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British business is being held back by the cost and complexity of incorporating
firms, according to a survey by business solutions company @UK Plc.
Following the recent budget announcement that the bureaucracy burden on small
businesses was going to be reduced, the company asked over 1000 small business
owners what they thought were the biggest obstacles to setting up on their own.
Nearly 58% pointed to the complexity of the process, while 34% highlighted cost
as the most difficult obstacles to overcome when trying to incorporate a
company.
But the survey also pointed to the fact that there is a real need and desire for
owners to incorporate their businesses.
Apart from this being beneficial for British industry, by making it easier for
small businesses to be regulated and taxed, it was found that 58% of surveyed
owners believed that incorporating their ventures lent them more business
credibility.
Just over a quarter wanted to incorporate their business to reduce personal
liability.
Lyn Duncan, managing director of @UK Plc stated: “These figures demonstrate the
health of Entrepreneurial Britain, but also that not enough is being done to
help start ups through the incorporation process.
“With the enormous popularity of entrepreneur shows such as Dragon’s Den and The
Apprentice, the will is clearly there for people to strike out on their own, but
our findings show that they are held back by concerns of cost and complexity of
incorporation.
“Current government advertising is all about getting unlicensed businesses to
own up and join Companies House to help protect the consumer, enter the
regulation process and pay taxes, but if the cost and complexity of this process
is concerning people, then we need to unburden them and facilitate the process.”
Source:
Credit Control Journal
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