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Open for Maritime Business Open fOr MaritiMe Business Maritime UK One voice for shipping, ports and maritime business MaritiMe uK Open fOr MaritiMe Business Open fOr MaritiMe Business MaritiMe uK minisTerial foreworD mariTime uK Stephen Hammond, Parliamentary Under foreworD Secretary of State for Transport (DfT) Jim Stewart, Chairman, Maritime UK s an island nation the UK’s Meridian – quite literally – makes commerce with the rest of us the centre of the shipping world. any people across the world few other economies could ever athe world has cultivated our Our central time zone means you say the UK is the natural hope to replicate. expertise in maritime business. It is can do business with both sides of mhome of shipping and The City of London is the beating an expertise that we are proud to the world in the same working day. maritime services. They do so for heart of global shipping. Its world- offer on a global scale. To ensure this sector maximises good reason. renowned integrity underpins We have a maritime services its full potential, I have established The largest shipping companies, a commitment to provide the sector which is already worth up – and personally chair – a body of most innovative port operators leadership necessary to support a to £14bn per year despite global Ministers and leaders from across and most comprehensive range of global industry which moves more economic headwinds, and which is Government and industry with a business services – including legal, than 80% of world trade. attracting maritime businesses from clear focus on maximising growth fi nancial, shipbroking and insurance Industry and Government in the around the world. and opportunities, while maintaining fi rms – are all to be found here. UK are united in their ambition. Alongside this, our quality fl ag, a stable fi scal and regulatory They take advantage of some of We are working together more attractive tonnage tax regime, environment. This partnership the most effi cient tax regimes and closely than ever before to develop strong competitive ports, expert is already bearing fruit, fostering skilled workforces in the world, new ideas and fi nd new ways of maritime business services a closer and more co-ordinated knowing that the UK’s long and improving. So, if you are looking for and vibrant maritime training approach with both shipping and proud history as a maritime nation a new home for your company, or programmes, together with a stable the wider maritime industry – has provided an unrivalled wealth of are in search of world-class services, regulatory framework, make the continuing to propel forward the knowledge and expertise, passed read on – because the United UK a great place to do business. UK’s leading position in maritime on through the generations, that Kingdom is open for business. And let’s not forget, the Greenwich business. 2 3 MaritiMe uK Open fOr MaritiMe BUSINESS Open fOr MaritiMe BUSINESS MaritiMe uK Doing business in The uK – an inTroDucTion he World Bank ranks the UK Tax credits are available for small, reduced the top rate of income as the easiest major European medium and large enterprises. tax from 50% to 45%, providing The uK’s successive Teconomy in which to set up Large companies can attract 130% international investors with an reductions in and run a business. The UK’s labour tax deductions and SMEs 225% affordable home-from-home. corporation tax have made market is highly flexible. This factor, tax deductions for qualifying R&D UK-resident non-domiciled persons the uK tax system globally combined with the strong skills base, expenditure. In addition, the UK may otherwise annually elect to pay competitive is reflected in our ability to attract has 24 Enterprise Zones offering a tax charge of up to £50,000, so that foreign investors. businesses simplified planning income and capital gains from non- open, market-led ports sector, with a Key attractions to investors are processes and discounts on business UK sources attract UK taxation only clear and favourable planning climate the open nature of the economy, a rates. when remitted to the UK for reasons for new development, has helped stable regulatory framework, political The UK’s successive reductions in other than business investment. sustain investment throughout stability, a respected judicial system, corporation tax have made the UK Shipping, ports and maritime difficult global economic conditions. world-class infrastructure and a pro- tax system globally competitive. The business services are global by UK Trade & Investment is the business culture. Recent survey standard rate of corporation tax is nature and have long extended a Government department which findings by Ernst and Young and the 23% and is due to reduce to 21% in welcome to overseas investors. helps overseas companies bring their Financial Times highlight investor April 2014 and to 20% in April 2015. Coming up, we shall see how high-quality investment to the UK’s confidence in the UK and recognition This will be the lowest in the G7 and mature incentives, such as tonnage dynamic economy – acknowledged that it continues to be a world- joint lowest in the G20. tax, attract shipping to the UK and as Europe’s best place from which to leading business destination. In 2013, the UK Government its flag. We shall also see how an succeed in global business. 4 5 MaritiMe uK Open fOr MaritiMe Business Open fOr MaritiMe Business MaritiMe uK shipping employment, 2004-2011 the uK maritime 160 services sector is 140 120 worth up to £14bn per 100 year to the uK economy 80 60 Thousands 40 20 0 2004 2005 2006 2007 2008 2009 2010 2011 Cruise passengers, 2001-2011 1,800 1,600 1,400 1,200 1,000 800 Thousands 600 400 200 - 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 mariTime in The uK he UK has a proud maritime a resilienT secTor Directly: with a £12m budget to support history and our sector The UK maritime services sector is Up to £13.8bn maritime training. Tremains of key importance worth up to £14bn per year to the gross value The UK’s cruise market is also today, not only through shipping, UK economy and, most importantly, growing, with passenger numbers ports and marine industries, but it is a sector that is steadily growing, 260,000 people increasing threefold over the past also the maritime professional and despite the challenges facing 10 years. business services sector on which businesses at home and abroad. Investing in the UK maritime shipping, ports £2.7bn of tax the industry relies. The City of UK jobs have grown to 165,000, an and business services sector provides access to London is rightly recognised around increase of 6% since 2009. services some of the most skilled, highly- wider contribution: the world as a vital hub for these London remains the largest trained and committed workforces services. maritime centre in the world for Up to £31.7bn in the world – on ships, in port and The contribution of the professional, business and fi nancial gross value in the City of London. maritime sector to the life and services. The UK is keen to hold Productivity is on average 10% 630,000 people economy of the UK is fully its leading position and recognises higher than the national average, appreciated at the highest levels the importance of investing in the proving that your investment will be of Government. maritime workforce of the future £8.5bn of tax in safe hands. 6 7 MaritiMe uK Open fOr MaritiMe BUSINESS Open fOr MaritiMe BUSINESS MaritiMe uK lonDon ondon and the UK are home and most comprehensive base all disciplines, providing world-class to significant numbers of Greenwich Mean time for world-leading maritime law, services to every corner of the linternational shipowners, provides investors with arbitration, insurance, classification, globe. Businesses invest in London operators and managers as a result the perfect opportunity to shipbroking and financial services. because they respect its history of the range of shipping expertise manage their global business It also hosts the International and trust its knowledge, expertise available, a business-friendly tax Maritime Organization – the UN’s and thought-leadership. They invest regime and the advantage of regulator of the international here because they know, in doing doing business in an international industry. so, they will be working with the city which is at the heart of the business services. Greenwich The maritime services sector very best. global financial system – London Mean Time provides investors with has seen higher productivity than is Europe’s largest economic zone. the perfect opportunity to manage many other sectors. 9,500 extra lonDon – one-sTop shop However, other factors are at play their global business, and the UK’s jobs were created in the period London is often called a which make London attractive. geographic location, as a bridge 2009-2011 (an increase of 6% ‘one-stop shop’ for maritime These include transport links; the between European, American and – while the national average fell business services. The City is ease with which companies can Asian markets, makes it the perfect by 0.4%). In 2011, the combined home to dozens of companies find suitable office locations; the location to run complex worldwide maritime services sector was providing expertise in maritime ability to hire highly skilled and operations. almost 10% more productive law, arbitration, classification, expert staff, including experienced For centuries, the UK has led than the economy-wide average, shipbroking, insurance, ship ex-seafaring officers working in the way in developing commercial with ports and business services management and financial services. a range of shipping sectors; and law, and providing the framework especially high; the economic cycle Companies feed off one another, the ability to exploit London as a for global trade in goods and has had a particular impact here – striving to improve in a competitive cosmopolitan capital with world- services and for maritime activity.
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