Growth of UK's companies register slows

During 2018 to 2019, the growth of the UK’s business register has slowed to 4.2 per cent, compared with the average growth of the previous five years, which stood at 5.7 per cent.

Despite the slight drop in the growth of the total number of companies, there were a record 672,890 new businesses registered in 2018 to 2019, up 8.5 per cent on the year.

Conversely, there were 508,865 companies dissolved in 2018 to 2019, representing the largest number of dissolutions since 2009 to 2010.

As of March 2019, the average age of a company on the register was 8.5 years. Since 2000, this has gradually declined from 10.7 years.

Moreover, since 2004, private limited companies have consistently accounted for over 96 per cent of all corporate body types on the register.

The government revealed that there were 12,241 overseas corporate bodies on the total register at the end of March 2019. Overseas corporate bodies are incorporated outside of the UK but have a physical presence in the UK, through which they carry out their business.

At the end of March 2019, the largest share of overseas corporate bodies on the register originated in the US, followed by the Republic of Ireland.