If you’re planning to set up a new business, it’s highly likely that you’ve considered using London as your base. And it’s true that this could be the most lucrative decision for your company over time: London has established itself as a highly sought-after business hub, in the UK and across the world. In this article, we’ll explore just why that’s the case.
Why does London have such a good reputation for business?
London’s business appeal is strong and far-reaching. Not only does it have historical significance firmly rooted in trade, but its reputation is still fierce in the contemporary business sphere.
The dominance of the city, where trade is concerned, gives it a strong claim to be the world capital of many industries. With some of the most esteemed companies, banks, and designer brands keeping their main offices based in London, it’s hardly surprising that competitors follow suit.
What makes London so attractive for corporate investors?
- Strategic location and connectivity
London’s strategic geographical location and excellent transportation infrastructure, including airports and extensive public transport networks, make it a prime choice for businesses looking to establish a presence in the UK and Europe.
Easy access to domestic, international, and private airports makes it simple for large companies to charter a private jet to fly executives into London. From any of the airports surrounding London, reaching the city centre is a quick and easy journey by helicopter, road, or rail.
- Business-friendly environment and infrastructure
The business-friendly policies, regulations, and incentives offered by the UK government frequently attract foreign investments. For new businesses and start-ups, claiming financial assistance through is relatively straightforward with initiatives like the government backed Start Up Loans scheme.
Furthermore, modern infrastructure, including state-of-the-art office spaces, technological advancements, and communication facilities support business growth even further. Such impressive and innovative facilities attract workers to the capital from all corners of the globe.
- Access to a highly skilled workforce
London is home to an incredibly diverse talent pool, comprising skilled professionals from various industries and backgrounds. By mid-2021, the city’s population was estimated to exceed 8.7 million, an increase of over one million in 20 years.
London’s world-class universities and educational institutions continuously produce a talented workforce in areas such as finance, technology, and the creative industries. For medical students and researchers, there are also plenty of opportunities for postgraduate study and further education, which leads many individuals on to illustrious careers.
- Networking opportunities and industry clusters
London’s business ecosystem fosters networking opportunities through events, conferences, and industry-specific gatherings. There are multiple world-leading venues to choose from for conferences and exhibitions, including the Central Hall Westminster and ExCeL London.
The presence of industry clusters, such as the tech hub in East London (Silicon Roundabout), encourages collaboration and innovation. But that’s not the only one: multiple districts across London are known for being tied to a certain sector or industry. London’s financial districts comprise Canary Wharf, the Square Mile, and Lombard Street.
Getting started in London isn’t easy, but your initial investment could massively pay off over time. Home to HSBC, Aviva, the BBC, AstraZeneca and so many more industry giants, it’s easy to feel inspired by the corporate buzz in the capital.