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UK: One of the top five countries for contractors starting their own business

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Contractors looking to start their own business will be pleased to hear that new research has shown that the UK is one of the top five countries in the G20 to start up.

The G20 Entrepreneurship Barometer, carried out by Ernst and Young, surveyed over 1,500 entrepreneurs across the globe asking questions about funding, culture, tax and regulation, education and training, and coordinated support.  

According to the findings, respondents believe that the UK is one of the top locations for entrepreneurs because of the competitive tax system, business friendly regulations, skilled workforce and dynamic financial markets.

Other countries that came high up on the list were Australia, Canada, South Korea and the US.

The UK also scored highly on access to funding, beating Germany and France and coming second only to the US.

Stuart Watson, Partner and Head of EY’s UK Entrepreneur Of The Year Awards programme commented: “The foundations for a strong entrepreneurial ecosystem are already well established in the UK, with fast growth businesses accounting for nearly 60% of all new jobs. Targeted incentives for investment and research & development; one of the lowest corporate tax rates in the G20 by 2015; and positive interventions like Funding for Lending; all help send a clear message that Britain is open for business.

“But we shouldn’t be complacent and can’t rely purely on Government. Domestic demand is set to remain fragile for some time yet, uncertainty still hangs over the Eurozone, while the emerging growth markets are catching us up – Russia scored highest in the Barometer for ‘coordinated support’. Government and business will need to work closely together to maintain a competitive financial and regulatory environment and develop an entrepreneurial culture in every aspect of business life.”

Do you trade through your own Limited company? If so, find out how registering for the Flat Rate VAT Scheme could benefit you by reading our plain English guide on the Flat Rate VAT Scheme

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