London has always and will most like always be, considered to be one of the worlds key international business hubs. Its sprawling metropolis boasts innovation, venture capitalism and diversity and its convenient time zone and culture allows effortless international relations. London offers businesses – whether they international conglomerates, SME’s or start-ups just beginning their professional journey, a plethora of opportunities thanks to a range of prosperous assets. In this article we will be exploring some of the key reasons London is considered to be an advantageous location for international business.
A diverse pool of talent
London provides companies with access to a workforce greater than 4 million people, from a range of cultures and nationalities across a broad spectrum of industries and specialities. Diversity is a trait that is synonymous with London. Thanks to its extraordinary history and culture, exciting social life and endless career opportunities, London is able to attract highly skilled and talented individuals from across the globe, allowing both talent and diversity to flourish. In addition to this, some of the best Universities in the world are situated in London, which allows it continuous access to a whole new pool of talented graduates every year. This means that, for businesses looking to expand into the capital, there is an extensive pool of talent to choose from to help your business grow.
An auspicious location
Sitting at the nexus of the European, Asian and US time zones, a uniquely advantageous location, London’s working day overlaps with many other international business hubs, such as; New York, Hong Kong, Singapore, Frankfurt, etc.… presenting businesses with endless international business and trading opportunities and allowing effortless international communications. In addition to this, London has the benefit of having six major airports within its borders, providing accessibility to several other global superpowers and ease when it comes to developing international business relations.
London itself also boasts an excellent transport infrastructure, renowned for one of the best in the world. The underground tube system is incredibly quick and connects individuals to the whole of the city. In addition to this, there are plenty of buses and overground trains, integrating to form an all-round exceptional transport system. This makes conducting business ventures painless for many executives, as they can commute around London with ease, attending any meetings or workshops with little to no trouble.
Being based in London means that you are neighbour to an array of large international conglomerates who have also chosen to set up base camp in the capital. The networking opportunities that you are presented within London are endless, allowing businesses big and small the opportunity to expand and grow. Networking can be vital to securing investments for start-up businesses or businesses who are looking to expand. In recent years, research has shown that London based businesses received more venture-capitalist based investments than companies in Stockholm, Berlin, and Paris combined.
Business owners will also benefit from a range of support that both London and the UK itself offer SMEs during their primitive stages in growth. It is relatively straightforward to claim financial assistance for your business in the UK, with many schemes such as the Start-Up Loans, Enterprise Investment Schemes and more working to support those who are just beginning their professional journey. There are also several other schemes designed to reduce tax burdens on new business faces, including; R&D tax credits, capital allowances and subsidised broadband. These initiatives, amongst many others, provides new and established businesses a helping hand when looking to expand their businesses. There are also many localised services which Londoners are able to take advantage of, such as Enterprise Centres, where they can apply for low-cost workspaces and growth support schemes to give them a boost during business transformations.
Support from the Mayors International Business Programme
Another important cog in the wheel that is ‘international business in London’ is the Mayors International Business Programme. This initiative has continually contributed to enhancing London’s productivity since its formation in 2011. The programme aims to demonstrate two significant innovations in the export sector – looking to support the partnership with leading private sectors companies, helping deliver bespoke business support in the London market, and utilise relationships with other key cities to build on the Global Cities Initiative network of city trade and investment partnerships. Their mission focusses on;
- Building London’s international reputation
- Attracting international audiences and convincing them to choose London
- Guiding international audiences to make the most of what London has to offer
- Helping retain and grow London’s businesses
Since its introduction to London’s dynamic economy, the programme has helped generate an additional £2.2bn to London’s economy, supported over 2,000 overseas companies to set up or expand in London’s metropolis, and in turn created or supported well over 68,000 jobs. The programme directly responds to the objectives set out in the ERDF Operational Programme to assist SME’s in overcoming the barriers which restrict their abilities to achieve their growth ambitions overseas through providing business support and their impact to London’s thriving business ecosystem is direct and apparent from all outsets.
Animo Associates prides itself in being a part of this programme, witnessing the potential opportunities the programme has to offer, and the direct effect of international network and relations has on business growth. We value the connections we have been fortunate enough to acquire through our membership and the opportunities that have been presented to us since joining. With offices based both in Central London and on the outskirts – in Essex, we have first-hand knowledge of what a valuable asset it is to have roots in the booming capital.
For advice and support on expanding your business into London, or for any other business queries get in contact with our team today by filling out the contact form below, calling us on +44 (0)207 060 0835, or emailing firstname.lastname@example.org where one of our team will be happy to assist you with your query.