Have you been thinking about starting your own company in the UK, making the most of its diversified market?
Well, the UK is one of the economical and most accessible places to establish and run a company as the British government’s key focus is on cultivating entrepreneurship. In other words, more funds are allotted for younger and new entrepreneurs who fail, rising to the challenge of self-funding their start-ups.
Indeed, The World Bank ranks the UK eighth in the world but first in Europe to operate a business!
Besides quick to set up and low corporation taxes, there are some other motives too as to why, the UK has always been the first choice of entrepreneurs and preferred over other regions to set up a company.
Let’s find out!
1. Recruitment of Skilled Employees
The primary reason to prefer the UK is its extensive pool of skilful employees. With over 30 million skilled people, the UK has the 2nd largest workforce in the entire EU. The region’s regulations are designed to protect labour and consequently offer a flexible market. Also, the UK’s labour cost is most competitive in entire Western Europe while the overall labour cost is much lower than countries like Ireland, France, Germany, and the Netherlands.
2. Increased Flexibility
UK has always been in a strong position to adapt quickly to market shifts and global events. This is, indeed, a noteworthy benefit for companies operating in the UK and a wise move for new start-ups to capitalize on its position for establishing their business.
3. Strong Infrastructure
In any country, a robust infrastructure is vital to the company’s overall growth. The UK undertakes ongoing infrastructure advancements in all areas, including transportation, energy, telecommunications and waste management. This emphasis on positive improvements and sustainable change guarantees a long-lasting and solid foundation for effective business operations.
4. Manageable Regulations
Another primary reason to favour the UK is that the region freely practice its own rules and regulations in various sectors like finance, tax and legal, tailored to its specific needs. Also, contractual agreements are variable for different countries, which means more competition and, in turn, more prospects for growth.
5. Physical Location
The UK holds close ties with other EU neighbours. Why most entrepreneurs prefer business in the UK is because they plan to build a customer base in the UK and beyond as it is easy to initiate healthier working relationships in neighbouring countries.
Hence, altogether, UK market now offers a lot more opportunities than it ever did, exclusively. However, it is advised to attain legal advice before structuring a business to ensure a smooth transition and be fully abreast of all government-backed support schemes and reliable business grants.
Seed Formations offers expert advice on setting up a UK Company as a Non Resident. We offer a great value for money Non Resident Package which includes everything you need to set up a UK company even if you are based outside the UK. All for just £89.99 + vat
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