Top Reasons Why London is the Best City to Start a Business
London is the Best City to Start a Business
As your business set up, London is the best city to start a business. Regarding why we feel London is the best place to start a business, we felt that we would give you a few reasons. Although there are so many great perks about London, here we’re going to talk about them that is focusing. The governments are spending time and money to figure out the best way to attract the attention of entrepreneurs all around the world. The effect of this has been to make London the best place for setting up your own business 2018 in my opinion.
An Overview of the London as the Best City to Start a Business
As it’s complemented by a fantastic mix of cultures and nationalities, London is a truly international city. The birthplace of three million of London’s eight million inhabitants is outside of the UK. But, the recent year’s crisis of the Euro Zone made it in part aided. Not only speak over 300 languages but over 14 different faiths are practiced by the people who live in the capital city. This is because it’s a really fantastically diverse city where they’re demonstrating the truly heterogeneous.
Besides, there are a huge variety of opportunities for getting investment, which is the key reason for being London so popular for the businesses.
If you’re a startup business, London is a fantastic place as a whole. Moreover, there are huge varieties of flexible workspaces that are designed specifically for startups is the other reason to be an ideal city for the businesses.
Top Reasons why London is the Best City to Start a Business
There are many awesome reasons if you want to start your own business in London. Because of London is the best city to start a business in the UK. Not only in the UK and Europe but London is one the best cities to set up a small business. So, it’s simple to get in mind that what the reasons are those made it the best city to start up companies in London. Now, let’s know the reasons why London is the Best City to Start a Business.
1. Getting the Barriers subsided
As a sole founder or part of the founding team, we have been involved in the creation of five businesses in the UK Over the last 10 years. The regulatory and legal requirements behind exploring commercial ventures have actually become easier here since then.
The barriers to getting started have been steadily getting lower whether that is registering as self-employed and filling out a tax return through the U.K.’s color-coded online system.
This is because incorporating a company in about an hour for £14. It means that the barriers are getting subsided day by day and doing business in London is easy and simple. As a result, this is the great and main reason why London is the Best City to Start a Business.
2. Dealing Intelligently by the British taxman
As they’re their understanding of how businesses begin, (often unprofitable) in the early years, the British tax authorities have become smarter. That means they’re dealing intelligently with the people who are going to start a small business as new.
It can include the salaries of my 10 employees because they are all engineers because our current startup has been able to claim real cash back on R&D expenses in its third year. This has bred an environment where startups can get up and running much more quickly according to the former advisor to David Cameron, the former prime minister. Because of these, this is the other reason why London is the Best City to Start a Business.
3. Various helpful financial schemes
Offering the significant tax benefits not just for the smart investors, but it’s to the founders and even employees of companies as well. This is the part of the several financial schemes that the British government provides.
Also, they’re often incentives with stock options while joining an early stage startup is a risky move for individuals. Moreover, it allows these to be cashed out under capital gains tax at lower rates of around 20% compared to income tax of up to 40% when the employee share schemes can be set.
And each year the thresholds have been bumped up that the many of these benefits have only existed since 2008.
Besides, it’s now the world’s leading center of global finance piping New York into second place as to the recent global study. This you’ll understand the reasons why Citibank, Barclays, and HSBC are all based in the city. Moreover, the city is quickly becoming renowned as the home of Fintech companies for these traditional financial powerhouses.
It’s said that London’s fintech cluster is now thriving, nurturing entrepreneurs, new business models, and technologies in the report of a study.
4. Benefits are for all along with the British citizens
You can relocate to Britain as a resident in the European Economic Area. But, a new category of visa was created to allow anyone from anywhere in the world to enter the UK and establish a company from last year. It means that if you invest £50,000, you can live and businesses here as the citizens do.
It’s also trying to encourage immigrant founders as this follows a trend set by other countries. But, with no inward investment requirements, Chile leads the way by paying you up to $40,000 to move there. Besides, all need a certain level of investment to qualify because Singapore and Ireland have similar schemes as the UK. But, the US lags well behind with fairly stiff requirements, such as already having $1 million minimum investment which is somewhat surprising.
As a result, the startup benefits are great for the new business owners in compare of other countries. But, the facilities that are related to the business ventures are great in the UK. This is because you’ll do as same as the citizens of the UK do when you’re with your business in the United Kingdom. So, this is another enticing reason why London is the Best City to Start a Business.
5. Assistance from the UK government
The local mentors are the difficulties involved with moving to the UK to start a business. With direct access to hundreds of well-connected, an immigrant has sparked the growth of incubator programs outside of the UK.
UK Trade and Investment, part of the British Government, established the Tech City Investment Organization in March 2011 recognizing the importance of London. The aim of the organization was to make London for tech companies, especially, the East London. It’s really being about promoting the whole city even as we don’t agree that just a single area of the city should receive all the attention.
The support of the UK government is in the all sectors of the country. It’s among the very best in the world as London is renowned for having a fantastic and quick transport sector. That’s why you can get to another part relatively quickly if you have a meeting in another part of town. These all reasons are indicating London as the best city to start a business.