Sunday, April 14, 2024

Here’s Why UK is a Great Startup Business Destination

Startups and multinational companies choose to start doing business in the United Kingdom because of the right reasons. For one, they get access to well-off customers, have the opportunity to gain traction with a stale product or service, and even open up the potential to do business with different countries in Europe. This is true whether you’re planning to open a physical store or buy domains the UK offers for local and international businesses.

Companies in the UK can generally reach more than 500 million customers in Europe alone.

In this article, we will check out a couple of benefits that you can take advantage of when you decide to move your operations to the UK.

Ease of operating a business. World Bank showed that UK has one of the highest scores for ease of doing business scores in the world. One huge benefit of doing business in the UK is how easy the process is. There are multiple opportunities in diverse industries and sections, from manufacturing to IT. Also, the restrictions to create a new operation are comparatively low compared to other developed countries in the East and West.

Reasonable taxation. Arguably one of the most complicated factors when expanding globally is the tax system. It’s pretty simple in the UK compared to other foreign markets. The corporate tax is currently set at 20%.

Moreover, UK currently has double taxation agreements thanks to treaties with other countries, so as a result, UK-based companies won’ need to pay Corporation Tax on foreign dividends. Note that there’s a Value Added Tax (VAT) payable on most goods and services supplied in the UK, which is currently set at 20%. This can be an extra benefit to companies that operate in the region.

Skilled workforce. Another great consideration for businesses looking to move operations into Europe is the pool of skilled workforce. The UK is currently one of the only European countries expected to obtain a labor supply growth in the next 15 years.

Apart from the qualified workers, the UK offers a flexible market with regulations focused on protecting employees. As an employer, you can view this as a benefit. You can use pre-established rules and regulations to enhance the life of your employees.

Labor costs in the UK are also one of the most competitive in Western Europe. UK’s overall labor cost is also lower than France, Netherlands, Ireland, and Germany.

Manageable regulations. The UK is currently free to establish its tax, legal, and finance regulations customized to its needs. Agreements can be varied based on a country, so dealing with Germany can be different than dealing with Germany. This may enhance competition which in turn offers a great growth opportunity.

If you’re committed to starting your business or expanding into the UK, you can buy domains UK offers. Domains that end in a country’s initials are called internet country domains list (TLDs). If you have an existing successful .com site and want to expand to the UK using a .uk domain, doing so will help your ranking directly. You can also consider using .eu if you prefer that domain extension.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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