Whatever you’re searching for, in London you’re sure to find it. There are a lot of good reasons why the United Kingdom The capital has been one of the most-visited cities in the world. However, not only is this cosmopolitan metropolis embraced by tourists. London plays host to more and more companies every year.
New businesses are turning from a dream into reality every day. While the San Francisco Bay Area has kept the undisputed title of a global start-up centre for a few years now, amid Brexit, London is not so far behind.
The reality of building your own start-up business is much more attainable in recent years with the rapid increase in affordable technology and easier access to funding, so now you don’t even have to travel to Silicon Valley to do it. We believe London is a great place (although we might be a bit biassed) for startups looking for the perfect motivational environment.
Here are five reasons why it’s a worthwhile choice to consider for any business, new or existing.
1- Get help from the U.K. government
In the U.K. It is especially supportive of small and growing businesses , which makes entrepreneurs a tempting prospect for the country. Claiming financial aid, such as through the government-backed Start Up Loans scheme, is relatively straightforward. You may also take advantage of a range of programmes, including R&D tax credits, capital allowances and subsidised broadband, intended to reduce the tax burden a new company faces.
The best place from which to access these and other support channels is London. From Enterprise Centres, where you can apply for low-cost workspace, to development support programmes and free business libraries, there are many localised resources that Londoners can take advantage of.
2- Gain access to a diverse, skilled workforce.
It goes without saying that if you set up your company in a town of 8.1 million, you would have access to a wide pool of potential employees. In contrast to other global cities, what makes London stand out is its multi-ethnicity.
41 percent of Londoners come from a black and minority ethnic (BME) background, according to Trust for London, compared with only 10 percent in the rest of the country. Workplace diversity allows you to better appreciate all your clients and, eventually, to do better financially.
The multicultural population of London is highly skilled as well. Just ask any recent graduate in England from anywhere else. Upon completing their degrees, about a third of them move to London. No wonder, then, that 24 percent of the inhabitants of inner London are aged 25-34. London is a place where you can employ up-and-coming, qualified professionals who want to prove themselves by growing your business.
3- Service a wider customer base
It’s no exaggeration to say that London ‘s infrastructure is among the best in the world, with six international airports, 10 major ground transport hubs and an extensive, iconic underground rail system. Strong foundation, of course, is good for the business. In London, it’s easy to provide millions of potential customers inside the city itself, across the UK, with personal service. And across the globe.
The geographic location of London is uniquely beneficial. You can hit most major financial hubs from London in less than a day by sitting next door to mainland Europe, between the Americas and Asia. It also helps to overlap New York, Frankfurt, Singapore and Hong Kong, to name only a few, with London’s time zone making the city’s working day.
Pro Tip
Accountants can assist you in developing the company’s legal framework, can provide guidance on obtaining finance, and can assist with day-to-day recordkeeping. So hiring accountants in London will be more effective for business growth.
