The UK Government has launched a competition to encourage Australian and New Zealand businesses to invest in its ailing economy.

UK Trade & Investment (UKTI) is promoting “Go UK”, a business plan competition offering more than $100,000 in prizes.

UKTI Director-General in Australia and New Zealand Richard Morris says now is an opportune time for Australian businesses to expand into the UK.

“It is the easiest place in Europe to do business and has the least barriers to entrepreneurship in the world,” he said. “Just as Australia can be a gateway to Asia, the UK is the gateway to Europe and a combined population of around 500 million people.”

The competition closes on February 3, with finalists for each region and category to be announced later in February and winners to be announced in March.

The prizes include return airfares to London, meetings with potential business partners, client contacts, business networks, free company registration, business services and ongoing UKTI support to expand to the UK and Europe.