New figures contained in Ulster Bank and Beauhurst’s Start-up Index have revealed that Northern Ireland did pretty well last year when it comes to new business start ups. In fact they were the fastest-growing region in the UK for newly-registered companies in 2023, which is very heartening news.
Around 14,000 new businesses were registered last year, which is over 59% more than the previous year. Belfast showed the way by being the fastest-growing council area in the UK by number of newly registered companies.
Here are some figures as copied from an article on the Irish News website by Gary McDonald. Writing about Belfast it said that:
‘The city showed a 123% increase in the number of new businesses in 2023, while Causeway Coast & Glens, and Lisburn & Castlereagh also made the UK top 10, with the numbers of new businesses growing by 61% and 54% respectively.
‘The retail sector was responsible for the largest rise in the number of new firms in Northern Ireland, with 3,605 new companies set up.’
These New Ventures Are Predominantly Small Businesses
And in the same article Mark Crimmins, head of Ulster Bank, is quoted as saying that:
“These new ventures are predominantly small businesses, owned and run by local people, which will play an important role in supporting the growth of the region’s economy.
At Ulster Bank we believe we have a key role to play in supporting businesses, not only to start-up, but to scale and succeed.
“Our Accelerator programme stands as a beacon of this commitment, having supported more than 800 start-ups since its launch.
“These businesses have an average annual turnover of £182,000 and an average team size of more than three people, while 46% of them are female-founded.”
Getting A Little Help From An Accountancy Team
If you are thinking of starting a new business or you are a relatively new venture that is just finding its feet in the business world, don’t forget that we can help you with a multitude of tasks. From ensuring compliance with tax regulations to providing strategic financial advice, accountants contribute significantly to the success and sustainability of your venture. While the financial landscape may seem daunting, having a knowledgeable and experienced accountant by your side can make the journey much smoother, allowing you to focus on what you do best – growing your business.
If you need an experienced accountant by your side when starting up a new business please get in touch with our team on 028 3752 2909.