On 11th January 2017 the BBC used BankSearch’s Business Start Up data to inform its article on the current rate of new businesses in Wales. Please click here to read the entire article on the BBC News website.
BankSearch has been gathering data about business current account formations from the main high street banks on a monthly basis since 2008. You can purchase an annual subscription to receive this data monthly, from BankSearch, as part of our Business Start-up Data Service. One off reports are also available.
Simon Anderson, Managing Director of BankSearch said:
There are many reasons why the Business Start-up data provided by the high street banks offers a more comprehensive and reliable measure of new mainstream businesses that are ready to trade than Companies House incorporations. It is very easy and inexpensive to set up a limited company at Companies House; entrepreneurs tend to be optimistic by nature and it is not uncommon for them to incorporate several businesses at one time, but as the weeks go by and the entrepreneur is ready to trade they will usually just focus on one business. Around 20% of the Companies House register is ‘dormant’, i.e. does not trade. Many companies are set up for purposes, which are not directly related to economic activity, such as identity (name) protection and there are other incorporations that are established for tax or health & safety reasons; for example, a construction company may start a new limited company when they are building on a green field site – if there is an accident on site then the firm will be able to limit their liability. Taken together the Companies House incorporations data is inflated whereas the high street bank’s Business Start-up data does not suffer from these deficiencies.
If you would like to learn more about the Business Start-up Data Service or any of our other products then please contact us.