21% of British startups plan to open a European office due to Brexit

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The vote to leave the EU left some start ups questioning where their future lies, particularly if they’re confronted with issues around employing foreign staff.

Currently, One in every five UK start ups intends to open a European office due to Brexit, according to survey results published Tuesday by Silicon Valley Bank. It found that 21% of UK startups are planning to open up a new office in cities such as Berlin, Paris, and Stockholm, which are all trying to take on London’s Tech City.

The survey also found that around one in 10 (11%) UK startups are thinking of moving their headquarters away from the UK to another European country after the EU referendum.

1% of respondents said they were definitely going to move their HQ to Europe as a result of Brexit, while 5% said they were now thinking of moving their HQ outside of the UK and Europe.

While the UK tech sector remains strong and London still leads the way as the tech capital of Europe, various cities are vying for those startups that need a home where there’s freedom of movement in order to attract talent. Whether it’s the beaches of Lisbon that sway you or you’re hankering after the urban grit and cool of Berlin, there’s plenty of destinations that will welcome startups with open arms

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