Over 20,000 new businesses were set up in Wales in 2022 reaching a record high for company formations, new data suggests. A total of 22,120 new Welsh firms were registered last year, an increase of 3.4% on the previous 12 months.
While the number of companies that were dissolved in the same year was at 20,052, falling slightly on 2021 figures of 21,319. This meant there were a total of 149,358 firms in Wales by the end of 2022 - an overall growth of 6.6% compared to 2021.
Cardiff saw the most company formations in 2022 recording over 7,000, followed by Swansea and Newport. The Isle of Anglesey saw the fewest number of new business formations last year at 228.
