Former benefit claimants have set up 70,000 new businesses under the government’s New Enterprise Allowance scheme.

 

The scheme provides seed funding and a mentor for jobseekers, lone parents and people on sickness benefits who come up with a solid business idea. If the business plan is approved, they are eligible for financial support payable through a weekly allowance over 26 weeks up to a total of £1,274.

 

The new start-ups are spread across England and Wales, with the majority being in central England, London and the South East, and the North West.

 

Employment Minister Priti Patel said: “Through this scheme, we’re helping to unlock the talent and entrepreneurialism of the great cities in the north and central England, with these areas showing the highest number of jobseekers turning a big idea into a business.

 

“Starting up in business successfully needs so much more than just funding – it needs the right support and advice at the right time.”

 

Setting up a new business can be exciting but there can be several pitfalls. Start-up businesses need to consider a variety of issues ranging from employment matters to business contracts and leasing agreements.

 

We have helped numerous new businesses get off the ground and are able to offer advice on such things as whether to set up as a sole trader, partnership or a new company. We also have valuable contacts including accountants, surveyors, valuers and financial advisers who can provide added value to the services we provide.

 

Please contact us if you would like more information about starting up a new business or a company in Wales and beyond. We have wide experience as solicitors in acting for businesses at all stages of their life cycle, from start-ups to advising established businesses on issues relating to their growth and ultimate disposal.