The winter months of 2016 are drawing to a close and we’re still booming forward in the world of new businesses thanks to 2015 being a record-breaking year for company formations. The UK’s start up scene has caused quite a disturbance on both a national and international level so we decided to investigate.
Our in-depth analysis of UK incorporations has led us to create an infographic to compare companies formed, companies dissolved and director’s age in 2014 against 2015. It shows breakdowns by country and county with statistics on districts as well. Highlights include London reaching 1 million companies on the register for the first time which throws Greater London into first place for the county with the most companies formed in the UK. Following close behind are Greater Manchester and the West Midlands. Dorest has had the biggest increase of company formations from 2014 to 2015; an impressive 23% jump. Interestingly, directors aged 45 to 63 has dropped and under 25’s have rocketed.
With the digital world developing at high speed, over 98% of formations in 2015 were registered online with a very low percentage doing the physical paper work.
What does 2016 hold?
Despite the numerous devastating world events, such as various terrorist attacks and oil prices falling, the UK economy seems to be recovering from the Great Recession. This long-term march to a stable economy has forced the government to focus on unemployment issues and provide opportunities for entrepreneurs. Thanks to this push, UK tech start ups alone have made significant contributions to the economy and created over 20,000 jobs in 2015. Yet, the government will be changing the Dividend Tax Credit and Employment Allowance laws as well as the Brexit vote causing a stir amongst the UK population. The slow 2% economic growth rate that we seem to be stuck in may also be a slight worry for the future, but at the moment, things seem to be looking bright for new businesses in 2016.
Take a look
Below is our national comparison. To see county level breakdowns, please click here. The infographic is easy to share. Simply copy and paste the embed code at the bottom of the individual graphic and put it on your website!