What with the uncertainty of Brexit, together with more commentators than ever suggesting that the UK may be approaching another economic slowdown, you may expect foreign direct investment in the UK to be grinding to a halt .
You'd be wrong. According to the Organisation for Economic Co-operation and Development (OECD), Britain is experiencing the highest levels of inflows since 2005.
At Metro Bank, we're seeing everything from large one-off investments, to small niche players approach us looking to set-up shop in the UK. Among all these organisations, there's a particularly large number of medium-sized businesses keen to make their mark on the UK, often it's their first foray away from their home market. And this movement makes sense. As a destination, we're high on their agenda, what with the pervasiveness of the English language around the world, our flexible employment laws, low-cost legal structures and entrepreneurs' visas.
Choosing which markets you want to expand into is one thing. Actually doing it is another. Arriving in a new country for anyone can be daunting to say the least, but especially so if you've plans to bring your business over – the hurdles can seem extraordinarily high. But, one of the things that sets the UK apart from many other countries is our first-class support services, whatever part of the country you're in. In London, for instance, the mayor's London and Partners initiative provides comprehensive support and advice on topics including how to set up a company, UK tax essentials, visas, phones, office locations, as well as sales and marketing. This type of readily available help differentiates the UK and puts us on a pedestal compared to a significant number of other European countries.
Apart from the product or service being offered, one thing every business will need eventually is a bank account. It's essential. Not only is it required for the more mundane tasks, but in the UK you need one in order to obtain certain visas, as well as comply with other regulatory requirements, for example, auto enrolling staff for workplace pensions. Opening a bank account for a foreign-owned enterprise is considerably different to opening one for a UK-based organisation. Your lawyer or accountant should be able to recommend a bank that has the expertise to guide and advise you throughout the process.
At Metro Bank, we give customers the care and attention they deserve and in return we're seeing an increasing number of overseas companies turn to us in order to help them realise their UK ambitions. Our customers benefit from a dedicated and accessible relationship team, bespoke FX pricing, as well as a transparent and flexible charging structure. What's more, our dedicated inward investment team has doubled in size this year alone; a sure sign that our services and expert support are really making the difference between aspirations and reality for thousands of businesses.
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