Britain is at the heart of global business
British government has put together a range of packages designed to stimulate growth
It is easier to do business in the UK than any other major European economy
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The UK is the leading destination for foreign direct investment (FDI) in Europe and the leading nation in Europe in terms of FDI from emerging markets according to EY’s Attractiveness Survey 2018.
Britain is one of the easiest places to set up and run a business, with a record 5.7m private sector businesses at the start of 2017. This is an increase of 197,000 since 2016 and 2.2m more since 2000. The number of employing businesses increased by 41,000 (+3%) since 2016.
The World Bank reports that it is easier to do business in the UK than any other major European economy. Our economy is currently the fifth largest in the world and our deficit reduction is the largest of any major advanced economy. According to the World Bank, it takes just six days to set up a business here, one of the quickest in the world.
To help support and encourage new businesses to set up in the UK, the British government has put together a range of packages designed to stimulate growth. The government will further reduce corporation tax from 19% to 17% in 2020 and the doubling of Small Business Rate Relief will be permanent from April 2017.
SMEs are also eligible for tax relief of up to 46% on Research & Development (R&D) work carried out in the UK through the R&D tax credits scheme. In addition, the UK Research Partnership Investment Fund is providing £300m to stimulate investment in R&D collaborations.
We offer generous tax credits to cut the cost of leading-edge research and high-tech commercialisation processes. Example of this is The Patent Box regime, a Corporation Tax relief, introduced in April 2013, which enables companies to pay a reduced rate of tax (10%) on profits generated from patented inventions.
About the Business Awards
The Business Awards Ceremony is an annual DIT event consisting of a celebration of success by rewarding (and recognising the entrepreneurial effort) of Portuguese companies that have chosen the UK as an investment destination during the previous financial year and also the business deals and achievements of UK companies in the Portuguese market.
On the 10th edition of the Business Awards we looked back at the results of the last 2 financial years, from April 2016 to March 2018.
Over this 2-year period we proudly contributed to 40 investment projects by Portuguese companies, totaling a capital investment of approximately £180 million and creating 738 jobs in the UK.
Portuguese investment into the UK originates in a wide range of sectors, from Energy to Creative Industries, Fintech, Life Sciences and Digital, just to name a few.
Our trade results over the last 2 years also testify how solid our relationship endures. Export wins by the UK companies we supported totalled more than £300 million, and their investment in Portugal went above £200 million.
Such outstanding results came from not only the priority trade campaigns run by DIT in Portugal – Financial Services, Life Sciences, Defence & Security – but also the work we did in other sectors, such as digital economy, creative, mass transport, energy.