Recently published figures show that more new businesses were established on the Isle of Wight during 2023 than in the previous year – making the county one of the most successful in the UK.

A total of 757 new formations were registered on the Island during the last 12 months, an increase of 16.1 per cent on 2022 when 652 were recorded.

This brings the number of registered companies in the county to an all-time high of 6,580.

The statistics are taken from the Inform Direct Review of Company Formations,
using data from Companies House and the Office for National Statistics.

Inform Direct Infographic - Company formations in Isle of Wight 2023

John Korchak, managing director at Inform Direct said: “It is excellent news that the Isle of Wight can celebrate a successful year for new company formations during 2023.

“The year undoubtedly presented a range of challenges for business including tepid predictions of economic growth, volatility in energy prices and uncertainty from world events.

"However, the formation figures demonstrate very clearly that entrepreneurs
on the Isle of Wight remained undeterred and pursued their ambitions to establish new ventures.

"This positive picture is mirrored in the overall position for the UK which saw the
highest ever number of new companies established during 2023.

"The total number of UK formations exceeded 900,000 for the very first time.”

This represents an increase of 11.8 per cent on the previous year.

  • Inform Direct is a company secretarial and formation specialist.