Indian companies’ interest in British trade increasing despite Brexit
While businesses in the UK focus on the implications and complications of Brexit, whichever form it takes, Indian companies are looking at Britain with increasing interest, according to national audit, tax, advisory and risk firm Crowe.
Mark Evans, partner in the Midlands office of Crowe, said he had noticed a flurry of interest from the Indian sub-continent in the past six months.
Mark said: “The Department of International Trade is reporting a real surge in enquiries from India.
“High taxes and changes in Indian corporate taxation are driving interest and causing Indian entrepreneurs and corporate groups to look wider globally.
“The UK is attractive because of its relatively low corporate tax regime. It also has the appeal of the ‘Made in Britain’ brand.”
But while Indian companies could see trading opportunities in the UK, perhaps spurred on by Tata Motor’s success story with Jaguar Land Rover, Mark said there were still many hurdles to be cleared when setting up businesses here.
Mark said: “Many are finding issues in setting up bank accounts in the UK, with a significant number of major banks seemingly not interested, but it is possible to set up accounts in 24-48 hours if required.
“Others are finding difficulties tackling the complexities of management and employee mobility and also tax and pension issues.”
Mark said that Crowe, with its global reach and local expertise, was well placed to advise Indian entrepreneurs.
“We have been talking to tech, manufacturing and training businesses keen to take advantage of the positive tax regime, availability of skilled labour and access to target customer sectors such automotive. Through our own resources and our network of contacts we are able to provide all the support they need to get on with business quickly.
“Global trade is a two-way street and as many as there are Indian companies wishing to establish a foothold in the UK, there are also many UK businesses that could work in partnership with them to their mutual benefit.
“It’s all about recognising opportunity, and not being deterred by seemingly insurmountable obstacles in your way. At Crowe, we can see both sides of the trading coin and are ideally placed to help both parties.”
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Miriam Sherwood, Senior Marketing Manager (Regions), Crowe. Tel: 0121 543 1900
Notes to Editors:
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