Whatever you're looking for, you are sure to find it in London. There are many strong reasons why the ideal city for business United Kingdom is one of the most visited cities in the world. This cosmopolitan metropolis, though, is not only being welcomed by visitors. Every year London plays host to more and more enterprises.
Every day, new companies grow from a dream into reality. While the San Francisco Bay Area has held the undisputed status as a multinational start-up hub for a few years now, London is not that far behind in the aftermath of Brexit.
In recent years, with the exponential rise, inaccessible technologies and easy access to capital, the reality of developing your own start-up company is far more attainable, because now you don't even have to fly to Silicon Valley to do it. We think London is a fantastic place for entrepreneurs finding the right motivating climate (although we may be a little biassed).
Here are five reasons why consideration for any business, new or current, is a worthy option.
Get help from the U.K. government
The U.K. in the. It is particularly tolerant of small and growing companies, which makes the nation a promising prospect for entrepreneurs. It is reasonably easy to demand financial assistance, such as through the government-backed Start Up Loans programme. You may also take advantage of a number of services to reduce the tax burden faced by a new business, including R&D tax incentives, capital allowances and subsidised broadband.
London is the safest location from which to navigate these and other help networks. There are many localised services that Londoners can take advantage of, from Enterprise Centres, where you can register for low-cost workspace, to development assistance initiatives and free business libraries.
Gain access to a diverse, skilled workforce
It goes without saying that you will have access to a vast pool of possible workers if you set up your business in a town of 8.1 million. What makes London stand out in comparison to other major cities is its multi-ethnicity.
According to Confidence for London, 41 per cent of Londoners come from a black and minority ethnic (BME) community, compared to just 10 per cent in the rest of the country. Diversity in the workplace helps you to appreciate both your customers more and, ultimately, to do better financially.
London's ethnic workforce is extremely qualified as well. Simply question any recent graduate from somewhere else in England. Around a third of them travel to London upon finishing their degrees. No surprise, then, that 24 per cent of inner London residents are 25-34 years of age. London is a place where you can hire up-and-coming, skilled professionals who by rising your company wish to prove themselves.
Service a wider customer base
It is no exaggeration to say that, with six international airports, 10 mainland transport hubs and a vast, iconic underground rail system, London's infrastructure is among the finest in the world. Of course, solid foundations are good for the industry. In London, it's easy to offer personal support to millions of prospective clients within the city itself, around the UK. And across the world.
London's strategic role is uniquely advantageous. By sitting next door to mainland Europe, between the Americas and Asia, you will reach most big financial hubs from London in less than a day. It also helps to converge, to list only a couple, New York, Frankfurt, Singapore and Hong Kong, with London's time zone, makes the working day of the area.
Pro-Tip
Accountants can help you build the legal structure of the business, can offer advice on accessing financing and can help with day-to-day recordkeeping. It would therefore be more economical to employ accountants in London for business expansion.
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