Three reasons to be an entrepreneur in the UK
The UK is a proven springboard for finance and technology start-ups. But does its reputation for great business still hold up with Brexit looming?
London has become known for its business 'unicorns' - start-ups that reach a net worth of £1bn - and other cities like Edinburgh and Birmingham have been gaining traction as advantageous locations.
Despite an imminent exit from the European Union, most small to medium enterprises in the country are optimistic about their future and new business is encouraged.
Here are some of the reasons why now is still a good time to be an entrepreneur in the UK.
1. Financial advantages
There are over 200 different grants and funding schemes available from the UK government to help grow start-up businesses. Most are tailored to specifics such as location or sector and include:
- The New Enterprise Allowance Scheme, which awards entrepreneurs a weekly allowance of up to £1,276 for 26 weeks;
- the Start Up Loans Company, which lends new businesses up to £25,000 pounds at a fixed rate of 6%;
- and regional growth funds (RGF) that are run by local organisations to offer grants of less than £1m to small enterprises in England.
In addition, the UK has one of the lowest corporate tax rates in the G20.
2. Worldwide connections
The UK is a member nation of the World Trade Organization, the World Bank, NATO, the G20 and, for the moment, the EU.
Geographically, London falls at roughly halfway between fellow financial hubs New York and Singapore, making it a convenient international location to do business on opposite sides of the world.
Also, immigration to the UK makes it a cultural hive and home to many high-skilled multilingual workers.
3. Good company
A record-breaking 657,790 new businesses were started in the UK in 2016, according to StartUp Britain. This year is on track to reach a similar figure with around 245,056 enterprises launched so far.