In an attempt to open up new jobs in the UK, the Federation of Small Businesses called on the government to provide support to SMEs. Due to internal pressures like these and the fact that SMEs are the engine of the country’s current economic growth, the government recently introduced a series of changes that make it easier and easier for entrepreneurs to start a business in the Kingdom. -United.
The main reasons for starting a business in the UK are:
1. Surveys suggest that the UK is the easiest place in all of Europe to start and run a business. According to a recent World Bank study, it takes around 13 days to start a new business in the UK, while it takes more than twice as long in the rest of Europe.
2. The tax environment in the UK is more competitive than in most other countries in Europe and Asia. To encourage business creation, the UK has lowered its corporate tax rates by over 50% since the early 1980s. The interest rate applicable today is one of the highest rates. low among industrialized countries. According to a report released by Deloitte, the highest corporate rate in the UK is the lowest of any G7 country and its personal tax bracket is the lowest in the European Union.
3. One of the reasons entrepreneurs like to start a business in the UK is the flexible labor market. In fact, the UK is ranked among the best places in Europe to employ workers and work as an employee.
4. After Australia, the UK is the best in product market regulation and the rest of the world leader in promoting entrepreneurship. It also has few barriers to trade and investment compared to the rest of the industrialized world. Many barriers, such as excessive paperwork and increased government regulation, have been removed to make things easier for SMEs.
5. After the United States, the United Kingdom is seen as a leader in promoting and strengthening research and innovation. In fact, the UK has an impressive research base.
6. The stable political environment is another reason business leaders like to start a business in the UK. Even many developing countries like India are looking for UK business opportunities.
7. Registering property is easy in the UK.
8. The fact that the United Kingdom uses English as an operational language increases its attractiveness compared to countries such as Denmark, France, and Italy.
9. The UK also has a strong communications network.
10. The UK is bursting with talent as it is home to some of the best universities in the world.
It is therefore not surprising that London was voted by the European Cities Monitor as the first city in the world to set up and run a business. By the way, London has won this coveted award for over 19 consecutive years.