Company Formation Set to Rise Due to new London Initiative

Last year was a very positive one in terms of business start ups in the UK according to business analyst Duport. This month’s Business Confidence reports have shown how many widespread areas of the UK are experiencing rises in company registration, and also decreases in company dissolution. Areas as widespread as Cumbria, West Midlands and Berkshire have reported healthy expansion and diversification of local businesses; which points to greater confidence in the economy.

Continued Rise in Regional Start-Ups

Duport produce yearly and quarterly roundups of business reports for all main towns and cities in England. The positive growth and company formation statistics spread across various regions of the country: 2197 companies were formed in Cumbria in 2013, which is an 11.7% increase upon 2012. In the West Midlands figures for business formation in Coventry broke records, as 3197 new companies formed in 2013, and business is booming in Berkshire; with significant increases in the number of registered businesses reported in Reading, Newbury and Maidenhead.

Start-Up Numbers to Rise in London

A new initiative, which is backed by Boris Johnson, to convert London’s disused garages into office space for new businesses will start later this year. The mayor of London has put £9 million aside to convert the disused garages into working spaces that will be more accessible to small enterprises, largely due to much lower leasing prices. Boroughs and Housing associations will be given the opportunity to bid for portions of money to regenerate the disused buildings.

According to GLA conservatives, there are 3275 unused garages in London, particularly in the areas of Bexley and Bromley, which could be put to good use. Johnson has said “‘London is littered with empty garages that with a little bit of love and investment could provide the perfect working space for small businesses”. The scheme would be beneficial for both housing associations and entrepreneurs, as the associations would quickly make their money back, due to small investment costs, and business owners can finally realise their dreams because affordable offices would become available.

With the economy strengthening and confidence in business pushing up profits, things are really looking up for business owners and budding entrepreneurs. With new initiatives such as the London Garage Conversion scheme and lower-interest start up loans, now is the time to plan your own business. When it comes to company formation and start up administration, such as VAT registration, you can count on Eformations to efficiently assist you.

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