Paul Townsend

A TOTAL of 28,861 new companies were formed in the South-West last year - up 12% on the previous 12 months, a new survey has shown.

National corporate services firm Jordans revealed that the number of businesses created in the region between December 2006 and December 2007 was over 3,000 higher.

"New enterprises were formed in the South-West at a rate equivalent to about 2,400 a month," said Paul Townsend, director of corporate services at Jordans.

"Although there is a view that we have yet to see the full extent of the economic downturn, there appears to be no shortage of people in the South-West prepared to take the plunge and launch their own business."

Almost one-third of the new enterprises were created in the Bristol area - a rise of over 1,000 on the previous year. Formations in Bournemouth also went up by just under 1,000 and the area covered by the Gloucester postcode showed an increase of 608.

"Many of the new companies involve managed service companies having to change to limited liability companies following changes in tax rules last year but there is no doubt the Treasury remains the main driver for our company formations service, by effectively encouraging entrepreneurs to form companies rather than continue to act as sole traders," said Mr Townsend.

Throughout England, Scotland and Wales, Jordans' survey shows a year-on-year increase of nearly 15% from 386,156 to 443,725.

8:49am Wednesday 9th April 2008

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