Companies based in Northern Ireland are more likely to survive for at least five years than those located in any other part of the UK, according to new figures just released.
Inform Direct, company secretarial and formations specialist, has recently carried out an analysis of businesses across the UK and their likelihood to survive five years from first being established.
Using data taken from Companies House and the Office for National Statistics, the England-based firm has revealed that Northern Ireland has the highest survival rate.
It reveals that out of the 23,018 businesses formed in Northern Ireland between 2016-2018, 8,626 were dissolved over the next five years (2021-2023), equating to 37% of the total and an amazing 14% lower than the national average.
This compares to other regions in the UK with the lowest survival rates which were Wales with 58%, West Midlands with 57%, London 55% and North West 54%.
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Outlining the recent statistics and highlighting the provinces ‘ambition, creativity and resilience’, John Korchak, managing director at Inform Direct praised Northern Ireland’s ‘positive environment for business’.
He said: “Inform Direct carried out an analysis of businesses across the UK and their likelihood to survive five years from first being established revealing Northern Ireland has the highest survival rate.
"These figures show that Northern Ireland clearly offers a positive environment for business and an ongoing commitment to supporting the companies located there.
“Having the highest five-year survival rate in the UK is also testament to the ambition, creativity and resilience of its entrepreneurs as they navigate the many challenges facing businesses during the past five years, including the recent pandemic.”
Inform Direct’s company secretarial and formations software currently supports 350,000 companies throughout the UK.