Bussiness
More than 40,000 new businesses launched in Scotland last year
Scotland is experiencing a start-up boom, with over 40,000 new businesses setting up shop last year – up 12% on the number of new companies incorporated in 2022.
This makes Scotland the third fastest growing region in the UK for newly registered businesses in 2023, after Northern Ireland (+59%) and London (+20%).
Last year the uplift in growth in Scotland was driven in the property letting space, with 2,440 new businesses starting in the sector, while 2,148 new online retail businesses also began operating. In third place, 1,839 new takeaway shops and street food stands were launched in 2023.
Beauhurst and the Royal Bank of Scotland’s Startup Index also revealed growth in female-founded businesses, with a record 164,000 companies incorporated by women in the UK in 2023, up 4% on 2022 and taking growth in the five years between 2019 and 2023 to 26% overall.
James Holian, head of business banking at the Royal Bank of Scotland, said: “It’s absolutely brilliant news that some 40,000 new businesses have decided to make Scotland their home in 2023.
“These new ventures are predominantly small businesses, owned and run by local people, which will play a crucial role in supporting the growth of Scotland’s economy.”
Beauhurst was the primary data source for this report, while figures on new company incorporations and the directors at these companies was derived from the official public records from Companies House.
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