The European market has long held appeal to American companies. With the EU boasting an GDP of over $18 trillion, it represents 22% of the world economy.
With a shared language and a culturally deep respect for the US, the UK is an ideal starting point for any European operation. Whilst currently there is an element of uncertainty surrounding Brexit's impact on the region as a whole, general consensus is that this is surmountable and the short term impact has been to make the UK a much more affordable base from which to operate.
Transport links from the UK are excellent, and there is a strong engineering heritage in the culture, stretching all the way back to the Industrial Revolution.
Whilst there are strong links between the two nations, any business looking to open an operation within the UK (or anywhere within Europe) will need to be aware of some potentially significant differences in terms of regulations, culture and business operations.
A myriad of areas merit awareness from the outset of any expansion project, and in the case of opening a European division or operation, American companies should be mindful of:
- Regulatory requirements for their specific industry
- The type of business structure most optimal for their operation
- Budgetary and timescale planning and awareness
- Identifying the best location to setup
- Employment laws, health and safety regulations and data protection laws
- Staffing, whether it be local hiring or expatriation of existing staff
- In the case of staff transfers;
- Visa and immigration considerations
- Cultural adjustment
- Relocation packages and staff support
- Underlying roles within the business
- Adjustment to any holes left within the organisation by internal transfers
- General business outlook
- Location-specific business planning
Careful planning is key to operating an overseas subsidiary. If this is done correctly, the vast majority of businesses can benefit from access to a new market - and often with less time and expense than they might expect.
This can be a complex and daunting project, so having assistance with someone who has direct experience of the process can be highly beneficial.
Contact me today and have a conversation about what you're trying to accomplish and let's see how I can help you!