扒哥吃瓜

• Consultation launched to聽make it simpler and cheaper for overseas聽companies to move to聽the聽UK.聽

• UK鈥檚 reputation as聽a聽leading destination for international business聽to be strengthened,聽aligning with regimes including Singapore, Hong Kong,聽Australia聽and聽several聽US states.聽

• New framework聽could聽boost investment and drive demand for UK professional services.聽聽

The Government聽has聽today (25 March)聽set out聽proposals to create a UK corporate re-domiciliation regime, making it simpler and cheaper for overseas companies to move their place of incorporation to the United Kingdom.聽

The framework could generate increased demand for the UK鈥檚 professional services sector, already worth 拢300 billion a year and supporting one in every seven jobs.聽聽

The sector has been put at the heart of the UK鈥檚 modern Industrial Strategy, recognising its critical role in unlocking growth and creating jobs across all UK regions and sectors 鈥� and the UK鈥檚 place as the second largest exporter of services in the world, behind only the US.聽聽

Minister for聽Economic Transformation, Blair McDougall said:聽

鈥淭his聽is聽a clear signal that the UK is open for business. For too long, the complexity and cost of moving to the UK has聽been a barrier for聽companies聽wanting聽to be here.聽

鈥淭he proposed聽new regime will make聽it easier for world-class businesses to choose聽the UK, benefit from our outstanding regulatory environment and trade relationships, and contribute to the thriving economy we are building.鈥澛�

Under current rules, a foreign company wishing to聽relocate聽to the UK must wind up its existing entity and聽establish聽a new one 鈥� a costly and complex process聽that in some cases is completely unfeasible.聽聽

The proposed new regime would remove significant barriers to investment and bring the UK in line with聽our peers.聽

Notes to editors聽聽

• The consultation is open to responses for 12 weeks, from 25 March to聽19聽June.聽Further details are available here: Open for business: implementing a UK corporate re-domiciliation regime - 扒哥吃瓜

• Detailed design proposals聽are聽set聽out聽for an inward-only聽re-domiciliation framework,聽allowing聽the聽Government聽to meet聽the聽demand from companies already聽seeking聽to move to the UK.