Britain has been ranked 6th best country in which to start a business, ahead of Germany, France and Hong Kong.
The Lagatum Institute’s prosperity index lists 142 countries in order of finance and well-being, and has published the best places for start-up businesses. The UK is now listed as the best place in the EU for people setting up their own companies.
Nathan Gamester, programme director of the prosperity index, said: "The UK is among the most prosperous countries in the world. This is due to a number of factors including a firm belief in the rule of law, the ability to protect its citizens, and the fact that it is one of most open and free nations in the world. However, Britain's real success has been its recent economic transformation. Since the financial crash, the Government has prioritised getting people into work.
"And the results - seen in the 2015 prosperity index - are quite incredible. The UK is growing faster in the economy category than any other major EU country. The gap in full-time employment between the richest and poorest 20% of the country has halved since 2009. This is the biggest turnaround of any major developed economy."
Starting a business can be a complicated and stressful time, but with the UK’s recovering economy it may be the perfect time to put your good idea to the test. The Department for Business Innovation and Skills has taken steps to make doing business in the UK easier. The department has promised to cut red tape, reduce corporation tax, increase the number and quality of apprentices, invest in research and establish stronger trade ties with emerging markets.
If you’re thinking of setting up a business for the first time you will need to do a bit of leg work before you set up. You need to come up with a realistic idea that you can turn into a product or a service, and then protect that idea. You will need to research your market, develop and plan your product or service, find partners and suppliers, decide which legal structure works for you, and get funding for your business.
When starting a new business it’s essential to get proper legal advice to make sure that you are doing everything by the book, that you know your obligations and how best to protect yourself. There are different types of business that all have different legal requirements.
Slater and Gordon have an expert team of business solicitors who are happy to help you set up your business, be it your first time or fiftieth. Call us on freephone 0800 916 9052 or contact us online and we will call you.