Brussels: A Safe Port in an Economic Storm

LONDON - A survey for the Invest in Brussels Campaign reveals that 77% of British ex-pat executives based in Brussels believe that their company is going to fair as well or better during the current global recession compared to their competitors not represented in Brussels. With the OECD predicting a better growth rate for Belgium than the UK and the country enjoying a lower unemployment rate, it is unsurprising that Brussels is considered a more stable option during these times of economic uncertainty.

57% of British executives also say that their companies had set up in Brussels because of the city’s location at the geographical and political heart of Europe. With the European institutions committed to expansion regardless of the general economic backdrop, these companies have every right to feel more secure. Some 40% of British executives interviewed for the survey feel that just being in Brussels insulates their company to some degree from the worst of the global economic crisis. 70% of British respondents also rate the productivity of workers higher than their British counterparts.

The Ipsos survey was commissioned by the Brussels Enterprise Agency’s Invest in Brussels campaign. The campaign is offering a number of services to companies looking to invest, including the use of a rent-free office for three months and all the legal and accounting advice you need to set up a business. The Belgian federal and Brussels regional governments are also offering fiscal incentives. For example, the Notional Interest Deduction, which allows foreign resident companies to deduct from their taxable income an amount equal to the interest they would have paid on their capital in the case of long-term debt financing.

Companies conducting research and development or companies holding patents could find their incomes 80% tax deductible through the Patent Income Deduction.

Stuart Fraser is Chief Executive of Communicaid, who offer language and intercultural training to institutions and industry, took full advantage of the rent-free office space and advice offered by the Invest in Brussels campaign to open up a branch in the Belgian capital. Fraser says of his experience of Invest in Brussels “they have been absolutely fantastic…Invest in Brussels have been giving us excellent advice on company formation, legal issues [and] tax liability.” Following their set up, Communicaid won a contract giving language training to officials at the European Commission.

Jacques Evrard, head of the Invest in Brussels campaign, says “The experience of Communicaid demonstrates how invaluable being in Brussels can be. The European institutions remain a consistent buyer of goods and services. Add to this the low operational costs when compared to London, targeted tax incentives, and a skilled, productive and multilingual workforce and you have the prefect place for British companies to invest.”

For more information visit www.investinbrussels.com

For all media enquiries please contact: David Cross or James Ramsay Media Consulta UK Ltd. T: +44(0)207-229-0300 E: d.cross@media-consulta.com / j.ramsay@media-consulta.com

Source: Brussels Enterprise Agency

For all media enquiries please contact: David Cross or James Ramsay, Media Consulta UK Ltd., T: +44(0)207-229-0300, E: d.cross at media-consulta.com / j.ramsay at media-consulta.com