Should New Zealand Remain Engaged With The EU Following Brexit?
New Zealand firms who are engaged in R&D in Europe will continue to benefit from involvement in the European market, despite Brexit having now been signed. Ties to leading universities and talent are particularly useful for helping companies in New Zealand increase their ability to innovate.
Six of the world’s top ten most innovative countries, as ranked in the Bloomberg Innovation Index, are located in Europe. These include Germany, Denmark, Sweden, Finland, France and Switzerland.
Furthermore, R&D foreign direct investment increased by 16 percent in the EY European Attractiveness Survey 2019, led by a 45 percent increase in digital R&D projects.
Newsroom found that there are currently around 100-150 New Zealand and Australian firms participating in innovation in Europe, especially in R&D projects. For example, Fonterra has partnered with a food industry startup in Germany and conducts R&D in the Netherlands.
If your company is conducting R&D activities, you may be eligible for a tax credit on eligible expenditure. To find out more, contact us today.