According to statistics, the UK is one of the ten most popular travel destinations. About 36.5 million people visited the UK last year.
Yes, this is a great place for a family vacation. Travelers pick up a car hire 9 seater and enjoy an excellent road trip. A hire car allows exploring the most interesting places and getting more from the trip. However, the United Kingdom is not only a suitable destination to hire a car and hit the road. This is a great place to do business.
As an entrepreneur, you will enjoy a well-developed startup ecosystem, easy visa requirements, loyal legislature, a predictable political and economic situation, and many other contributing factors. Take a closer look at them and find some more reasons to start a business in the UK.
Excellent financial atmosphere
The UK has the largest in Europe and almost the second-largest venture capital market in the world. In the first half of 2021, investments in IT startups in the country amounted to a record ₤13.5 billion. This year, investors have estimated at more than ₤1 billion for about twenty local startups. At the same time, seven of them have a value of about ₤10 billion.
As the only European technology hub in the global top 10 list, the British capital is one of the three best start-up locations on the planet. It’s second only to San Francisco and New York. The combined cost of all London-based projects reaches ₤105 billion. In addition, innovation clusters are actively developing not only in London, but also in other regions of the UK, including Newcastle, Liverpool, Leeds, and Manchester.
The infrastructure of regional clusters in the north and central England is not much inferior to that of London. At the same time, their transport accessibility is excellent, while the cost of housing, offices, and labor is lower. That is, companies based in these clusters also benefit in terms of costs.
Large foreign investment
One of the main reasons the UK is popular with foreign investors is for open property laws. Unlike many other countries that pose significant obstacles to potential foreign investors, the UK doesn’t impose any restrictions at all. That is, anyone can buy or build a house in the UK! In addition, Stamp Duty remains the same no matter where you are from, as all nationalities can own one or more properties in the UK. Plus, most of them have access to investment loans if needed.
Political and economic stability
Britain’s substantial political and economic stability has historically acted as a solid foundation for investor safety. Yes, the UK recently had a controversial vote for Brexit and a sudden change of prime minister, but in general, this is just a trifle that hasn’t affected the economic stability. Moreover, after a while, this only strengthened the position of the British market among other European countries.
Great Britain remains at the top of the table in international affairs. It’s one of the five permanent members of the UN Security Council, it’s a founding member of NATO, and one of the G8 countries with the most powerful industrialized democracies in the world. This key position in the global order provides great market protection and investment security.
Well-developed startup ecosystem
Young growing companies in promising industries enjoy excellent support at all levels, both in the capital and in other regions. Startups have access to a wide network of accelerators, coworking spaces, and modern product testing laboratories. Innovative developments are made easier thanks to stable links with research centers and leading universities, which are also sensitive to adjusting their educational programs according to today’s economic needs. As a result, the growing business has practically no problems with qualified specialists.
And, of course, you will find money in the UK. You can get them thanks to easy access to special bank programs, private and public venture funds, and a grant system. In short, money is not a problem if you have a promising product and a good team.
Simple visa requirements
The UK is now actively attracting talent from all over the world. Specialists working in the field of digital technologies, as well as scientists/researchers and artists, can enjoy a Global Talent visa. For talented innovators, this visa is the easiest and cheapest way to start a business in the UK. The cost of obtaining a Global Talent Visa is about ₤1,300.
Those who want to launch an innovative business in the country can use another option called Start-up Visa. The direct costs of obtaining it are only about ₤400, and it allows you to stay in the country even longer – if you apply for the Innovator Visa and really start your innovative business in the UK.
Clear laws and regulations
The UK has one of the most loyal legal systems in the world. Let’s take a look at its simple property laws to be sure.
Unlike many other real estate markets, UK property laws are clear. Simple property registration, favorable tax structures, and lack of corruption are great for economic development. Real estate professionals such as lawyers and surveyors need formal qualifications, while real estate agents operate under the Real Estate Agents Act.
All this says that the UK is famous for its legal system for a reason. Its well-developed laws serve the interests of both startup founders and investors. As a result, all of this contributes to the ease of doing business.
Predictable business start-up process
It takes 24 hours to set up an Ltd company in the UK. What’s more, this service is available online and costs ₤12. And although this is only the first step of starting a full-fledged business, all subsequent steps are also clear.
According to local standards, it can take up to three months to open a full-fledged company bank account, but luckily it will actually take you a week. Please bear in mind that starting a business also involves many other processes, such as finding an office space and qualified employees. So, the whole process can take a little longer.