As the nation awaits the triggering of ‘Article 50’, the uncertainty over Brexit is making UK businesses more open to expansion, 42 per cent of UK businesses confess to having more appetite now than previously to expand their business presence overseas, according to a new research released today by the DMCC, a Dubai government entity on trade and enterprise.
Amongst the top reasons for UK businesses eyeing overseas expansion, include: emerging markets becoming increasingly attractive (63 per cent), growing business need for global presence (47 per cent), availability and wealth of foreign talent (44 per cent), and too much uncertainty in the markets with the UK no longer being an attractive option (36 per cent).
Out of the UK businesses open to expanding into emerging markets, a staggering 75 per cent say they are eyeing Dubai as a possible overseas location to expand into. And out of the UK businesses that are still undecided, 40 per cent say they would consider the Middle East as a territory to have presence in if they are open to overseas business expansion.
And amongst the UK businesses that are still hesitant about overseas expansion, 34 per cent say it is because their business is not applicable for an overseas market, however certain features could make it more attractive for them to consider overseas business expansion.
For 43 per cent of UK businesses, tax free incentives would make it more attractive to expand into emerging markets, and for 29 per cent, the ease at which they can arrange paperwork (trade license, visas, office space) would help them consider an expansion.