New Zealand companies wanting to set up in the United Kingdom can now access support from both New Zealand’s and the United Kingdom’s trade and investment agencies.

New Zealand Trade and Enterprise chief executive Tim Gibson and UK Trade and Investment Inward Investment Group chief executive William Pedder signed a memorandum of understanding between the two agencies in London yesterday.

NZTE group general manager capability development Jack Stephens said that access to UKTI’s inward investment and trade services would be invaluable for New Zealand companies serious about the UK market.

UKTI Inward Investment Promotion Manager Sarah McCourtie said UKTI recognises that New Zealand companies investing in the UK contribute to growth in the economy.

“New Zealand has a wealth of innovative, forward thinking technology companies and the UK is an ideal location for those companies to grow and meet their potential. I can only see this as a win-win situation for both New Zealand and the UK,” she said.

NZTE-London estimates that the UK subsidiaries of New Zealand ICT companies already employ more than 300 people in UK’s technology industry.

Mr Stephens said that while UKTI has assisted New Zealand companies in the past, the memorandum of understanding allowed both agencies to actively promote the benefits of using the services of the other organisation to New Zealand companies.

“We recently conducted a survey of 32 New Zealand companies already established in the UK and were astonished to find that none of them had approached any of the UK’s inward investment agencies.

“New Zealanders often have a DIY approach to the UK market and then are frustrated with how long it takes to get established.

“Even something as seemingly straight forward as setting up a bank account can take a long time and that is the kind of practical help UKTI can provide.”

The range of services New Zealand companies can access via UKTI include assistance with visas, finding premises, accommodation or even schools, access to UKTI’s trade promotion services, linking New Zealand companies with the network of UK regional economic development agencies and industry organisations such as Chambers of Commerce, trade associations financial services and networking organisations.

One of the key market entry strategies that UKTI will be supporting as a result of the memorandum is NZTE’s recently established UK Beachhead Programme for New Zealand high-tech companies in the UK.

The beachhead initiative is designed to help qualifying New Zealand high-tech companies set up a local office in the UK and build up their sales capacity and market opportunities in an environment that minimises financial, legal and real estate risks.

It provides companies with a phased approach to market entry and allows them to build confidence in the market. The beachhead currently has nine New Zealand companies participating and has capacity for more.

“The UK can be a great market for New Zealand companies wanting to internationalise but it is not an easy market. What we are saying to New Zealand companies is you don’t need to go it alone. We’re here to help,” Mr Stephens said.