We’ve always been a huge advocate of the limited company contractor lifestyle, and those views have been backed up by recent figures which show that there are now more than four million established companies in the UK. Which is the highest figure ever recorded – meaning that more new business are being set up than ever before. In fact, in 2016 alone, the number of new companies which were set up in the UK was 664,720.

Looking at the numbers

The data relates to figures up until the end of February 2017, as reported by smallbusiness.co.uk, and gathered by Inform Direct - based upon information provided by Companies House and the Office of National Statistics. The exact figure was 4,005,093, and it was also interesting to note that over a quarter of these businesses - 1,082,600 to be exact - are based in London.

Further afield in England, the other highest areas are Greater Manchester, which has 171,065 established businesses, followed by 158,305 in the West Midlands, and 113,225 in Essex. And in other areas of the UK, there are now 228,631 businesses in Scotland, 106,636 in Wales and 55,889 in Northern Ireland. All of which shows that the level of enthusiasm for setting up and running your own business across the UK is huge – and also growing rapidly.

A positive outlook

John Korchak, Director of Operations at Inform Direct stated that this is ‘all positive news’ and went on to comment, "These figures underline the positive entrepreneurial culture in the UK, with small business continuing to drive economic growth. So far, at least, we're not seeing evidence that the Brexit vote has dented confidence among those considering starting up in business."

We were delighted to read these remarks – and this very much supports our own experience, as more and more people are setting up as limited company contractors and taking advantage of all the benefits that working for themselves can bring.