We hope our newest Linkibuzz finds you well! Welcome to this week’s one-stop-shop for the most relevant news articles on entrepreneurship and small businesses in the UK and around the globe.
Here are the stories that we have prepared for you today.
For starters, Ireland is muddying the waters for foreign companies seeking a tax haven in their country.
On another international note, there has been a palpable cutback of expat opportunities in Hong Kong, although the Asian megalopolis still remains a highly desirable destination for expats from the UK and the world.
Lastly, a recent report has found that the number of small businesses in our country are constantly on the rise, but, as another study warns, very few manage to scale their business due to an unfavourable tax system.
Foreign investors in Ireland are about to get a serious blow, as the Irish Government is undergoing through intense efforts to curb multinational corporations that have relocated their headquarters in Ireland with the intention to minimize their tax liability. Last Thursday, the Irish finance minister announced that starting from next year, non-resident investors in Irish real estate funds will have to pay a 20 percent withholding tax.
BBC recently brought out a story about Hong Kong, the multinational behemoth of a city that has long been a synonym for the expat shangri-la. However, things have begun to change: a recent report showed that the number of foreign residents from Australia, Britain and the US, as well as Japan and Singapore, has declined, reportedly due to pollution and a dwindling number of new job openings for expats. Still, many are drawn to Hong Kong and its promise of a lavish lifestyle in one of the world’s safest environment. If you are considering a relocation to this former British colony and thrilling melting pot, read what to expect in terms of salary and average living costs in BBC’s article.
The Prelude Group has published a report that indicates towards an urgent change of current UK tax law. More specifically, the way things are set up at the moment are not at all accommodating to the development and growth of start-ups, the study warns. Although the number of startups is on a continuous rise, very few of those manage to scale. The business and job opportunities lost due to the hostile maze of taxes and administration are incalculable. “There is no such thing as a perfect system, but in this report we put forward measures which will help a wide variety of entrepreneurial businesses become job-creating machines, increasing economic growth and revenues for the Treasury.”, concluded Stephen Herring, head of taxation at the Group’s Institute of Directors.
The Business Population report has once more confirmed what we all know: the number of small businesses in the UK is absolutely skyrocketing. Just to put things into a numerical perspective, at the start of 2016, the UK had a million more small businesses, 4,000 more medium-sized businesses and 900 more large businesses! That is an overall increase of 23 percent, compared to the data from 2010. Small business minister Margot James commented on these outstanding figures, saying that it’s important to recognise the great contribution small businesses make to local communities and the national economy. We cannot help but agree, but we should also add that actions speak louder than words.
We hope you enjoyed this week’s mixed round-up of national and global news from the business and finance arena. Our main stories concerned the recent business and political tidings in Ireland and Hong Kong, as well as the latest trends and developments in the encompassing field of small businesses in the UK. That’s it for this week, so stay in the loop by following Linkilaw’s blog, as we skim the most relevant Internet news for you every week!