Last Updated: 1 Jun 2024
10 mins
Available to download in 2 languages

Welcome

The UK’s universal language of business, highly skilled employees and wealth of opportunities across many thriving industry sectors position it as a hotbed for foreign investment.

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      Welcome to the UK

      After opening our first office in London over 150 years ago, the UK has become home to the global headquarters of the HSBC Group, where an extensive branch network supports the needs of personal and business customers. The shape of this business in the UK continues to evolve following the move to our Birmingham Head Office in 2018.

      With the world’s largest financial centre, a flexible market and a thriving entrepreneurial culture, the UK is a perfect location for businesses to explore their international potential. This, alongside a highly developed transportation network, enables the country to serve enterprises of all shapes and sizes.

      I look forward to working with you.

      Ian Stuart

      Ian Stuart

      Chief Executive Officer, UK

      Head office address: 1 Centenary Square, Birmingham, B1 1HQ

      Essentials

      UK Map
      Population
      68.57 million1
      Size
      242,495 sq km
      Main language
      English
      Capital city
      London
      Other major cities
      Birmingham, Liverpool, Manchester and Glasgow
      Currency
      Pound Sterling
      Dialling code
      +44
      GDP
      USD46,125 per capita 2
      Top exports
      Cars; mechanical power generators; medicinal and pharmaceutical products; crude oil; unspecified goods3
      Top imports
      Cars; refined oil; mechanical power generators; medicinal and pharmaceutical products; crude oil4
      Unemployment rate
      4.30%5
      Corporation tax
      25%6
      Typical office hours
      09.00 to 17.00, Monday to Friday
      Time zone
      GMT (Greenwich Mean Time)
      Emergency numbers
      999 or 112 (medical emergency, fire brigade and police)

      UK: A land of opportunities

      Ranked
      #29
      for global competitiveness (in a survey of 64 countries by the IMD World Competitiveness Center)

      Financial services leader

      The UK’s largest export is its financial services sector. The City, based in the heart of London, is home to some of the world’s most important finance institutions and is considered by many as the global FS epicentre.

      An economic powerhouse

      The world’s sixth largest economy, the UK attracts more foreign investment than nearly all other European nations, ranking second in the EU behind France. English is also the global language of business.

      Low corporate taxes

      At 25%, the UK’s corporation tax rate is similar to its core competitors. As a comparison, the average of the rest of the G7 leading economies is 26%.

      Less red tape

      More companies set up their businesses in the UK than anywhere else in Europe. The World Bank ranks the UK as the second easiest place to operate a business in the region.

      Entrepreneurial culture

      There is a thriving entrepreneurial culture in the UK. London was Europe's top startup hub in 2023.

      A stable society

      With a long-established stable political democracy in place, the UK also ranks highly among its peers for anti-corruption.

      Country profile

      In the 19th Century, the UK (United Kingdom of Great Britain and Northern Ireland) was known as the ‘workshop of the world’ – producing items more efficiently and competitively than anywhere else.

      Today, this proud island nation continues to lead the way in many industries; from its thriving services sector, to high-tech manufacturing, finance, technology and more.

      It may now be better known for Big Ben, black cabs and the Beatles. Yet, it is business that oils the UK’s wheels. This is helped by low tax rates, a reasonably well-educated workforce and stable government. Not to mention excellent transport links.

      London may, at first, appear to dominate the UK’s political, cultural and economic landscape. After all, it generates almost a quarter of UK GDP, despite accounting for just 13% of the population.

      The UK is steeped in history and tradition and today boasts a truly multicultural society. Sitting on Europe’s doorstep, with historic links to many Commonwealth countries, it is a global leader and an ideal business destination for international organisations.

      Read on to discover more about the dos and don’ts of doing business in the UK. Also find out how trading in or with the country could help boost the future growth of your enterprise.

      5 reasons to do business in the UK1

      01

      Skilled employees

      The UK boasts a highly qualified English-speaking workforce. Almost half of the population has been through higher education.

      02

      Opportunities in different sectors

      Whether it’s aerospace, asset management or advanced manufacturing, the UK is home to many thriving and diverse industries.

      03

      An expanding workforce

      The UK is one of only a few European countries expected to have labour supply growth in the next 15 years. By 2050, it is likely to overtake both France and Germany to become Europe’s largest population.

      04

      Low labour costs

      UK labour costs are some of the most competitive in Western Europe – lower than France, Ireland, Netherlands and Germany – helped by low employer social security contributions.

      05

      A logistics hub

      Highly developed transportation networks help serve businesses of all shapes and sizes.

      5 key challenges when doing business in the UK2

      01

      Complex tax rules

      Despite having some of the lowest corporate tax rates across the globe, the UK’s tax system can be tricky to negotiate. It takes 110 hours for a medium-sized company to prepare, file and pay its taxes each year.

      02

      Slow decision-making processes

      The pace of negotiation with some UK companies can be hard to predict. The decision-making process at some more traditional companies can appear slow, so it’s worth factoring in plenty of time for negotiations.

      03

      Multiple legal systems

      The UK does not have one legal system. Instead, there is one system for England and Wales, a second for Scotland and a third for Northern Ireland.

      04

      Registering a property

      The World Bank cites registering a property as the most arduous task in setting up a business in the UK, involving an average of six procedures and taking 29 days to complete.

      05

      Attitudes to time

      Punctuality is a virtue within UK business circles. Merely turning up late for a business meeting can be a deal-breaker. If you can, arrive 10 minutes early.