Somerset sees a record high number of companies in 2023

Despite a slight drop in company formations year on year from 2022 to 2023, Somerset ended 2023 with a record high for total company numbers.

Somerset ended the year with a total of 60,186 registered businesses – its highest ever figure. But growth was held back by a slowing of new company formations. 6,531 new companies opened their doors in 2023 versus 7,121 in 2022. Dissolutions rose from 5,386 to 6,028, a, 11.9% rise that flattened the growth curve for the county in 2023.

Our infographic of 2023 company incorporation activity in Somerset 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 Somerset, you’ll find our simple online company registration service helpful.