When looking at which country to expand into, there are some key things to consider. Economic stability, a talented workforce, and a business-friendly environment are just a few. The UK provides businesses with all this and more. In the 2018/2019 tax year, 672,890 start ups were founded in the UK, despite it being a full year into the Brexit uncertainty 1.
The country has lots to offer to businesses wanting to expand. Over 7,500 US businesses now have operations in the UK 2. Some of these companies include LinkedIn, AirBnB and Amazon.
Why is the UK appealing to so many businesses?
London is a financial hub of the world
Some of the largest financial establishments exist in the city including the London Stock Exchange and the Bank of England. This makes it a prime location for those wanting to expand their business in the country.
The UK’s tax rate is a further benefit, which is third lowest in the G20 3. The country has double taxation agreements with destinations including Ireland, India and France. For US businesses, it allows freedom to trade with other countries without the worry about doubling the tax on the same income.
Access to a large talent pool
With over 66 million people in the UK 4, the country opens up opportunities to reach a massive new market. It also boasts a very talented and skilled workforce, housing four of the top ten universities.
The country is home to the second highest amount of professional software developers in Europe. The total currently stands at 849,000, just behind German at 901,000 5. Further to this, it ranks 5th in the world for access to growth opportunities 6.
Government support in technology
The tech sector is one of the fasting growing sectors in the country. This is heavily down to increasing investment, especially in AI. From 2018, the country ranked third in government investment in the technology.
The government is currently funding research into the technology. Financial support is being provided for students completing AI PHDs. For business expanding into the UK, it means access to cutting edge technological advancements and an innovative workforce.
Great eco system for businesses
The country is well known for its business-friendly environment, nurturing start-ups and entrepreneurs.
There is no shortage of VC funding for entrepreneurs looking to start a company or open an office in the country. Despite Brexit, 2019 saw a record-breaking year in investment in the UK’s tech sector. The sector saw a £3.1bn increase from 2018 7. British tech companies received more VC investment that Germany (£5.4bn) and France (£3.4bn) combined.
High-speed rail link to Europe and strengthening air travel means the country is in a great position for global transport. both to Europe and worldwide. The UK also has the second largest port transport hub in Europe.
Which sectors are growing in the UK?
Fintech, marketing, advertising and energy are some of the top fastest growing sectors in the UK8.
As the Unicorn capital of Europe, the UK sits only behind the US and China when it comes to building fast-growing global firms. With record investments in a number of sectors including AI, FinTech and clean energy, the UK is the perfect place to grow your business.
Digital Minister Matt Warman said: “It’s fantastic to see Britain continues to be the best place in Europe to start and grow a tech business, with record-breaking investment and the creation of eight new billion-dollar companies last year."
Want more information on how Procorre Global can help a company like yours to expand in the UK? Contact us today.