Despite increasing concerns around Brexit and a disturbed post-Covid economy, Britain is a destination where entrepreneurs and millennials with a business mindset can start and run their businesses.
There are many reasons why millennials and foreign students prefer to start their business in the UK.
The upcoming UK immigration system 2021 also offers a wide range of options for interested applicants who have a business plan in mind and wish to settle their families and dependents in Britain.
If you’re also interested in starting a business in the UK but haven’t made up your mind yet, we hope this post will clear some of your doubts.
Here are 8 reasons why Britain may be the best place to start a business in 2020.
Language and Timezone
One of the biggest advantages of establishing a business in the UK is that it is home to many international languages.
This gives you an opportunity to better network and hire more employees according to your needs.
In addition, the time zone in the UK is also feasible for those who want to set up and run an international business. The working days in Britain also overlaps with many international countries, including Hong Kong, Tokyo, Singapore, and the USA.
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Manageable Regulations
Since the UK is now free to establish its own tailored regulations in certain areas like tax and finance, businessmen can create business contracts accordingly. For example, a business agreement with Sweden will not be the same as a contract with France.
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Ease of Doing Business
Starting and running a business in the UK is comparatively easier than running a business in any other country. According to Worldbank, the UK’s ease of doing business score is higher than any other foreign country.
Also, the opportunities are literally endless in different sectors. Plus, the formalities to start a new business are relatively low if you compare it with other leading countries.
You can even collaborate with any other acknowledged international businesses in the UK to better understand the compliance rules and organizational culture currently prevalent in the country.
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Strong Business Infrastructure
The UK is one of the leading financial hubs of the world, drawing businessmen and business-oriented people from around the globe. London, in particular, has been the center of economic activities for many years.
The city is also home to some of the largest financial institutions, including the Bank of England, LSE, and HSBC.
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Manageable Taxation
One of the biggest hurdles for anyone to start a business in a foreign country is the taxation system. But this isn’t the case with Britain.
Especially in the UK, it is simpler and straightforward than most of the other foreign countries. There’s a 20% corporate tax in the UK. Also, most businesses that are located in the UK are not required to pay this tax on foreign dividends.
The VAT is another added advantage to businesses currently operating in the UK.
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A Huge Pool of Skilled Workers in the UK
Another reason why many people prefer Britain to start a new business is the availability of the large local talent pool.
The UK currently has a workforce of over 30 million workers, which is reported to be ranked as the second-largest in the EU.
The UK’s labour market is huge and very flexible and secure for employees. That is why it is easier for businesses to find the right human capital for their needs.
Because of the lower social security contribution by the companies, the overall labour costs in the UK are quite competitive compared to other European countries, such as France, Germany, and the Netherlands.
It’s a Hub of AI in Europe
The UK has made noticeable progress in the space of AI and robotics. The country is now ranked at number 4 in AI internationally.
London’s total contribution to the AI sector exceeded $250 million back in 2017, which reached $400 million in 2018.
The UK government is also contributing constantly to funding AI-related academic research. Notably, the government is currently offering financial assistance for over 1000 students who’re pursuing PhDs in AI.
The UK is one of the best destinations for entrepreneurs who’re willing to set up and run their business in the AI space.
Increasing VC Funding
Despite Brexit, businesses in the UK continue to accumulate a massive amount of VC funding.
The tech companies operating in the UK have raised more than 5 billion, which is significantly higher than that of France, Germany, and Sweden.
For businesses willing to operate in the tech and AI sectors, Britain has plenty of opportunities and funding options.
Conclusion
From an active financial hub to an expansive labour market and enormous VC funding, there are many reasons why you should consider Britain for your business plan.
While it is too early to say how Brexit will impact the UK businesses in the long run, entrepreneurs shouldn’t this only deter them from starting a business in the UK.
So are you ready to start your business in the UK in 2020? What are your goals and expectations?
You can also take guidance from your business or immigration lawyer to discuss your options and know about different types of business visas available in 2020.
While we do not promise any sort of legal advice, you can reach out for general queries using the comments section given below. We wish you all the best!
