Thousands of overseas entrepreneurs are forming companies in the UK to avoid red tape in their own countries, according to research from start-up specialist Made Simple.
More than 170,000 non-UK nationals registered firms with Companies House in 2015, a staggering 160% increase since 2010.
The figures support the current ‘open for business’ sentiment being echoed by some of the country’s leading politicians and business leaders post-Brexit.
The highest number of non-UK nationals to set up firms through Companies House came from Poland, with more than 14,000 firms registered by Polish people last year.
The second highest number came from the Republic of Ireland, with just under 12,500, and close behind China, with more than 11,500.
Research by Made Simple has found that many non-UK nationals choose to set up in the UK as they are hindered by red tape in their own countries, which can make the process last several months while becoming far more costly.
Last year the UK was ranked the sixth easiest country in the world to start a business in, by the World Bank Group, while Poland came in at number 25 and China number 84.
Howard Graham, CEO of Made Simple Group, said: “International entrepreneurs are choosing to set up in the UK, not only because of the extra prestige offered by registering here, but because the process is extremely straightforward and affordable compared to other countries.
“Registering with Companies House means that your business is locatable online, making it more transparent. The infrastructure and support available to firms registered in the UK is also far superior to what you get elsewhere in the world.”