When it comes to taking your business international there are a lot of issues that need to be considered in order to ensure the business thrives and succeeds. Companies from across the globe are looking to the UK to do their business and with good reason; This article will explore the benefits of doing business in the UK.
The ease of doing business
While many countries can be surrounded by red tape when it comes to setting up a new company the UK certainly isn’t one of them. You can set up a company in the UK in less than 24 hours and with considerable ease.
Conducting your business in the UK is made even easier by the plethora of professionals on hand to help your business. Whether you need an immigration solicitor to help you bring over staff or a tax advisor to help you navigate the tax system advantageously the depth and breadth of experts available in the corporate world is unrivalled.
Another aspect that makes conducting your business a simpler affair in the UK is access to the UK’s employment market. It was estimated that the UK’s workforce was just under 35 million in 2020 with a wide-ranging skillset. The UK also has long-established employment laws that protect both the employer and employee and that makes the process of hiring and retaining staff clear and uniform for all employers and employees.
Finally, the UK is recognised as an easy, or at least easier, place to do business thanks to its stable political and financial institutions. Military coups and corrupt governments are not generally concerns facing business owners looking to invest in the UK.
Manageable tax system
One of the biggest driving factors for companies looking to set up their business in any country is the tax obligations they will have to meet and the tax system they will need to understand and navigate. The UK keeps its business taxation system relatively simple, particularly by comparison to international markets. Companies are liable to pay corporation tax at favourable rates by comparison to foreign markets and potentially Value Added Tax (VAT) on goods and services supplied in the UK.
The UK also benefits from global tax treaties ensuring that companies can profit from double taxation agreements. This can be hugely advantageous to companies as it usually means that corporation tax will not be paid on foreign dividends.
Although the UK may have formally left the European Union it still remains geographically close to Europe, which can make it a favourable destination for businesses. It is also well placed for navigating international time zones and is relatively easy to conduct business calls in the States or Singapore at a convenient time for all parties.
The UK also benefits from English being its first language, known as the language of business it is one of the natural advantages to running a business in the UK.
Finally, the UK has a well developed and always improving infrastructure system that can connect the whole country. With the likes of a new high-speed rail system being built, you can leave your house in the north of the country and attend a business meeting in the South in a matter of hours.