Around 21,700 companies have started up in Scotland in the opening six months of 2024 – up 3.69% on the same period of last year – research published today reveals.
And a record 468,000 new firms have launched across the UK in the first half of 2024, up more than 6% on the opening six months of last year, according to the new start-up index published today by private company data specialist Beauhurst and supported by Royal Bank of Scotland.
Looking at the nations and regions of the UK, Royal Bank noted London led the way in the first half of 2024 with 161,000 new business incorporations.
It noted that only Wales and south-west England saw a decline in first-half new business registrations.
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Analysing the UK findings, Royal Bank said: “This brings the number of companies operating in the UK to 5.47 million, with new businesses primarily operating in wholesale, retail and professional services as of June 2024.
“The UK has experienced a significant uplift in new businesses in recent years, with numbers growing from 173,000 in the first quarter of 2020 to 248,000 in the first quarter of 2024 - marking a 43.4% increase.”
It cited new analysis by Beauhurst showing businesses on Royal Bank of Scotland and owner NatWest’s free “accelerator” programme “are more likely to generate higher turnover growth, raise more investment and have better survival rates than other similar businesses”.
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Royal Bank noted NatWest is this September more than doubling the number of places on the accelerator programme - offering up to 2,500 businesses the opportunity to participate.
It said: “Businesses on [the] accelerator programme stand a greater chance of raising investment, which rose by 70.5% on average over a three-year period, according to data published by the bank.
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“Accelerator businesses also recorded turnover growth that was on average 35% higher than other similar businesses. And in an environment where just over half of start-ups typically survive the first three years in business, nine out of 10 businesses on the accelerator were still trading three years later.”
Average turnover growth of 49% was recorded over a 12-month period for businesses on the accelerator programme.
NatWest chief executive Paul Thwaite said: “We play a key role in giving start-ups the tools to scale and succeed - with data from our accelerator showing our support significantly boosts businesses’ turnover, investment and chances of survival.
“This September we are taking our commitment to small businesses up a level by over doubling the amount of free places on our accelerator programme, to 2,500 businesses. We are creating the environment where businesses have the support, guidance and conditions they need to thrive - because when small businesses succeed, the UK succeeds.”
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