Guest Post by Kate Greer of British Consulate-General Atlanta
Do you know if your company is ready to expand internationally? If so, have you considered where to set up shop? The major emerging markets like China, India, Brazil, Mexico and South East Asia are the current buzzwords, but don’t let social currency sail you into a storm of red tape and headaches. The emerging markets can pose a daunting task with cultural barriers, corruption issues and protectionist laws.
So where should your business expand internationally?
- Look for a market that is well tested by many other companies and offers a broad consumer base for your product.
- This country needs to have a good infrastructure, such as IT and legal framework, in place to ease your transition into global commerce.
- It is vital that a well-educated labour market is available to hire talented and skilled individuals that can meet the demands of your clients.
Four Reasons to Expand to the UK:
- The UK is the best major location for doing business in Europe according to an independent assessment by the World Bank that considered a range of key commercial operating factors, such as setting up and running a business, labour regulations and obtaining finance.
- The UK’s business-focused tax environment will become even more attractive. The current corporation tax rate will be reduced to 20% by 2015. Innovative companies will be able to benefit further from an additional reduction in corporation tax through the upcoming ‘Patent Box’ initiative, aimed at lowering the tax rate on profits made on new inventions, and through recent enhancements to the UK’s generous R&D tax credit scheme. These tax breaks will be coupled with an unprecedented £330 billion investment in infrastructure, which will include funds to develop the fastest broadband network in Europe by 2015.
- The UK is at the forefront of the international digital revolution. Tech City, nicknamed the “Silicon Roundabout”, has become an epicentre of digital innovation. Today there are some 5,000 tech-related companies in East London, constituting what some call “Europe’s biggest challenge to Silicon Valley”.
- The UK is home to three of the top five globally ranked universities, including Cambridge, ranked number one. More than half a million full-time and part-time students graduate each year from the UK’s 170 higher education institutes, the highest graduate output in Europe. These students join a 62 million person economy that constitutes the second largest labour force in Europe. Find out more about why students study business in the UK.