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It’s cheaper to set up a new business in Wales than anywhere else in the UK

The following article has been extracted from Wales Online:

Research by Geniac shows that the administrative costs for a start-up in Wales is £14,000 cheaper than the UK average.

Wales is the cheapest place in the UK when it comes to setting up a new business, according to new research from online business service Geniac.

It said the average start-up in the UK invests £22,756 in its first year to cover essential business administration costs, including accountancy, company formation, HR and legal services.

Yet those thinking of starting a business underestimate these expenses by £2,525 on average.

However, for Wales the total cost is the lowest of any nation or region in the UK at just £8,096.

The highest level is in London at £30,210.

COST OF STARTING A BUSINESS RANKED BY REGION

Total

(£)

Legal

Accountancy

HR

Company formation

1. London

£30,210.70

£7041.50

£8220.60

£6810.10

£8138.50

2. North East

£26,376.70

£5436.10

£6846.90

£6218.30

£7875.40

3. North West

£25,918.20

£7268.50

£6326.50

£5837.30

£6485.90

4. Scotland

£25,904.40

£6958.70

£6653.20

£6111.50

£6181

5. South West

£25,727.60

£6380.20

£5784.10

£6947.50

£6615.80

6. East

£24,037.90

£5511.30

£5888.10

£6098.20

£6540.30

7. Northern Ireland

£17,376.80

£3167.10

£1375.40

£2042.10

£10792.20

8. South East

£16,981.30

£3944.30

£4084.70

£3903.40

£5048.90

9. Midlands

£13,918.40

£2118.50

£3326.80

£2986.50

£5486.60

10. Yorkshire

£11,454.10

£3179

£3655.20

£1845.60

£2774.30

11. Wales

£8,095.50

£1844.30

£1375.40

£3312.90

£1562.90

Mike Galvin, co-founder of Geniac said:, “It’s concerning that start-ups and small businesses are not only losing profits and staff but are readjusting growth plans because they’ve underestimated the cost of starting up.

“It’s even more worrying that they are over-paying in nearly every area of business administration – in nearly every part of the country.”

Mr Galvin added: “It’s a case of forewarned is forearmed. Using a single business platform gives businesses an edge, helping them make better decisions and grow their business more quickly.”

Source: Click here

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