2016: The Record Breaking Year for New Company Formations - up 7.85%
If you are wondering if setting up a company in the UK is a wise decision then think again. There have never been as many new company formations.
The UK is Booming!
Last year, in 2016, there were a record-breaking 664,720 companies registered with Companies House. This is up from 2015 when 612,565 new companies formed showing a 7.85% growth.
Of these new companies in 2016:
- 209,869 formed in London
- 35,502 in Scotland
- 32,999 in Greater Manchester
- 31,162 in West Midlands
- 17,837 in West Yorkshire
- 17,671 in Hertfordshire
These numbers clearly show that business is booming in the UK as more and more people form companies. The trend appears to show that the UK is a business-growing isle where companies can and do prosper.
Many Regions Reporting Growth
Since the statistics for new company formations were published, many regions in the UK have reported growth. It comes as a surprise seeing that last year was the year of Brexit, President Donald Trump and great political and economic uncertainty.
Regions seeing new company number growth include:
Right across the Midlands, there have been many companies sprouting and prospering despite the political and economic pressures of late. If this trend continues, we will see many new companies registered.
If the current trend continues into 2017, the number of new companies forming could reach an even higher number. Possibly, we could see a further 7% growth with 711,250 new companies forming this year; we will just have to wait and see.