02 Feb Exporting is great
UK Trade and Investment (UKTI) has launched a major new five-year initiative which aims to get 100,000 additional companies exporting by 2020. The initiative includes a year-long roadshow which will be travelling the UK providing information and advice to potential exporters as well as providing live export opportunities to businesses across a range of digital and media channels.
At the launch of the Exporting is Great program Lord Francis Maude, the Minister for Trade and Investment, commented “Travelling overseas in my capacity as Minister for Trade, I see first-hand the demand that exists for UK products and services but many companies don’t realise this demand exists.”
But exporting is only half of the story when we consider the overall value of international trade to the UK. That’s why, alongside its ‘Exporting is Great’ initiative, UKTI also promotes the value of Britain as a destination for overseas companies. In fact, more companies choose to locate their European headquarters in the UK than anywhere else in Europe. According to UKTI the UK is the easiest major economy in Europe in which to do business because it has the fewest barriers to entrepreneurship in the world, it has a strong and flexible labour market and it has the lowest level of corporation tax in the G7.
These factors combine to make the UK a destination of choice for those overseas businesses which are looking to:
- access new or existing customers both within the UK and across Europe,
- take advantage of the U.K.’s knowledge base and expertise to develop new products,
- find and work with new suppliers and partners to further existing business aims.
However, the UK government does recognise that overseas businesses which are looking to set up within the UK may require some initial assistance, particularly with regard to the specific rules and regulations which govern UK entities. Accordingly, it has set up the UK Advisory Network (UKAN) which provides access to “high quality and trusted professional support for foreign investors setting up in the UK.”
All network members have to complete a robust selection process before being added to the panel which spans a range of disciplines from banking and accounting to transport and marketing. Elemental CoSec is proud to be a member of the UK advisory network, providing both direct and indirect support for those looking to set up a business within the UK.