The United States remains a prime destination for British businesses and entrepreneurs seeking new opportunities. With its vast market, the world's largest GDP, and a population of over 330 million, expanding into the US provides unparalleled potential for growth. UK companies eyeing the American market are driven by various factors, including limited domestic expansion opportunities, the need for a global presence, and the desire for geographic competitiveness. According to the International Trade Centre, UK Companies could be exporting an additional USD$35bn across a wide range of sectors.
Entering the US market, however, requires careful planning and strategic thinking. The regulatory environment, tax implications, and workforce considerations differ significantly between the two countries. Choosing the right state to establish a foothold is one of the most critical decisions, and for many British businesses, New Hampshire offers unique advantages.
Why New Hampshire?
Among the fifty states, New Hampshire stands out for its business-friendly environment, strategic location, and high quality of life. Nestled in the Northeast, the state provides easy access to major US markets, including Boston and New York, while offering a lower cost of living and a more favourable tax climate than many of its neighbours.
The Best Tax Climate in the Northeast
New Hampshire has built a reputation as a state with one of the most favourable tax structures in the United States. Ranked #1 in New England and #6 nationally by the Tax Foundation, businesses in New Hampshire benefit from:
· No sales tax
· No estate tax
· No capital gains tax
· No broad-based income tax
· Low corporate income tax
These policies enable businesses to reinvest more in their growth, making it an ideal state for companies looking to expand or relocate.
Access to a Skilled and Educated Workforce
New Hampshire is also home to a highly educated workforce, particularly in growth sectors like advanced manufacturing, life sciences, and technology. The state’s strong ties between educational institutions and industries ensure a steady pipeline of skilled workers. With 44,000 people employed in high-tech industries and robust partnerships with universities, including Dartmouth College, New Hampshire is well-positioned to meet the demands of innovative businesses.
A Thriving Tech Hub
New Hampshire's innovation ecosystem is well-established, with a growing reputation as a tech hub. The state is home to cutting-edge developments, such as early breakthroughs in computer programming at Dartmouth and pioneering work in advanced manufacturing. The proximity to technology centres in Boston, combined with New Hampshire's lower costs and supportive business environment, makes it an attractive destination for UK businesses in sectors like software development, energy/cleantech, cybersecurity, and biotechnology.
Advanced Manufacturing and Life Sciences
New Hampshire’s long-standing tradition of manufacturing continues to thrive. The state’s advanced manufacturing sector employs 67,000 people, with key industries including aerospace, medical device production, and pharmaceutical manufacturing. Moreover, the state has become a leader in life sciences, with over 300 companies focused on bioscience research, healthcare solutions, and medical technology.
Quality of Life and Cost Advantages
Beyond the favourable business environment, New Hampshire offers an enviable quality of life. From the scenic landscapes of Mount Washington to the bustling city hubs of Manchester and Nashua, the state provides both urban amenities and outdoor recreational opportunities. New Hampshire consistently ranks high in national surveys for health, education, and children’s well-being, making it one of the top states in the US to raise a family.
With no need to choose between work and leisure, business leaders in New Hampshire can enjoy both. Whether hiking in the mountains or enjoying the state's cultural scene, the motto "Live Free or Die" embodies the spirit of a place where individuals can live the life they imagine while building successful careers and businesses.
A Bright Future in New Hampshire
Looking forward, New Hampshire continues to offer exciting opportunities for businesses of all sizes. The state's Business and Economic Affairs Department is committed to assisting businesses in their expansion plans, providing customised support to ensure a smooth transition into the market. Whether you’re in the tech sector, life sciences, or advanced manufacturing, New Hampshire’s skilled workforce, favourable tax policies, and high quality of life make it a top choice for UK businesses considering US expansion.
Unlock New Opportunities in the USA
To support UK businesses exploring expansion into the US, The Greater Manchester Chamber of Commerce has teamed up with the Department of Business and Economic Affairs of New Hampshire to host a webinar on 1st October 2024 from 1:00 pm to 2:15 pm. This free event will provide crucial insights into New Hampshire’s business environment and connect UK companies with potential partners. Attendees can also book a 1-2-1 Business Clinic session for tailored advice on US expansion. Register early as places are limited.
Who Should Attend?
· Companies currently trading with the US, seeking further growth.
· Experienced exporters aiming to enter the US market.
· Businesses looking to expand their operations into America.
· Companies interested in diversifying their supply chain.
· Firms exploring the US market as a base to better serve customers.
This event is free and open to members and non-members but registration is required.
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