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The United Kingdom has always been a key international trading partner, developing strong trade and trade relations in Asia and the Arab regions.
In addition, the United Kingdom has strong networks of business schools, with leading schools such as London Business School, Oxford, Cambridge and Warwick being among the top 15 in the world, contributing to the development of competitive resources. for the sector.
In recent decades, the UK's activity has shifted towards a service economy, losing the competitiveness of leading industrial companies, boosted by the injection of funds from international players and emerging, as was the case in the steel, automotive and other heavy production industries. process. Concerned about the loss of competitiveness, the UK seeks to encourage innovation and the development of digital technologies, which support the creation of new businesses and represent opportunities for entrepreneurs and new businesses.
The United Kingdom is currently facing a crossroads that is affecting its business environment. Brexit will be implemented starting in March 2019. The expected result is unclear, and confusion has increased with the vote in the House of Commons last week.
This creates uncertainty for several companies, mainly international companies with activities with the EU. Uncertainty does not only come with change, but also with opportunities. In its quest for a strengthening of its independence as a result of a new commercial program to be implemented with the European Union, UK companies should continue to develop their commercial ties with international markets. This represents a major opportunity for Qatar companies seeking to expand into international markets.
For many small and medium-sized companies, the Qatar market may not be enough to reach its full potential, which would require going abroad. One option might be to include from the start in the plan a development of the commercial network with the UK market. The UK business environment offers several advantages:
• Simple business creation process
• UK government presents more than 190 programs in terms of funding and support services
• More than 150 incubators for start-ups
• Access to international markets and strong variety of service providers
• solid infrastructure
• High level of skills and skilled labor
• tax treaty between the United Kingdom and Qatar
The high cost of living in some cities and the level of taxes could discourage Qatar companies from expanding internationally via the UK. The creation of a registered company in the British Virgin Islands could be an option to optimize taxes, but in some cases it is neither applicable nor preferable, as international markets put increasing pressure on tax havens in terms of transparency. and control.
Trade relations between Qatar and the United Kingdom remain very dynamic, with the meeting of His Highness Amir Sheikh Tamim bin Hamad al-Thani in July 2018 and British Prime Minister Theresa May. London Mayor Charles Bowman traveled to Qatar as ambbadador for the financial and professional services sector in the UK, with a business delegation last September. More recently, the Qatar Financial Center (QFC) hosted a high-level delegation of cybersecurity companies from the UK, as part of an official visit organized by the Department of International Trade (DIT) to the United States. British Embbady in Doha.
Expanding into the UK market for international expansion may not be suitable for all companies, but is an interesting option to consider in an SME development plan. The closer valuation options in times of change, with increased interest in attracting international companies, could potentially improve the home conditions of Qatari market players and investors.
* The author is managing partner, Y & S Consulting LLP
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