LONDON, March 25 -- The government of the United Kingdom issued the following news:

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Consultation launched tomake it simpler and cheaper for overseascompanies to move totheUK.

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UK's reputation asaleading destination for international businessto be strengthened,aligning with regimes including Singapore, Hong Kong,AustraliaandseveralUS states.

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New frameworkcouldboost investment and drive demand for UK professional services.

The Governmenthastoday (25 March)set outproposals to create a UK corporate re-domiciliation regime, making it simpler and cheaper for overseas companies to move their place of incorporation to the United Kingdom.

The framework could generate increased demand for the UK's professional services sector, already worth £300 billion a year and supporting one in every seven jobs.

The sector has been put at the heart of the UK's modern Industrial Strategy, recognising its critical role in unlocking growth and creating jobs across all UK regions and sectors - and the UK's place as the second largest exporter of services in the world, behind only the US.

Minister forEconomic Transformation, Blair McDougall said:

"Thisisa clear signal that the UK is open for business. For too long, the complexity and cost of moving to the UK hasbeen a barrier forcompanieswantingto be here.

"The proposednew regime will makeit easier for world-class businesses to choosethe UK, benefit from our outstanding regulatory environment and trade relationships, and contribute to the thriving economy we are building."

Under current rules, a foreign company wishing torelocateto the UK must wind up its existing entity andestablisha new one - a costly and complex processthat in some cases is completely unfeasible.

The proposed new regime would remove significant barriers to investment and bring the UK in line withour peers.

Notes to editors

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The consultation is open to responses for 12 weeks, from 25 March to19June.Further details are available here: Open for business: implementing a UK corporate re-domiciliation regime - GOV.UK

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Detailed design proposalsaresetoutfor an inward-onlyre-domiciliation framework,allowingtheGovernmentto meetthedemand from companies alreadyseekingto move to the UK.

Disclaimer: Curated by HT Syndication.