August 26, 2016 UK – Open for business
The pre-Brexit hustings may have warned of dire consequences for British business but initial indicators have, at the time of writing at least, proved the predictions wrong. In fact, the economic indicators for July are broadly positive with unemployment now being at the lowest rate since 2005, prices remaining steady and consumer spending on the up.
Admittedly there may be long-term consequences for the fall in the value of the pound, but in the short term this has led to a boom in tourists coming into the UK, further boosting the economy. And it’s not just tourists who are being attracted by the UK’s positive climate. Overseas businesses too are looking with renewed interest at the benefits which having a foothold in the UK economy could bring.
Whether buying existing UK companies, establishing a UK office or setting up a UK subsidiary; it seems as though the message that the UK is very much open for business is being taken to heart by companies across the globe. It’s not surprising really. Even without the added impetus of a lower pound, the UK offers a relatively open, transparent and investment friendly marketplace. However, as with any inter-jurisdiction transaction it pays those looking to set up in the UK to ensure that they are complying with UK law.
Elemental CoSec is a member of the government’s UK Advisory Network (UKAN) which was set up to provide professional support for foreign investors looking to set up in the UK. The network is designed to provide access to business service providers across a range of disciplines; thereby providing quality advice on all aspects of establishing a business in the UK including accountancy, law, property and transport implications.
As one of the leading corporate services firms in the UK, Elemental CoSec is able to advise and assist inward investors, both in buying a UK company and in setting up a UK subsidiary. In both instances, our advice and assistance includes (but is not limited to) UK company formation and structure, compliance, accounting, tax and legal requirements including those relating to employees. Ongoing support can also be provided in the above areas as well as directors duties, corporate governance and reporting obligations.
As Baroness Neville-Rolfe highlighted at the 2016 UK-China IP Symposium in August “the UK is – and will remain – open for business.” Those who have a foothold within the UK will be well placed to maximise the opportunities available in a post-referendum era.