UK company formations hit a historic high in 2023

There were over 900,000 new companies formed in the UK in 2003, a record high that saw it end the year with 4.6% more companies than in 2022. This impressive performance was in spite of challenging trading conditions including high costs, a rising cost of borrowing and tepid consumer confidence.

900,006 companies were formed and 662,915 dissolved, giving a total of 5,476,772 businesses registered in the UK at the end of 2023. It was an active year for the UK’s entrepreneurs. New incorporations per 1,000 people rose from 12.7 in 2022 to 14.2 in 2023, an increase of 12%.

If company formations are anything to go on, the UK has showed no signs of slowing down during 2023. With early signs of a recession showing in Q1 2024, let’s hope that it can maintain its momentum during the rest of this year.

Our infographic of 2023 company incorporation activity in the UK gives further details about companies formed in the county during the year and how it compares with the performance of other counties in England.

If you’d like to start a new company in the UK, you’ll find our simple online company registration service helpful.