More than 200,000 start-up businesses have been launched using the Government’s online speedy registration service, new figures reveal.
Commenting on the report, the Department for Business, Energy and Industrial Strategy (BEIS) said the Streamlined Company Registration Service is designed to reduce the administrative burden on small businesses to support growth.
The online service allows new start-ups to register their company and also register for tax at the same time, making it easier for fledgling businesses to “fulfil all their legal obligations in one go”.
The service, launched last year, removed the need for businesses to send duplicate information to both Companies House and HM Revenue & Customs (HMRC).
Note that a formation agent can still be used to register businesses and can continue to act for their clients.
Commenting on the figures, Mel Stride, Financial Secretary to the Treasury, said: “It’s never been easier to set up a business in the UK. Reducing the administrative burden on small businesses is all part of this government’s commitment to support small business growth.
“HMRC and Companies House are working hard to make business registration and tax easier. Previously, the same information would need to be entered into a number of different platforms to register a company and register for tax, we have simplified that process.”
Small Business Minister Kelly Tolhurst added: “Through our modern Industrial Strategy we are making it easier for small businesses to grow and flourish by investing in modern industries, infrastructure and skills, and making it easier to access finance. Anyone thinking of starting a new business in 2019 should check out the huge wealth of Government advice and support available, and go for it.”
According to the latest statistics, more than 657,000 start-ups incorporated in 2016, an increase on 608,000 the year previous.
For expert advice on setting up a new business in 2019, please get in touch.