LONDON, June 9, 2022 /PRNewswire/ -- Company formations experts have seen a dramatic increase in the number of people interested in registering a new limited company or sole trader business during the cost of living crisis. Comparing data from 2021 and 2022, Mint Formations found the number of people interested in registering a business increased by roughly 25,000, year-on-year.
Mint Formations, a leading provider of company formations and related services, has seen a 49.2% increase in the number of company formations in the first half of 2022 compared to last year's same period. This is likely due to the current rising cost of living crisis, which has led more people than ever before to seek self-employment to make ends meet.
"Over the last six months or so, we've seen a significant increase in interest in all of our key services. Sole trader and limited company registrations have both seen interest boosts since January," said Mint Formations's director, Rajesh Velayuthasamy.
"It's been a tough few years for everybody with the pandemic. The economic impact of Brexit and Coronavirus has really come into effect this year. With the rising cost of living, we're seeing a lot of people looking to start their own businesses or create secondary incomes to support themselves and their families."
Despite the risks of starting a business with a recession looming, many people are making the leap into self-employment. "Self-employment undoubtedly has associated risks, but with stagnant wages in many sectors and a lack of progression opportunities, a lot of people want to take charge of their own fate," said Velayuthasamy.
"With the cost of living crisis looking to worsen as the year goes on, we expect this trend to continue to grow."
For more information, please contact:
Rajesh Velayuthasamy
Director, Mint Formations
www.mintformations.co.uk
support@mintformations.co.uk
(+44) 20 7112 8684
