Foreign investment
Discussion
I used to work for a Mercedes truck dealer.They were bought out by a UK based consortium in 2018.They have since been bought by a French company.This got me wondering just how much foreign investment is happening in the UK post Brexit and on a less serious note is this possibly foreign companies predicting the UK rejoining the EU albeit on much less favourable terms than we had before.
Regardless of anything else, stuff will always be brought and sold in the UK. The scenario you describe is simply a foreign entity acquiring the ability to sell a product that was already being sold in the UK. Whilst it is foreign investment, it's not the sort of investment that's needed. The jobs already existed as did the sales. The difference is that where as the previous UK owners kept the profit and thus the tax in the UK, the French owners will now be taking some of that profit back to France so the UK is slightly worse off as a result. Unless they invest and grow the business.
What we need are foreign firms building factories that make things that then get exported. This is where economic growth really gets good. But we can no longer compete as effectively with other European countries. Getting materials into the UK from Europe and exported goods to Europe is more tricky and more costly so if you're an American company thinking you might want to sell stuff across Europe, the UK is less of a viable option as a base from which to do that.
I can see Northern Ireland becoming a UK 'Texas', creating huge wealth as a result of the deal that's been recently struck which will inevitably attract more UK mainland enterprises to relocate there as well attract much of the foreign investment into the UK.
I think it inevitable that at some point we will see a move towards closer alignment to the EU, quite possibly including the joining of Schengen. But that's likely to be some way off and far from certain so I don't see any foreign investment being made on the likelihood of this happening.
What we need are foreign firms building factories that make things that then get exported. This is where economic growth really gets good. But we can no longer compete as effectively with other European countries. Getting materials into the UK from Europe and exported goods to Europe is more tricky and more costly so if you're an American company thinking you might want to sell stuff across Europe, the UK is less of a viable option as a base from which to do that.
I can see Northern Ireland becoming a UK 'Texas', creating huge wealth as a result of the deal that's been recently struck which will inevitably attract more UK mainland enterprises to relocate there as well attract much of the foreign investment into the UK.
I think it inevitable that at some point we will see a move towards closer alignment to the EU, quite possibly including the joining of Schengen. But that's likely to be some way off and far from certain so I don't see any foreign investment being made on the likelihood of this happening.
I have a three companies, one of which is an investment fund (in renewables) and even though I am a patriotic Englishman, there is just no benefit to investing in this country right now.
Down to opening bank account, everything has become so much more difficult over the last 2-3 years.
There are no incentives to investing in the UK. You look at the USA for example, they are offering tax breaks to build renewables.
In the UK if you were to develop a solar farm from scratch today, it would take a minimum of 5 years. And you would have to pay circa 40-50k per MW.
In the USA you can get it done in 12-18 months, would cost you 20-25k (converted into pounds) and you can get up to 50% tax breaks.
So potentially would cost you 10-12.5k
The knock on effects are you are employing hundreds of people, skilling unskilled workers, adding much needed green power to the grid, and doing your bit for the planet.
Back to the banking thing, I've been waiting 11 months to open a corporate bank account where I can put my investors money into.
I've got to the point where I'm not even bothered any more.
We've now moved the company to the USA, and are investing in USA, Poland, Italy and Germany.
All of which could have been from a UK company.
I'm guessing in ten years time the UK will have missed out on tax revenue from my company alone of somewhere in the region of £500m over that time.
Down to opening bank account, everything has become so much more difficult over the last 2-3 years.
There are no incentives to investing in the UK. You look at the USA for example, they are offering tax breaks to build renewables.
In the UK if you were to develop a solar farm from scratch today, it would take a minimum of 5 years. And you would have to pay circa 40-50k per MW.
In the USA you can get it done in 12-18 months, would cost you 20-25k (converted into pounds) and you can get up to 50% tax breaks.
So potentially would cost you 10-12.5k
The knock on effects are you are employing hundreds of people, skilling unskilled workers, adding much needed green power to the grid, and doing your bit for the planet.
Back to the banking thing, I've been waiting 11 months to open a corporate bank account where I can put my investors money into.
I've got to the point where I'm not even bothered any more.
We've now moved the company to the USA, and are investing in USA, Poland, Italy and Germany.
All of which could have been from a UK company.
I'm guessing in ten years time the UK will have missed out on tax revenue from my company alone of somewhere in the region of £500m over that time.
Edited by Geoffcapes on Tuesday 7th March 09:50
Geoffcapes said:
I have a three companies, one of which is an investment fund (in renewables) and even though I am a patriotic Englishman, there is just no benefit to investing in this country right now.
Down to opening bank account, everything has become so much more difficult over the last 2-3 years.
There are no incentives to investing in the UK. You look at the USA for example, they are offering tax breaks to build renewables.
In the UK if you were to develop a solar farm from scratch today, it would take a minimum of 5 years. And you would have to pay circa 40-50k per MW.
In the USA you can get it done in 12-18 months, would cost you 20-25k (converted into pounds) and you can get up to 50% tax breaks.
So potentially would cost you 10-12.5k
The knock on effects are you are employing hundreds of people, skilling unskilled workers, adding much needed green power to the grid, and doing your bit for the planet.
Back to the banking thing, I've been waiting 11 months to open a corporate bank account where I can put my investors money into.
I've got to the point where I'm not even bothered any more.
We've now moved the company to the USA, and are investing in USA, Poland, Italy and Germany.
All of which could have been from a UK company.
I'm guessing in ten years time the UK will have missed out on tax revenue from my company alone of somewhere in the region of £500m over that time.
Yet the Tories are the party for Business. Not.Down to opening bank account, everything has become so much more difficult over the last 2-3 years.
There are no incentives to investing in the UK. You look at the USA for example, they are offering tax breaks to build renewables.
In the UK if you were to develop a solar farm from scratch today, it would take a minimum of 5 years. And you would have to pay circa 40-50k per MW.
In the USA you can get it done in 12-18 months, would cost you 20-25k (converted into pounds) and you can get up to 50% tax breaks.
So potentially would cost you 10-12.5k
The knock on effects are you are employing hundreds of people, skilling unskilled workers, adding much needed green power to the grid, and doing your bit for the planet.
Back to the banking thing, I've been waiting 11 months to open a corporate bank account where I can put my investors money into.
I've got to the point where I'm not even bothered any more.
We've now moved the company to the USA, and are investing in USA, Poland, Italy and Germany.
All of which could have been from a UK company.
I'm guessing in ten years time the UK will have missed out on tax revenue from my company alone of somewhere in the region of £500m over that time.
Edited by Geoffcapes on Tuesday 7th March 09:50
(All the best with this Geoffcapes. I ended up doing business in New York due to lack of interest from UK banks).
Simpo Two said:
Why do you say 'less favourable terms'?
It's difficult to see how any realignment with the EU would lead to anything better than we had previously (although immeasurably better than what we have now).There would, for example, be the need for regulatory alignment between the UK and the EU yet we would have near zero influence on the creation and enforcement of those regulations. Nor any say when new ones emerge because we no longer have elected representation in Brussels. So the irony is that if we did indeed go that route, we would put ourselves at the mercy of unelected 'officials' which was the very thing many cited as the reason to leave.
Whereas the cost of regulatory controls were previously shared across all member states and thus each benefit from economies of scale, that's gone so it would be entirely on the UK to cover our side of things on this.
Free movement would also return. Whether this is a good or bad thing depends on one's view of a Las from Latvia serving your Late.
It would be like having previously been a member of a golf club and sat on the committee. You leave both but still want to use the course - which you can, but it costs you more and you have no say in how the club and course is managed.
The one sector that could save us from this is Eco/Green Tech. We were and arguably are global leaders in this field, some might argue 'the' global leader. There is massive potential here, truly massive. But we have a government (by which I mean government collectively) that as geoffcapes mentions, appears to be doing its level best to suppress.
StevieBee said:
The one sector that could save us from this is Eco/Green Tech. We were and arguably are global leaders in this field, some might argue 'the' global leader. There is massive potential here, truly massive. But we have a government (by which I mean government collectively) that as geoffcapes mentions, appears to be doing its level best to suppress.
I wouldn't say we were even close to being world leaders in Eco/Green Tech at all. The tech itself is all being developed in Europe and built in China. Dare I say it, I'd say the Spanish are certainly the leaders in Europe, with Netherlands and Germans close behind.
Be handy if we were still in the EU. But that's for another thread.
https://www.pistonheads.com/gassing/topic.asp?h=0&...
I am curios how did you manage to open a US bank account without a social security number?
I also have a US company also in CA (over 6 years) yet I have to trust and rely on our chief operating officer to run the bank. If she leaves the bank is frozen.
We have employees plus suppliers that wont get paid and money coming in that will all be put on stop.
Without registering as a investor to acquire a visa to then acquire a SS number, to then become employed, to then rent a property, to have an address, to then open a bank account.
I do not wish to work or live in the US simply run a US subsidiary from the UK which is what I am doing now.
You appear to have opened a business account which so far I have been unable to.
I can only assume you live and work out in CA?
If not I am genuinely interested how you did it as I am about apply for the Investor Visa which I would love to avoid.
Not sure how this comes across but I am asking for help if you can offer any?
I am curios how did you manage to open a US bank account without a social security number?
I also have a US company also in CA (over 6 years) yet I have to trust and rely on our chief operating officer to run the bank. If she leaves the bank is frozen.
We have employees plus suppliers that wont get paid and money coming in that will all be put on stop.
Without registering as a investor to acquire a visa to then acquire a SS number, to then become employed, to then rent a property, to have an address, to then open a bank account.
I do not wish to work or live in the US simply run a US subsidiary from the UK which is what I am doing now.
You appear to have opened a business account which so far I have been unable to.
I can only assume you live and work out in CA?
If not I am genuinely interested how you did it as I am about apply for the Investor Visa which I would love to avoid.
Not sure how this comes across but I am asking for help if you can offer any?
zoomy said:
https://www.pistonheads.com/gassing/topic.asp?h=0&...
I am curios how did you manage to open a US bank account without a social security number?
I also have a US company also in CA (over 6 years) yet I have to trust and rely on our chief operating officer to run the bank. If she leaves the bank is frozen.
We have employees plus suppliers that wont get paid and money coming in that will all be put on stop.
Without registering as a investor to acquire a visa to then acquire a SS number, to then become employed, to then rent a property, to have an address, to then open a bank account.
I do not wish to work or live in the US simply run a US subsidiary from the UK which is what I am doing now.
You appear to have opened a business account which so far I have been unable to.
I can only assume you live and work out in CA?
If not I am genuinely interested how you did it as I am about apply for the Investor Visa which I would love to avoid.
Not sure how this comes across but I am asking for help if you can offer any?
I opened a non-domiciled account. My company was incorporated in Maine, and I opened my account with Wells Fargo. I am curios how did you manage to open a US bank account without a social security number?
I also have a US company also in CA (over 6 years) yet I have to trust and rely on our chief operating officer to run the bank. If she leaves the bank is frozen.
We have employees plus suppliers that wont get paid and money coming in that will all be put on stop.
Without registering as a investor to acquire a visa to then acquire a SS number, to then become employed, to then rent a property, to have an address, to then open a bank account.
I do not wish to work or live in the US simply run a US subsidiary from the UK which is what I am doing now.
You appear to have opened a business account which so far I have been unable to.
I can only assume you live and work out in CA?
If not I am genuinely interested how you did it as I am about apply for the Investor Visa which I would love to avoid.
Not sure how this comes across but I am asking for help if you can offer any?
Be happy to introduce you to my client manager as they have been nothing short of excellent.
I live in Kent and the only time I've been to the USA is to Vegas, although next week that will change when I fly to Dallas and San Diego.
Geoffcapes said:
Al Gorithum said:
Yet the Tories are the party for Business. Not.
(All the best with this Geoffcapes. I ended up doing business in New York due to lack of interest from UK banks).
Registered a company in Maine and opened a bank account in California. (All the best with this Geoffcapes. I ended up doing business in New York due to lack of interest from UK banks).
In 3 months we were good to go!
Al Gorithum said:
I incorporated in Delaware for tax purposes, with a bank account at Morgan Stanley in NYC. Both were easy-peasy despite living in London.
How are Morgan Stanley? Will 'probably' be using them for some construction finance as the initial rates they've quoted are decent. However, I've heard mixed stories of how they are to work with.
Geoffcapes said:
Al Gorithum said:
I incorporated in Delaware for tax purposes, with a bank account at Morgan Stanley in NYC. Both were easy-peasy despite living in London.
How are Morgan Stanley? Will 'probably' be using them for some construction finance as the initial rates they've quoted are decent. However, I've heard mixed stories of how they are to work with.
Geoffcapes said:
I have a three companies, one of which is an investment fund (in renewables) and even though I am a patriotic Englishman, there is just no benefit to investing in this country right now.
There are no incentives to investing in the UK. You look at the USA for example, they are offering tax breaks to build renewables.
In the UK if you were to develop a solar farm from scratch today, it would take a minimum of 5 years. And you would have to pay circa 40-50k per MW.
In the USA you can get it done in 12-18 months, would cost you 20-25k (converted into pounds) and you can get up to 50% tax breaks.
So potentially would cost you 10-12.5k
The knock on effects are you are employing hundreds of people, skilling unskilled workers, adding much needed green power to the grid, and doing your bit for the planet.
It seems you want to invest in areas that need subsidies to work. So all the people you're employing pay higher taxes to fund the subsidies...There are no incentives to investing in the UK. You look at the USA for example, they are offering tax breaks to build renewables.
In the UK if you were to develop a solar farm from scratch today, it would take a minimum of 5 years. And you would have to pay circa 40-50k per MW.
In the USA you can get it done in 12-18 months, would cost you 20-25k (converted into pounds) and you can get up to 50% tax breaks.
So potentially would cost you 10-12.5k
The knock on effects are you are employing hundreds of people, skilling unskilled workers, adding much needed green power to the grid, and doing your bit for the planet.
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