The UK capital has been assessed to be the best city in Europe and the second best in the world to be an entrepreneur
A new SumUp study has shown that it has three times more networking clubs than top ranking New York; it also outranks the East Coast US city for quality of life. London scores nearly 90 per cent on business survival rates and boasts 18.6 new businesses per 1,000 people – the highest new business density in the world. It has the most WeWork locations in Europe – 30, one of which shares a building with LCCI in the City.
Wealthy
London is home to 227,000 millionaires – the most in Europe and the third highest in the world. Online searches for ‘moving to London’ exceed 1,000 per month, making it the most popular city in Europe and offering the potential for new businesses to flourish in a wealthy environment.
Tax
Tax and finance are two of the most important aspects for business owners to consider, to maximise profits and funds for reinvestment. However, despite London being the best city to be an entrepreneur in Europe, the UK has one of the highest tax brackets in the continent.
Personal income tax is 45 per cent in London, the 4th highest rate in the global index. Sales tax and capital gains taxes are also significantly higher than other cities in the index, at 20 per cent.
Despite this, the city’s many benefits outweighed its negatives for entrepreneurs, making it a a highly-attractive location for business owners to thrive.
www.sumup.com/en-gb/business-guide/best-cities-for-entrepreneurs
