As one of the world’s leading economies, the United Kingdom has long been and continues to be a hub for businesses to expand and access a diverse market. The UK boasts a large talent pool, fantastic support for innovation and technology, and the financial hub of the world in London.
SOUTH AFRICAN BUSINESSES EXPANDING INTO THE UK
Changes to the British economy, primarily as a result of Brexit, have created a new immigration system in the country. This has created new opportunities for South African business owners to expand into the United Kingdom and live in the country.
According to Darren Faife, managing director of business immigration at Sable International “Now, under new rules, senior employees/owners can come to the UK to oversee the start-up of a new branch of a business”.
Utilising an Employer of Record like Procorre Global can prove exceptionally useful to expedite this expansion process further. Employer of Record providers can allow businesses to expand their operations without setting up a business entity; they cover taxation and visa requirements, and can even assist with recruitment within the UK, providing access to its diverse talent pool.
As a high-performing economy with English as its primary language, it’s no wonder that the UK holds such high appeal for South African businesses looking to expand. Easy access to trade in Ireland and the European Union also enhances the appeal of this unique country.
IMPACTS OF COVID-19
Following the COVID-19 pandemic, flexible (or ‘hybrid’) working patterns have been largely adopted by organizations across the country. Most office workers have resorted to working from home for a few days during the week, and other days in the office.
The UK Government’s furlough scheme (which ended in September 202), provided financial support for employees who were out of work. Since the end of this scheme, the UK job market has hit a record number of new vacancies, with numerous businesses experiencing unprecedented growth.
THE BRITISH ECONOMY – FAST FACTS
· In 2020, the UK amassed 6 million private sector businesses
· Forbes has reported that there are 126 UK companies with the potential to become ‘unicorn’ businesses
· As of 2021, the UK’s corporation tax rate stands at 19%. Lower than most other major European economies including Germany, France and Italy
· The British GDP stands at around 2.7 trillion USD as of 2020
Interested in expanding into the UK?
DRG Outsourcing is proud to be in partnership with Procorre Global, a UK-based Employer of Record provider. If you’re interested in expanding into the United Kingdom, reach out to us today and we can start mobilising your global expansion journey.
Procorre Global and DRG provide Recruitment and Employer of Record services to many South African people who work for companies in other countries and locations around the world. It has become more and more normal for international companies to seek skills and resources in South Africa, where employees are generally considered above the global average for their abilities, experience and commitment. Working remotely is the new norm for most organisations, and this is an exciting consideration for South Africans looking to remain in South Africa, while gaining international experience and opportunities.
DRG and Procorre Global teams