Ivan Zhiznevskiy reports that his company, 3S Money, has seen a 322 percent increase in non-UK businesses opening bank accounts in the UK between 2019 and 2020. This growth has continued since the UKs official break from the EU at the end of 2020, with a 108 percent increase reported in the last twelve months.<\/p>\n
This suggests that fears that the UK would lose its position as one of the most attractive places for foreign investment after Brexit were unfounded.<\/p>\n
2021 was the best year ever for the UKs tech sector in terms of investment, with a recorded 26billion in venture capital.<\/p>\n
This surge in investment has proven crucial for the jobs market. A government report in June 2021 reported more than 55,000 new jobs in the year prior, thanks to foreign investment.<\/p>\n
The investment does not only benefit London - for instance, the number of jobs in Manchester increased by 164 percent in 2021, while Cambridge was heralded as the leading regional tech city in the UK.<\/p>\n
Mr Zhiznesky toldExpress.co.ukthat the reason was partly that the UK offers something many EU countries do not - accessibility.<\/p>\n
He described the Amazon Prime mentality of many investors, saying people expect their service to be delivered instantly. If it isnt, they begin to suspect it isnt a good quality product. Obviously, that necessarily isnt the case, but its how many businesses think now.<\/p>\n
This is the key to Britains success, he argues.<\/p>\n
He said: Thats what the UK offers in terms of financial services. I can go to a company's house website and get a company registered in fifteen minutes. Then I can go to a company like 3S Money and get a bank account set up in a matter of hours.<\/p>\n
That mentality is also higher in places like China or the Middle East than in Europe, and the UK is keeping up with them.<\/p>\n
I also think its partly because of the fantastic entrepreneurial spirit that we have here.<\/p>\n
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Mr Zhiznevskiy added that Londons sense of inclusion is crucial to promoting this level of investment.<\/p>\n
He said: In London, its possible to be taken seriously as an outsider, but try phoning an EU bank and speaking with a non-native accent. London remains the most multicultural city in Europe.<\/p>\n
The FinTech CEO was not sure if the surge of investment was a direct result of Brexit - but said that it certainly showed Brexit had not harmed Britains place in the global financial market.<\/p>\n
He said: Before Brexit went through, everyone was saying that the UK is finished. London hasn't lost its place as a gateway hub to different markets - instead, its position has become stronger. Its the epicentre of foreign investment.<\/p>\n
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The European Union is less open to foreign business initiatives. And Britain is completely opposite to that. Thats the key to success.<\/p>\n
Sam Cox, CEO of Fivefour Engineering Services added: The biggest challenge to trading in the EU has been arranging bank accounts for non-EU organisations.<\/p>\n
The red tape involved in getting an EU bank account isnt ideal for the fast-paced construction industry we operate in.<\/p>\n
Amid Covid-19, establishing our business in Sweden with a solid UK base is the best decision we have made as a business.<\/p>\n
The UKs banking infrastructure continues to be the most entrepreneur-friendly in Europe and has been the most solid base from which to trade with the EU.<\/p>\n
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Read more:<\/p>\n
Brexit Britain trumps EU as new 'epicentre' of investment - 300% new foreign business bank - Express<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Ivan Zhiznevskiy reports that his company, 3S Money, has seen a 322 percent increase in non-UK businesses opening bank accounts in the UK between 2019 and 2020. This growth has continued since the UKs official break from the EU at the end of 2020, with a 108 percent increase reported in the last twelve months. Continue reading