One in four large businesses are thinking about relocating all or part of their businesses abroad and 58% of those say that they have considered moving abroad for tax issues, according to a recent survey.
The survey carried out by HM Revenue & Customs has revealed that UK businesses are considering relocating overseas and there are many examples of huge corporate companies that have completed the move successfully.
These findings also indicate that 36% of large businesses feel the HMRC have a negative impact on the commercial competiveness within the UK.
There are many reasons why businesses might choose to move to another country such as a warmer climate or to take advantage of the more profitable tax systems.
Deciding to relocate is a huge decision to make, so it is wise that you consider the features and benefits that a particular country might offer to your business.
As there are many countries that have strong connections within the business industry, it can often be difficult to choose a country to relocate to.
Advertising firm WPP moved its headquarters overseas back in 2004 and now it has offices in New York, Ireland, India, Hong Kong and Singapore. Its reported revenues totalled £10 billion at the end of 2011 and revenues were up 7% in the first four months of 2012. The firm has over 158,000 employees in 2,500 offices across 108 countries.
Elsewhere, finance institution Henderson Global Investors and engineering group Charter relocated to Ireland in 2008 and they too have proved successful. Henderson Global Investors reported £480.1 million revenue in 2011 with over 1,000 employees worldwide. Charter reported £1,719.6 million revenue in 2010 and it now has over 12,000 employees.
There are many reasons why these exampled businesses chose to move to some of the aforementioned locations; Singapore is rapidly becoming Asia’s main focal point for business, whereas, Ireland offers huge tax advantages.
Here is a guide to some of the most popular destinations for businesses when relocating:
- New York
New York offers great opportunities for businesses as it is the most exciting and active city in the world and the best place to be for any business. With a wealth of celebrities living there, Times Square, buzzing stores and a rising tech scene New York is a great starting point. It has the strategic location, a thriving workforce and excellent tax incentives.
- Singapore
Singapore living offers higher salaries and a thriving cosmopolitan lifestyle that is fantastic for business men and women. It is rapidly becoming Asia’s most popular place for business and there are lower levels of taxation too. The robust economy, high quality of life and strong legal system are just a few reasons why the city is a relocation hot
- Hong Kong
Businesses involved in the financial sector are most likely to relocate here as it is one of the world’s most important financial centres. Renowned as a world leader in banking and business, setting up here is cheap and easy; and transactions completed outside of Hong Kong have a zero tax rate.
- Dubai
Dubai has seen major development and progress within the city causing millions of people relocate there every year. Over 80% of the people living in Dubai are from other countries and this is due to its central location making it accessible for Asia and Europe as well as the Middle East; and it has fantastic infrastructure.
If you are looking to relocate your business in a foreign country, why not choose one of the above countries as the perfect location.
Bio: This article was provided by Robinsons Removals; one of the top five leading UK specialists in Removals Services to USA, European and UK relocation solutions.
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