According to Bovill, the FCA, the financial regulator, had received a total of 1,441 applications in October to obtain a temporary permit. With such a temporary license, companies from the European Economic Area can continue to provide their services in the UK, even if the current agreements are canceled.
In the meantime, those companies could then apply for full and permanent approval from the UK authorities. At the moment, 83 percent of applicants are still doing business under a “service passport,” says Bovill, who currently has no physical office in the UK.
There are more than 100 banks that strengthen their presence in London or set up a branch in the capital for the first time. It is not immediately clear whether the branches that are opened are purely on paper or whether a large number of staff are being relocated to the UK.
Nevertheless, Bovill states that it is good news for the British economy. According to a partner of the company, these figures mean that European companies will buy office space, hire people and seek advice in the UK. This means that the UK retains its reputation as an important location for financial services, says Bovill.
Most companies that want to open an office in the UK to do business come from Ireland, with which the UK trades a lot. France is second on the list, with 170 companies.
This is followed by Cyprus (165 companies), Germany (149) and the Netherlands (131).