London is the World 's Financial Capital

London is the World's Financial Capital

Despite the pandemic and the Covid-19 situation, London has maintained its status as a global financial center. The total value of securities managed by local investment firms surpassed $ 2.5 trillion in US dollars.

London's development as a financial center began in 1672. Sir Richard Hoare founded C. Hoare & Co., also known as Hoares, on July 5, 1672. In 1694, the Bank of England was established in Great Britain, which is now known as the Central Bank of Great Britain and is one of the world's eight oldest banks.

Britain is regarded as one of the world's largest economic "superpowers". The country is referred to as an offshore financial center not because of its tax laws, but because it is an ideal jurisdiction for offshore business transactions. Clearly, the United Kingdom has one of the most favorable tax environments in the European Union. Many multinational corporations have their headquarters in London and manage operations in other EU countries from there.

The United Kingdom is the homeland of common law. For the vast majority of offshore jurisdictions, British corporate law has become a model of excellence.