Plans to help firms to move to UK unveiled

THE government has unveiled plans to change rules that will make it easier for overseas companies to move to the UK in hopes of attracting investment and competing with global finance hubs.

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Business minister Blair McDougall

The current process for foreign firms to re-domicile to the UK is complex and costly, the Department for Business and Trade (DBT) said.

It requires them to wind up the existing company and establish a new one, which the DBT said was completely unfeasible for some, particularly larger companies, publicly-listed ones or those operating in regulated sectors.

The proposals to establish a corporate redomiciliation regime would mean companies get to change where they are registered without having to change their legal identity.