There are a number of reasons why the UK is the number one choice for foreign companies to set up shop. Besides the access that is possible to the European markets as well, the UK has a massive labour force displaying varying skills in a number of different industries. The UK also has the lowest corporation tax out of the G20 countries, and a solid developing infrastructure which is crucial to the growth of any business. Take a look at these top 5 reasons for you to set up or expand a business in the UK:
- Access a new customer base
By setting up a business in the UK, you not only have access to the millions of local consumers, but will also be able to trade with and penetrate the European market consisting of 500 million people.
- Do more business in other countries across Europe
The UK has various agreements in place with many countries across the EU. And because it is so simple to set up a business in the UK with the help of a company like Veal Global, it is the perfect place to start or grow your business internationally. ‘’You don’t pay any duties when importing or exporting within the European Union (EU). The UK also has free or preferential trade agreements with many non-EU countries.’’ (UKTI)
- Reduce your corporation tax by 30%.
South Africa’s current rate of corporate tax is at 28%. In the UK however, the tax rate is only 20%, meaning that shareholders will save almost 30% of the tax that they would have paid in South Africa.
- Grow assets in a stable currency.
It’s a well-known fact that the pound has been one of the strongest currencies in the world for a good few decades now. Ranked in the top four strongest world currencies, the pound is a fantastic currency to work with and earn capital in.
- Take a major step towards UK citizenship for you and your family.
By starting and growing a business in the UK, whether you run it yourself from SA or in the UK, once you have built up assets to the value of £50 000 you are then eligible for a Tier 1 visa which allows you to have your family living in England with you.
By allowing Veal Global to assist you in expanding or starting a business in the UK, you are investing in your future. Veal Global will guide and assist you every step of the way and make sure you get your business up and running effectively, whether you are in South Africa or already in the UK. The rest is all up to you!