With the London Olympic fever currently in full swing there is a lot of hype surrounding the UK market.
Thriving tech hubs in Tech City and Cambridge, an internationally minded community, exciting business incentives, and its position as a springboard to Europe have rapidly grown the UK to become Europe’s tech hub.
Yesterday UK Trade & Investment Canada chose two innovative companies to participate in the UKTI Canada Global Adventure. For the rest of us, they have handpicked the top 5 reasons Canadians should be looking to the UK as their homebase in Europe.
1. CORPORATE TAX RATES
Progressive corporate tax cuts to 22% by 2014 give the UK one of the most attractive rates in Europe and lowest in the G7.
2. ENCOURAGING R&D
Currently, tax relief on qualifying R&D costs can reach up to 200% for SMEs. Innovative companies will also benefit further from an additional reduction in corporate tax through the upcoming “Patent Box” legislation.
UK government has also announced a revamp in risk capital vehicles such as Enterprise Investment Schemes and Venture Capital Trusts to stimulate entrepreneurship and bolster the economy.
3. WORLD CLASS TALENT
Business friendly labour regulations combines with the skill, commitment and flexibility of the workforce are commercial assets to thousands of international companies. With half a million graduates from 170 universities and higher education institutions and four of the top 10 universities worldwide, the UK has the highest graduate output in Europe
4. SILICON ROUNDABOUT AND GLOBAL ATTRACTION
Located in the heart of East London, Shoreditch is Europe’s centre of innovation and location of choice for tech companies and investors. Alongside Canadian startups and small businesses like Flybits are leading international tech companies like Google, Intel and Cisco.
For those looking to start small, companies have access to free desk space for up to one year in certain locations. A well-established network of incubators like Seedcamp and C100 provide early stage funding and support and are accompanied by co-working spaces such as Google Campus and Touchdown, and top international investors including Accel and Index.
5. FAST TRACKING ENTREPRENEURS AND INVESTORS
UK Government have amended Migration Polices aimed to attract more entrepreneurs and high net worth investors. Entrepreneurs keen to establish a new start up or venture in the UK will now be required to have access to £50k to invest as opposed to the previous £200k fund requirement. For high net worth individuals who are making a substantial financial investment in the UK they can accelerate their settlement by investing between £5 million and £10 million.