India and the United Kingdom have been in talks to come out with a much awaited free trade agreement which promises to enhance bilateral trade between the two countries while leveraging each other strengths.
Albeit India offers a gargantuan market for UK companies to operate in Great Britain too has its own unique set of features which Indian companies can take advantage of.
There are an estimated 960 Indian companies operating in UK employing over 150000 people.
‘United Kingdom is an extremely lucrative market for doing business. Having a base in UK gives Indian companies access to an over USD 14 trillion market i.e. the European Union’ said Ms Gita Krishnankutty, regional head of inward investment southern India speaking exclusively to Vizag Industrial Scan.
Strongly advocating UK as a lucrative investment destination for many AP based companies Ms Krishnankutty highlighted the many facets of doing business in UK.
UK’s Ease of Doing Business
‘UK is ranked no 7 in the ease of doing business parameter globally. With a vibrant and thriving international financial market coupled with investor friendly labor laws, attractive tax laws and an overall compatible investor framework, UK is an ideal destination for AP companies wanting to expand overseas’ opined Ms Krishnankutty.
Elaborating on the ease of doing business she informed that it doesn’t take long to set up a company in the UK.
‘You can immediately register an entity in the UK online without even having to go there. Plus there is no stipulated minimum capital requirement to set up a company in the UK’ said the regional head of inward investment.
As of now over 10 AP based companies are actively looking to set up base in the country though she urged more Andhra Pradesh companies to come and explore the vast opportunities the country offers to businesses.
‘We see most traction in sectors of Tech, Lifestyle, Advanced Engineering & food processing’ said Ms Krsihnankutty.
Living Bridge
She further spoke of the living bridge which she explained consists of the large Indian diaspora contributing to a high level of comfort. ‘Indian food, art, movies etc are some of the best examples of the living bridge’ she noted.
Commenting on VISAs for companies wanting to set up base in UK she said work permits is an extremely streamlined process while being skilled and talent friendly.
Innovation
Ms Krsihnankutty also wooed startups and innovators to come and explore UK which she reiterated offered a slew of benefits.
‘Under the global entrepreneur program (GEP) we have an ongoing collaboration with T-hub in the semiconductor and AI space.
Similarly we have fully funded healthcare boot camps wherein we select 6 companies (annu- ally) and take them to UK and plug them into NHS’ informed the UK trade representative.
Ms Krishnankutty urged companies based in AP to get in touch with the British deputy high commission in Hyderabad to help them explore business opportu- nities in the United Kingdom.
