New research has revealed the most popular times of the year to start a business.
The study by UK financial services provider CMC Markets analysed the latest ONS data on weekly company incorporations found that from Saturday, 4th June to Friday, 10th June 2022, 18,386 new businesses were created at Companies House. This was the fifth highest number of new business incorporations since records of weekly data began at the start of 2019.
This number of weekly incorporations equates to 2,627 per day and 109 per hour. A company incorporation is when a company is added to the Companies House register of limited companies. This can also include where an existing business applies to become a limited company, where it wasn’t one before.
The data reveals that in April 2022, there were a total of 79,120 new businesses, the highest monthly number of incorporations in 2022 and the third highest since weekly records began. July 2020, the height of the pandemic saw the highest number of new businesses with 88,070 incorporations, closely followed by 84,339 in October 2020.
The study revealed that 2022 saw the highest number of businesses created in a year since the records began, with 778,220 incorporations . This equates to a weekly average of 14,966 new businesses; which is ahead of pre-covid figures in 2019, when there were a total of 670,575 new business incorporations and a weekly average of 12,896. The data reveals there has been a steady increase in new businesses since the pandemic.
A spokesperson from CMC Markets commented on the findings: “The incorporation data offers a compelling insight into business trends through the year, revealing the most popular week of 2022 for new businesses.
From June 2020 onwards, the pace of new incorporations picked up significantly compared to 2019, and has increased year on year, with the highest number of businesses being created in 2022, setting a weekly average of 14,966. The impact of the pandemic appears to have sparked a passion for entrepreneurialism in the UK, which has continued to grow. It will be interesting to see if the number of incorporations continues to increase into 2023.”