The new regime would make it possible for a foreign company to re-domicile to the UK without having to change its legal identity, cutting costs and driving inward investment and growth.

The Department for Business and Trade consultation sets out a detailed design for a new inward corporate re-domiciliation regime and is seeking views from stakeholders on the proposals and any potential barriers.

Blair McDougall, minister for small business, said: ‘Existing mechanisms for moving a company’s place of registration to the UK are costly and complex, making the process unattractive or financially unviable in some cases.

‘Introducing a re-domiciliation regime and enabling companies to retain their legal identity will create a more efficient, easier pathway, reducing costs and administrative burdens compared to the current process, ensuring continuity of operations and reducing disruption.’