A raft of Suffolk entrepreneurs have helped break the record for the number of incorporated businesses in the county.
In the last nine months, 2,855 new companies were formed, bringing the total number listed at Companies House which operate in Suffolk to 31,765 – the highest ever.
In September alone, there were 322 companies created here, compared with 254 during the same period in 2013 – a 27% increase.
Henry Catchpole from company secretarial and formations software company Inform Direct, who compiled the Suffolk based figures, said the county had seen one of the busiest periods for company incorporations since the start of the recession.
“These figures are showing us just how impressive growth is in our region,” he said.
“There have never been so many unique startups and small businesses operating in this area and it’s a sign - not only that the local economy is flourishing – but also that we have a lot of talented individuals with big ideas. It also shows that the number of companies folding or going into administration is lower than ever.”
The statistics follow the release of national data from Companies House which revealed that nationally, nearly half a million new businesses started up in the year to September, a 16% increase on the same period in the previous year.
Mr Catchpole said: “We are an enterprising nation and even though times have been hard in recent years, we see resourceful Britons bringing business propositions to life.
“What is even more impressive is that here, in Suffolk, we are surpassing the national figures in some areas.”
In Ipswich, there were 251 companies formed in the third quarter of this year compared to 193 last year – a 30% increase.
And in the same period across the county 881 companies were formed – up from 836 in 2013.
According to the national data, October was the busiest month for startups which means this month could turn out to boost our regional business total even further.
Mr Catchpole said: “By the end of the year we expect to swell the number of incorporated companies in Suffolk to more than 32,000 but, even if it were to remain as it stands, we have already broken the record in the region.”
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What sector are these start-ups in?
As a small business owner, who lives in Suffolk and is trying to make a living online, I am very concerned about the new EU VAT rules coming into effect in Jan 2015 and I wonder how many of these start-ups are in the same boat as me - and might even be as yet unaware of the new rules!
For anyone who is not up to speed - the new EU rules mean that my fledgling business (who's revenue is currently below the VAT threshold), should I make a sale to the EU (how one can prevent that with online services is not clear) will need to be VAT registered in the UK and under the VAT MOSS Europe-wide scheme from the first £1 of revenue my business earns – meaning that I will immediately have to apply VAT to all my services, including those in the UK and my consultancy services which are not digital.
Furthermore, this this means finding and implementing technology that can cope with 75 VAT rates across 28 countries, quarterly VAT returns, as well as the cost and complexity involved with meeting the letter of the law regarding the capture and retention of 2 separate pieces of evidence of my customers’ location will bring (which needs to be retained for 10 years).
Why should those of us who are trying to make a living online be subject to different rules than those who supply physical products!? This unduly penalises people living in rural areas as well as mothers trying to juggle childcare needs with making an income from home.
PLEASE SIGN OUR PETITION calling on Vince Cable to uphold the VAT Exemption Threshold for small businesses supplying digital products.
https://www.change.org/p/vince-cable-mp-uphold-the-vat-exemption-thresho...
Thanks (0)Thank you and well done
This was a really interesting report, well done and thanks for publishing!
Who doesn't love a good set of statistics... :)
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