Britain open for business
The UK launches a plan to make the UK one of the leading destinations for investment from the Caribbean and elsewhere.
BRIDGETOWN, Barbados, Thursday May 12, 2011 – The United Kingdom government has announced a plan to make the country more attractive to investors and already there’s an indication that businesses in the Caribbean will get help to take advantage of that.
Business Secretary Vince Cable, Foreign Secretary William Hague and Trade and Investment Minister Lord Green have officially launched the new UK Trade & Investment (UKTI) Strategy and the Foreign and Commonwealth Office (FCO) Business Charter.
The new plans demonstrate the Government’s commitment to supporting international business, supporting UK business overseas and attracting investors to the country, said a statement issued yesterday by the British High Commission in Barbados.
The announcement follows from a raft of measures announced in the Budget including cutting corporation tax to 23 percent by 2014, offering investors the lowest tax rate in the G7. The UK has also introduced new ‘Entrepreneur visas’ making it easier for idea-generators and job-creators to establish their businesses in Britain.
This news comes at the time when the British Government has notified the Government of Barbados that it will be increasing the country’s status on offshore non-compliance by UK taxpayers from Category 3 to Category 2 status, with the presentation in due course of a revised UK Statutory Instrument.
This follows the implementation of the Income Tax (Exchange of Information) Regulations 2011 by the Barbados government.
“This is an exciting time for UKTI as we expand our help to Small and Medium Enterprises in Barbados and the Eastern Caribbean,” said Hadford Howell, Head of UKTI in Barbados.
Cable said the UK has a great reputation as a place to do business and wants to do all it can to make sure foreign investors go there.
"We're announcing practical help for UK companies to ensure they win business overseas. And we're setting out how we will actively attract inward investment to the UK with ambitious plans to target sovereign wealth funds and expand the global entrepreneur programme," he said.
UKTI helps UK-based companies succeed in the global economy and assists overseas companies in bringing their high quality investment to the UK.
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