Singapore, 19 March 2008 - More than 50 Singaporean companies gathered today at a seminar organised by UK Trade & Investment to hear about the opportunities to expand their business presence in Europe. Specifically, the seminar focused on sharing information and guidelines on how the UK offers unique advantages for successfully establishing a European Headquarters. The event was held in partnership with the Singapore Business Federation.
Today, the UK is the number one location for European Headquarters (EHQ). More companies have established their EHQs in the UK than any other country. In fact, the UK is currently home to 57 per cent of all EHQs for companies from around the world, and the number of companies choosing the UK is increasing. In 2004-2006 over 50 per cent of global companies who set up or relocated their EHQs did so in the UK.
Singaporean companies attending today's event covered a wide range of industries, from electronics to service companies, and included both established corporations and emerging future industry leaders. Singapore companies that have already established a strong UK business and a European Headquarters include ComfortDelGro, ST Engineering and Singapore Food Industries.
British High Commissioner, HE Paul Madden, said "Companies find that if they can succeed in a competitive globalise economy like the UK, they can succeed anywhere, becoming world class leaders in their field."
John Lapthorne, Tax and Finance Specialist at UK Trade & Investment said, "Companies don't do business in the UK just because they're interested in the UK market. They also want to take advantage of a prosperous economy and the UK's well formed clusters of business services that are truly world-class. The UK quickly plugs companies into a vital network of connections to multiply opportunities for business success."
"The ties that bind UK and Singapore have transcended well beyond the historical linkages to fruitful bilateral relations in commerce, science and technology. However, we believe that through constant exchanges such as today, we can enhance and improve the already strong links of trade and investment between our two countries", noted Mr Teng Theng Dar, CEO, Singapore Business Federation.
Participants learned how the UK offers companies distinct and tangible benefits in a number of areas. Expert speakers at the seminar provided valuable information and practical advice covering:
Strategic considerations for companies wanting to establish a European Headquarters
UK legal, regulatory, employment law, banking and tax regulations requirements for a company EHQ
Deciding on the appropriate UK legal structure for a business
Advantages and benefits for local companies wanting to locate their European Headquarters to the UK
Sectors Singaporean companies can invest in the UK today
UK Trade & Investment brought together a high-powered panel, including Julia Herries, head of inward investment, for the Royal Bank of Scotland; Jack Wong, senior manager, international business development, from the London Stock Exchange; and Nelu Abeygunasekera, partner at law firm Pritchard Englefield.
About UK Trade & Investment
UK Trade & Investment is the UK Government's international business development organisation, supporting businesses seeking to establish in the UK and helping UK companies grow internationally. The services offered by UK Trade & Investment bring together a network of business sector specialists and support teams in British embassies and Foreign and Commonwealth Office (FCO) posts all around the world, as well as key experts in government departments across the UK. UK Trade & Investment works with a wide range of partner organisations in the UK, including Regional Development Agencies and the Devolved Administrations, Business Links, Chambers of Commerce and trade associations. For more information, visit the web site at www.uktradeinvest.gov.uk.
About Singapore Business Federation (SBF)
For further information, please contact:
Ian Cranshaw
UK Trade & Investment
British High Commission
100 Tanglin Road Singapore 247919
Tel: +65 6424 4323
Fax: +65 6424 4356
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