17 Aug 3 Reasons Why You Should Open Your Small Business in UK
Thousands of entrepreneurs and startups have flocked in UK in hopes of eternal success. Accountants in UK provide support to thousands of startups. UK continues to hold its status as Europe’s startup mecca, and for good reasons.
Let’s look at a few key reasons that are worth considering:
UK has the highest pool of world-class talent for any startup’s success
Home to 350,000 talented students from prestigious universities, it’s not surprising that the capital is packed with copious amounts of skilled talents. Given the fact that UK houses some of the world’s leading universities, both its university students and professionals from all sorts of educational backgrounds are more than capable of transforming any startup into a modern-day success story.
Aside from its highly-concentrated pool of achievers, however, UK also has the largest percentage of working-age population members that possess university degrees and National Vocation Qualifications (NVQs). For a small cost in the form of a higher average weekly salary, which totals to £690.81 (as compared to the rest of the world), you can expect to see quality work from dedicated and trained accountants in UK for your startup.
If you’re working on a tight budget and are looking to keep your operational costs as sustainable as possible, you can opt to approach local universities and colleges that are capable of providing skilled apprentices, trainees, or interns.
The capital’s government has support initiatives to encourage startup activities
The UK has an abundance of government support measures or initiatives that are available to every startup in the city. That’s why UK is known to be especially supportive of its small business scene and has accountants in UK to help such businesses.
With the help of special grants that are specifically-designed for generating higher employment rates and better GDP performances, various government support initiatives can provide your business with enough funding for success. Various government sites—such as the UK Co-Investment Fund and Innovate UK—provide numerous funds for R&D on innovative processes, products, or services that can be applied for with ease.
For instance, the government offers the Seed Enterprise Investment Scheme (SEIS) to assist startups in raising equity to finance their operations at various stages. It often totals out to £150,000 in savings. It is worth noting, however, that SEIS and other support initiatives can only be attained with the assistance of a skilled accountant.
The UK also has a wealth of professional services
As a result of UK’s own particularly high startup population, the city also hosts thousands of different outsourced service providers that can help your small business hit the ground running. Instead of having to shell out a fortune on copious amounts of in-house talent, avoidable errors, and logistical complications, you can outsource the help of various professionals in different fields, such as:
- Advertising and media
One such example of an astute service provider that can help your business get started on the right foot with its financial operations is Accotax. It is a skilled accounting agency that provides a wide range of outsourced accounting and bookkeeping services for any type of startup.
With an exceptional small business atmosphere, the UK is the perfect place for any startup to get their feet wet. And reach out to a larger audience, scale, and grow effectively.
We are a startup accountant in the UK, get in touch with us to see how we can help your small business.