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The costs of setting up a new business in Europe is becoming increasingly easier and cheaper, according to new figures released by the European Commission.
The cost of a new business start-up within the European Union is €554 (£382), compared to €813 (£561), which it would have cost in 2002.
Findings from the Commission also indicated that red tape and business-related bureaucracy had reduced significantly, contributing to lower costs. In 2002, it took an average of 24 days to deal with the administrative procedures of registering a new company formation, now it only takes 12.
The Commissions mid-term review on small business policy deduced that SMEs are the biggest providers of new jobs in within the EU.
The review also assesses the progress of the five main areas of the Commissions small business policy – promoting entrepreneurship and skills, improving access to markets, cutting red tape, improving growth potential and strengthening dialogue with stakeholders.
The Commissions vice-president Günter Verheugen 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."
He added: "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."
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