The UK economy has improved faster than the rest of the major European economies to become one of the most lucrative marketplaces to start a business. In terms of opportunities for entrepreneurs, the UK ranks sixth among the countries where people are encouraged to be more entrepreneurial and innovative and strive for a higher income level. The UK also promotes different entrepreneur visa routes for foreign nationals with innovative business ideas to enter and set up shop in the country. With UK start up and innovator visas, the authorities allow both experienced and new-age entrepreneurs to establish and run businesses in the UK. Let’s look at the reasons why the UK has become a hotspot for businesspersons.
Benefits of doing business in the UK
Whether it is a multinational company or a new-age startup, the UK offers an affluent marketplace for them to grow and expand. Businesses gain access to an affluent customer base with an opportunity to launch new products or revive an existing product. Following are the benefits of starting up your business in the UK:
Ease of doing business
One of the benefits of getting a UK start up visa and innovator visa is the ease of doing business in the country. According to the reports of the World Bank, the UK boasts of one of the highest ease of doing business scores in the world. Opportunities are aplenty in different industry sectors from manufacturing to IT. Also, the restrictions on opening a new business are relatively low as compared to other European nations. The country is equally lenient on foreign entrepreneurs looking to establish business through UK start up and innovator visa.
Manageable taxation system
One of the complicated aspects of doing business in any country is navigating the challenges of their taxation process. Fortunately, in the UK, the taxation system is quite simple. At present, the corporate tax is 20%. Additionally, the UK has double taxation agreements with other countries. You can seek the help of premier law firms in London to navigate the complications of the taxation system.
Hiring skilled employees in the country
The UK has a vast pool of skilled manpower resources. It currently has the second-largest workforce in the European Union. The authorities have a lot of entrepreneur visa options for the companies to hire skilled workforce from other countries through sponsor license. We suggest that you work with law firms in London to comply with the duties of having a sponsor license.
A strong and robust infrastructure is essential for the overall growth of the business. The United Kingdom is currently undergoing massive infrastructure improvements in the field of energy, telecommunications, transportation, etc.
After Brexit, the UK’s business policies have become a bit more flexible to adapt quickly to global business trends and market shifts. The UK provides access to the entire market of the European Union even after Brexit. Additionally, the competition in the UK start up and innovator visa provides a great opportunity for growth.
Start your business with professional legal support from Osbourne Pinner
We are one of the best law firms in London that offers comprehensive support to clients worldwide to enter and set up business operations in the UK. We offer expert counsel to navigate immigration laws and business compliance. We also provide legal service for corporates in matters pertaining to corporate law. Among various law firms in London, we are the one that provides end-to-end legal support and helps you quickly establish your business in the UK.