1、1.Business and Venture Creation in the UKNew Startup Index01.ForewordContents02.Executive summary03.Annual incorporations04.Quarterly incorporations05.Regional incorporation analysis06.Local authority incorporation analysis07.Sectoral incorporation analysis08.All-female founding directors09.Founding

2、 director gender10.Sole director companies11.Methodology12.About us01.As we unveil this report on new company incorporations in the UK,it is hard not to feel a sense of pride in the resilience and dynamism of the UKs business landscape.Despite the formidable challenges that have marked recent timesf

3、rom inflationary pressures to heightened operational coststhe UKs entrepreneurial spirit has not just endured;it has thrived.A record 900k companies were established last year,a testament to the unyielding positivity of our business community.Notably,the record 164k companies incorporated by sole fe

4、male directors or all-women teams is not just a statistic;it is a key step forward in the ongoing challenge to create a diverse and equitable business ecosystem.At NatWest,we understand that small businesses are not merely legal entities;they are the lifeblood of our economy,accounting for three-fif

5、ths of employment and about half of the private sectors turnover.Our role as the UKs largest bank for startups goes beyond providing great business banking services.We believe we have a key role to play in fostering an ecosystem where businesses do not just start-up but are given the tools to scale

6、and succeed.In 2023 alone,NatWest enterprise programmes supported 53k entrepreneurs,facilitating over 250k customer interactions aimed at nurturing the seeds of great business ideas into flourishing enterprises.The NatWest Accelerator stands as a beacon of this commitment.In the past 12 months alone

7、,this initiative has supported 1,300 scale-up leaders of which more than half were female-led businesses and 21%ethnic minority-led ventures.As we grapple with 2024,it is clear that the path to a robust,high-growth economy requires us to take collective action.We must ensure we create an environment

8、 where businesses have the support,guidance and conditions they need to thrivebecause when small businesses succeed,the UK succeeds.Foreword“Despite the formidable challenges that have marked recent times,the UKs entrepreneurial spirit has not just endured;it has thrived.James Holian,Head of Busines

9、s Banking at NatWest02.A record number of companies were incorporated in 2023.This is an 11.8%increase on the number incorporated in 2022.These incorporations contribute to the UK having a record number of active companies and given the year-on-year growth speaks to the continued growth in the UKs p

10、opulation of entrepreneurs.The first quarter of 2023 saw the most companies incorporated out of any quarter in 2023,with subsequent quarters slowing.Nonetheless,the rolling average of quarterly company registrations peaked in the final quarter of 2023.The rolling quarterly average was 225k companies

11、 registered per quarter at the end of the year.The first quarters of 2022 and 2021 were also each the respective peaks of their calendar years so its tempting to expect another record quarter at the start of 2024.Certainly the rolling average means we should be confident in seeing over 200k more inc

12、orporations.5.31mactive companies at the start of 2024 900kcompanies incorporated in 2023164kcompanies with all-female directors“The all-time high for businesses operating in the UK is a positive indicator of the strength of our entrepreneurial economy and deserves to be celebrated.The significance

13、of the sectorial balance is hard to read but the strongest trends remain in services.Recent analysis has suggested small,expert-led,consultancies are increasingly vital to the UK economy and are a global strength.The categories shown growing here support that insight.Northern Ireland sees the larges

14、t percentage jump in new registrations,likely reflecting the unique EU-UK position it now occupies,but that needs further investigation.The incredible level of activity in London is a sign of its global leadership among entrepreneurial clusters and is something in which we can all take pride.It is r

15、anked regularly in the top two or three startup environments in the world and drives a large part of the national economy,benefitting everyone.Our analysis of national startup support infrastructure has shown that much of what has driven Londons position is being replicated across the country but mo

16、re could be done and regional policy makers should feel empowered to draw on those lessons.Timothy Barnes,CEO at the Centre for EntrepreneursExecutive summary03.Annual incorporations20192020202120222023805k900k772k781k691kCompanies incorporated by year(2019-2023)A record number of companies were inc

17、orporated in 2023.This is an 11.8%increase on the number incorporated in 2022.These companies are a mixed cohort and not all are new businesses.They include entities restructuring,holding companies,and some are companies created in anticipation of a business starting.Each year compares like with lik

18、e,so the trends are key.Some companies are a flash in the pan.Of 2023s incorporations,1.3%(nearly 12k companies were dissolved in the same year that they were incorporated.Companies can be incorporated by agents ahead of the formation of the business itself.Some residential addresses are home to an

19、unexpected number of companies.Of 2023s new companies,0.7%(6.6k)are in the same postcode where nine or more other companies incorporated that year.A new company being incorporated is not the same as a new venture created.Some companies are formed by directors with many other directorships.There are

20、1,277 people in the UK who are directors of 200 or more companies.Of the new companies,6.2%(56k)were incorporated by a sole director who is also a director of five or more businesses.4.5%(40.2k)of the companies incorporated in 2023 were subsidiaries of a larger business group.Some of these companies

21、 are possibly linked to fraud.Of the 900k new companies,500k have only filed one document at Companies House so its not yet possible to say how many.900,058companies incorporated in 202304.2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q2202

22、3Q32023Q40k50k100k150k200k250k208k243k205k204k223k224k198k186k159k194k196k218k182k215k173k173k173k179k216k181k195k194k193k225k198k191k199k201k170k219k171k186k173k184k206k213k210k177k180k210kNumber of incorporationsRolling averageThe first quarter of 2023 saw the most companies incorporated out of an

23、y quarter in 2023,with subsequent quarters slowing.Nonetheless,the rolling average of quarterly company registrations peaked in the final quarter of 2023.The rolling quarterly average was 225k companies registered per quarter at the end of the year.The first quarters of 2022 and 2021 were also each

24、the respective peaks of their calendar years so its tempting to expect another record quarter at the start of 2024.Certainly the rolling average means we should be confident in seeing over 200k more incorporations.225krolling quarterly average at end of 2023Quarterly incorporationsCompanies incorpor

25、ated by quarter(2019-2023)05.Northern Ireland saw the most year-on-year growth in newly registered companies between 2022 and 2023(59.3%),followed by London(20.4%),and Scotland(11.6%).Wales,and Yorkshire and the Humber were the only regions to see a year-on-year decline in the annual number of compa

26、nies registered,falling by 9.62%and 0.55%,respectively.Despite these falls in the annual rates of incorporation,Wales still created 29k new companies,and Yorkshire and the Humber created 50.8k.Regional incorporation analysis10k90k40.7kScotland11.63%19.5kNorth East7.71%50.8kYorkshire and The Humber-0

27、.55%London318k20.4%69.9kEast of England43.4kEast Midlands3.31%8.09%89.8kSouth East7.71%85.4kNorth West6.13%29.0kWales-9.62%14.0kNorthern Ireland59.3%71.2kWest Midlands7.02%44.1kSouth West1.67%Companies incorporated by region(2023,year-on-year change from 2022)14.0kcompanies incorporated in Northern

28、Ireland in 202306.Local authority incorporation analysisBelfastIsle of ManPembrokeshireWest SuffolkCauseway Coast and GlensEalingLisburn and CastlereaghCamdenIslingtonOadby and Wigston123%53.6%46.3%53.7%45.2%62.3%74.2%72.2%61.0%51.1%Six of the top 10 local authority areas for the number of new busin

29、esses incorporated are in London.Camden was home to the highest number of new incorporations.Outside of London,Birmingham saw the most incorporations.Belfast saw the biggest increase and Cardiff saw the largest year-on-year decrease in new companies registered in 2023,influencing the rankings of tho

30、se devolved nations in the previous pages analysis.Top local authorities by growth in the number of companies incorporated(2022-2023)58,25822,04424,72613,88431,43810,08512,99427,41111,7929,468CamdenHackneyIslingtonWestminsterBirminghamManchesterNewhamCardiffEalingLeedsTop local authorities by number

31、 of companies incorporated(2023)22.0kcompanies incorporated in Birmingham in 202307.Sectoral incorporation analysis47910Retail sale via mail order houses or via Internet68209Letting and operating of own or leased real estate70229Management consultancy activities68100Buying and selling of own real es

32、tate62020Computer consultancy activities82990Other business support service activities96090Other personal service activities47990Other retail sale not in stores,stalls or markets56103Take away food shops and mobile food stands41202Construction of domestic buildings86900Other human health activities6

33、2012Business and domestic software development82,49449,90837,11427,47325,52623,92221,36121,05920,25017,69216,95434,124Top 12 SIC codes by number of companies(2023)The ever-increasing demand for goods via the Internet is helping drive the high number of companies being incorporated in the“Retail sale

34、 via mail order houses or via Internet”SIC code.It is likely that a significant number of e-commerce companies will also be captured in“Other retail sale not in stores,stalls or markets”.The ongoing use of private companies for managing property is also reflected in the nearly 50k new companies inco

35、rporated with the“Letting and operating of own or leased real estate”SIC code.While the high total number of companies by SIC code tells an interesting and broader story about the opportunities that entrepreneurs and companies see in the UK,the yearonyear growth in incorporations sheds light on more

36、 recent trends.Between 2022 and 2023,there was a more than a five-times increase in the number of new companies involved in the manufacture of womens underwear,growing from 125 new companies in 2022 to 665 last year.The number of companies involved in mining chemical and fertiliser minerals also tre

37、bled from 105 new companies to 303.27.5knew companies involved in computer consultancy activities08.All-female founding directorsLast year saw a record 164k companies incorporated by sole female directors or by all-female director teams.This is a promising sign for female entrepreneurship in the UK.

38、However,this is not the full picture;the proportional analysis on the following pages shows that the fraction of companies being incorporated by female directors is stable over time.Of the 164k all-female director companies,146k,or 88.8%,are sole director companies(compared to 87.4%of all-male direc

39、tor companies).While sole director companies can be positive contributors to the economy and may offer flexible working structures and opportunities to leverage individual expertise,they are more likely than multiple director companies to be consulting or personal service companies.This suggests tha

40、t while there is a growing presence of women within the UKs entrepreneurial landscape,many of the companies will be operating on a small scale.20192020202120222023148k153k164k130k157kCompanies incorporated with all-female directors(2019-2023)164kcompanies incorporated by all-female director teams26.

41、2%growth in all-female incorporations(2019-2023)09.Founding director gender The majority of new companies incorporated in the UK have entirely male boards.For example,in 2023,all-male directors incorporated 68.7%of all new companies.The proportion of companies in the gender categories has been reaso

42、nably stable over the last five years.Despite this,2023 was a record year for all-female director company incorporations and mixed-gender directorship team incorporations,with 164k and 82.2k companies,respectively.This reflects the record total number of companies incorporated in 2023.Companies with

43、 an unknown gender director have been excluded from this analysis.These companies comprise fewer than 10%of the total company incorporations per year for the last five years.2019202020212022202368.8%68.7%67.5%20.5%67.6%20.4%20.9%10.8%10.4%10.4%12.5%67.1%21.9%10.7%21.7%All femaleAll maleMixedProporti

44、on of companies incorporated by directorship team gender(2019-2023)82.2kcompanies with mix-gender director teams incorporated in 202331.3%companies with female or mixed-gender director teams incorporated in 202310.Sole director companies The bar chart presents a gender-based analysis of sole directo

45、r companies.These are companies that only had a single director at the time of incorporation.The data shows a consistent proportion of male and female director companies incorporated each year.However,while the proportions are relatively stable,2023 was a record year for companies incorporated by so

46、le female directors,with 146k created during the year.Sole director companies are an interesting measure for entrepreneurial activity,as a single director company is the next logical step for a sole trader who is looking to take their business to the next level.While the most positive trend for gend

47、er equality in entrepreneurship would be an increase in the proportion of sole female director companies,an absolute increase in the number of companies is an encouraging sign.Companies with an unknown gender sole director have been excluded from this analysis.2019202020212022202325.8%75.5%74.8%75.9

48、%24.5%76.4%23.6%25.2%74.2%24.1%All femaleAll maleProportion of sole-director companies by director gender(2019-2023)146kcompanies with female sole directors incorporated in 202311.Data source Beauhurst data is the primary data source for this report.Data on new company incorporations and the directo

49、rs at these companies is derived from the official public records from Companies House.The dataset encompasses new company incorporations in the UK over a five-year period from 2019 to 2023.Data integrity and limitations Accuracy of self-reported data:The reports findings are based on the accuracy o

50、f the information provided by companies to Companies House.Discrepancies or inaccuracies in self-reporting may influence the data analysis.Dynamic nature of SIC Codes:Companies may change their operational focus or expand into new sectors,leading to changes in SIC codes post-incorporation.The report

51、 captures the state of SIC codes at the time of incorporation.Gender identification:The analysis is based on the gender information available at the time of incorporation in the form of titles and honorifics.It does not account for subsequent changes or non-binary gender identifications.Key terms So

52、le director companies:The term“sole director companies”describes entities that had exactly one director at the time of incorporation.All female founding directors:This category includes companies where all listed directors were identified as female at the time of incorporation.All male founding dire

53、ctors:Similarly,this includes companies with solely male directors at incorporation.Mixed gender teams or directors:This category encapsulates companies where the founding team comprises both male and female directors.Gender-based analysis Companies lacking director information at the point of incor

54、poration or with directors whose gender was not disclosed were omitted from gender-based analyses.SIC code analysis Self-nomination of SIC codes:Companies self-report their Standard Industrial Classification(SIC)codes during the incorporation process with Companies House.These codes indicate the com

55、panys intended primary business activities,though activities can change over time.Individuals may also not necessarily select the SIC code that most reflects their planned activities.Multiple SIC codes:When incorporating a new company,individuals must select at least one SIC code;however,it is possi

56、ble to select more than one.For this reason,companies will be counted multiple times in the SIC code analysis presented in this report.Methodology12.Contact 4th Floor,Brixton House385 Coldharbour Lane London SW9 8GL+44(0)20 7062 Beauhurst is a searchable database of the UKs high-growth companies.Our

57、 platform is trusted by thousands of business professionals to help them find,research and monitor the most ambitious businesses in the UK.We collect data on every company that meets our unique criteria of high-growth;from equity-backed startups to accelerator attendees,academic spinouts and fast-gr

58、owing scaleups.Our data is also used by journalists and researchers who seek to understand the high-growth economy,and powering studies by major organisationsincluding the British Business Bank,HM Treasury and Innovate UKto help them develop effective policy.For more information and a free demonstra

59、tion,visit Contact 135 Bishopsgate LondonEC2M 3UR+44(0)345 711 4477NatWest is a business that understands when customers and people succeed,communities succeed,and the economy thrives.As part of their purpose,they looking at how they can drive change for our communities in enterprise,learning and cl

60、imate.As one of the leading supporters of UK business,they are prioritising enterprise as a force of change.This includes focusing on the people and communities who have traditionally faced the highest barriers to entry and figuring out ways to remove these.Learning is also key to their continued growth as a company in an ever changing and increasingly digital world.About us13.Beauhurst 2024Editor Henry WhorwoodProduction Dan Robinson,Advone Katsande,Blanca Valencia,Bila Turay,Harry Walker,Justin TsuiDesign Freya Hyde,Evangeline Luckhurst