Indian firms keen on setting up shops in London as Brexit transition deadline nears

With the deadline for the Brexit transition of December 31, 2020, fast approaching, reports arrived that Indian firms in fintech, edtech and life sciences are mulling to set up their shops in London.

London and Partners' Chief Representative - India Hemin Bharucha opines that the Indian firms are mulling for the London options after citing greater growth prospects and favourable business incentives as the UK leaves the customs union and single market.

Brexit trade talks to go on in Brussels from November 2.

"Despite the COVID-19 pandemic, we have 12 new companies registered in London from April till date. We have about 12 more companies, which are very close to setting up, between now and the end of the current financial year," Hindu Businessline quoted Bharucha as saying.

Bharucha even stated that the Indian firms -- doing business in edtech, fintech, life sciences, medical device companies and the creative industry sectors -- have shown a lot of interest to start a business in London to leverage the UK capital's strong technology prowess.

London and Partners estimated that the UK capital has attracted $630 million in venture capital investment since 2014. In 2019, India became the second-largest source of FDI for the UK after the US with 120 new projects and creating 5,429 jobs in 2019-20.