According to a study done by Statista.com, among the list of the top countries to start a business in 2021, the UK was the leading one with a total score of 28.72, compared to the second one, Germany, with a score of 17.05.
Being an innovative country, with one of the highest GDPs in Europe, despite the crisis we’ve faced for the past two years, the UK is listed as number one on Forbes’ list of ‘Best Countries for Business. The country has a tax system that attracts and encourages many entrepreneurs, offering tax relief or other types of help.
It’s interesting to note that, as expatica.com reports, “Around five million UK residents are registered as self-employed, amounting to 15% of the overall workforce.” Some of the most common sectors for self-employed workers are construction, scientific or technical activities, vehicle sales or repairs, administration and support services, and health and social work.
It costs around 5000 GBP to launch a business in the UK. Additionally, the average startup spends 22,756 GBP in the first year of operation only, so it would be wise to plan the funding in the long run.
However, even during the crisis that has significantly impacted the global economy during the past two years, a record number of 800,000 new businesses was created in 2021, according to startups.co.uk.
As the most recent data shows, there are currently 5.5 million SMEs operating in the UK.