The Turner Little team recently learned that at least one million businesses have now been registered in the UK’s capital city of London.
Start-up boom
The UK has always boasted a strong reputation as one of the best countries in the world to establish a business. However as Turner Little recently reported, the number of start-ups registered in the UK reached record heights during the 2014/2015 financial year.
We can point to three factors to explain why start-up activity boomed in the 2014/2015 financial year. First, entrepreneurs can now create a start-up within hours, often for less than £20. Second, it’s now possible for many firms to operate from home, meaning they often need little more than a company website before they start trading. Last, it’s becoming easier every day to access the capital required to establish a new company.
Drawing start-ups to London
This has led to a particular rise of start-up activity in London. As the UK’s capital city, London has always drawn a high volume of new businesses. Yet at the beginning of this year, London Mayor Boris Johnson went to new lengths to attract start-ups to the city.
He established an £85 million fund to provide financial support to technology start-ups across London. The mayor has since noted that London’s science, technology and digital sector was “flourishing,” and that the UK capital has become a “hotbed of talented young and ambitious people buzzing with exciting ideas who are setting up new companies in their droves.”
One millionth business
Data from Companies House indicates that as of 12th October 2015, there are now one million business registered in London. There have been 150,564 new companies formed and 89,682 companies dissolved in London in 2015 to date. This means that the number of firms registered in the UK capital rose from 946,709 at the end of 2014, to over one million.
Analysis suggests that 14,475 new firms have been registered in Hackney this year. This doesn’t come as a surprise, as Hackney’s economy has been transformed throughout the previous decade. Empty factories throughout the Borough have been developed into work spaces which have attracted an influx of technology, media and telecommunications companies to the area.
Turner Little
This data suggests that there’s never been a better time to establish a business in the UK’s capital city. If you want to start-up a business in London, you should utilise Turner Little’s expert UK Limited Company Formation services, to ensure you receive the support to set up a successful firm.
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agents, Registered Bank Intermediaries and Business Consultants, as well as Trust providers.
