Setting up a business in Europe is getting cheaper and easier, according to new figures from the European Commission.
The Commission claims the average cost of setting up a new business within the EU stands at €554 (£382), compared to the €813 (£561) it would have cost in 2002.
Red tape has also been reduced, the figures suggest. In 2002, it took an average 24 days to cope with the administrative procedures to register a company – it now takes 12.
The Commission’s mid-term review on small business policy concluded that as small and medium-sized firms are the biggest providers of new jobs in the EU, they are now truly central to policy making.
The report charts the progress of the five main areas of the Commission’s small business policy: cutting red tape, improving access to markets, promoting entrepreneurship and skills, improving growth potential and strengthening dialogue with stakeholders.
Commission vice-president Günter Verheugen, responsible for enterprise and industry policy, said:
“The modern policy launched in 2005 has put small and medium-sized enterprises high on the agenda of the new Lisbon Partnership for Growth and Jobs and we can already present results.
“Building on these achievements, we will look for ways to further strengthen the [small business] policy focus in the next cycle of the Growth and Jobs Strategy through concrete proposals.”
© Crimson Business Ltd. 2007
