Brexit: why expanding your business into the UK might be a smart move
The knee-jerk reaction to the UK leaving the EU is to perhaps avoid doing business in Britain, however the smarter organisations are thinking ahead, being brave and setting up businesses in the UK – and it looks like they’re set to reap the rewards.
One major point to note is that the UK hasn’t left the EU yet. Once the government triggers Article 50, it still has a full two years to negotiate withdrawal. This gives a fantastic window of opportunity for businesses to set up and grow their market while the country is still in transition.
Here are some of the advantages of expanding to the UK right now:
Many companies, such as those in the tech scene, might benefit from more selective immigration requirements available to a post-Brexit UK. More work visas can be granted to experienced specialists from areas other than the EU, such as India and China.
A weaker pound will lower export costs from the UK. This could help EU-based companies lower their production costs and so be more competitive. The UK is also still right next door to Europe, so having cheap production close by also offers huge advantages.
The UK is now free to establish its own regulations in sectors such as tax, finance and legal, tailored to its own needs. Agreements can be varied on a country by country basis, so a deal with Sweden may differ from a deal with Germany. This could increase competition which in turn provides great opportunity for growth.
A UK not tied to the European Union can react quickly to global events and market shifts. This could be very advantageous to smart, agile organisations with lofty ambitions.
The UK is also dealing with some internal questions over its own union. Should Scotland break away but remain in the EU, there will be a huge benefit to accessing the EU via Scotland, while simultaneously taking advantages of non-EU freedoms in England or Wales.
It really is worth considering setting up a business in the UK, even though there are so many unanswered questions. Fortune favours the brave they say, and at Goodwille we can make it much easier by giving you expert legal and financial advice to help you focus on the business benefits of setting up in the UK. Contact us today if you need help!