Nubank has considered shifting its legal base to the UK, an initiative that will mark an important step in Britain ’s push to encourage more tech firms to move to the country. According to officials of the company, the digital challenger bank has been working with the British government on these plans, which were discussed as part of a broader set of agreements between Brazil and the UK.

At this time, no decision has been made regarding the initiative. As a publicly traded company, the firm will remain committed to transparency and will also follow standard communication protocols if and when any such decisions are made. More information on Nubank’s domicile move to the UK Throughout this initiative, while its corporate headquarters would remain in Brazil, the change of Nubank’s legal domicile to the UK would be seen as a big achievement in the efforts made by the British government to attract more technology firms and investment to the country.

Through the same initiative, last month, the UK Department for Science, Innovation and Technology announced its strategy to open an office in order to speed up approvals of novel technologies. The new body, called the Regulatory Innovation Office, was designed to reduce the time entrepreneurs wait to get inventions to market and streamline the regulatory hurdles they must deal with. The Labour government has also been pursuing tech companies and investors as it currently faces a broad decline in sentiment among businesses.

Included in the list of measures is the process of raising the national insurance payroll tax for businesses to 15% and reducing the threshold at which companies start paying the tax. The government also raised the capital gains tax and scrapped the value-added-tax exemption on the overall public school fees. Source: Link .