workers for your business. And the best part is, the UK is the only European country expected to experience labour supply growth in the next 15 years.
UK Power Networks, responsible for electricity connections, may take about 100 days to complete proceedings for your new company site. The process involves submitting plans, receiving inspections, and the subsequent external connection work. This problem may delay your operation.
In the UK, all company details such as directors’ names, registered office addresses, accounts, service addresses, and all company filings are listed on the official company’s register and maintained by Companies House. People can always inspect these company records at the office address whenever they want.