Start-up costs dropping

Setting up a business in Europe is getting cheaper and easier, according to new figures from the European Commission. It claims that the average cost of starting a new firm within the EU stands at £382, compared with £561 in 2002. Red tape has also been reduced, the Commission suggests. Five years ago it took an average of 24 days to deal with the administration of a start-up business but this is now 12 days. The same review has found that SMEs now represent the largest providers of new jobs in Europe.