Dundee is leading the UK for the rise in the number of new companies, according to new figures.
Fife came second, according to the study by Inform Direct which used data from Companies House and the Office of National Statistics to create a picture of businesses across England, Scotland, Wales and Northern Ireland.
More companies were registered in Scotland last year than in any year previously, and no place in the UK recorded higher annual growth than Dundee.
The city had 1,253 business start-ups last year compared to 812 the year before an increase of 54.3%.
Fife was the second highest growth region up 27.6% at 1,897. Fife had the fourth highest number in Scotland.
There were 34,711 companies registered in Scotland during last year up 8.8% on the year before.
The UK average was a 4.3% increase year on year.
This brought the total number of businesses in Scotland to 213,480 a record high.
Henry Catchpole, managing director of Inform Direct, said: “There are a record number of businesses now operating out of Scotland.
“While it is Edinburgh with the greatest number of active companies, in terms of success year on year Dundee is the most impressive.
“In 2015 it had over one-and-a-half times the number of businesses formed than the year before and that sort of growth is staggering.”
Tim Allan, president of Dundee and Angus Chamber of Commerce, said: “This is extremely heartening news with Dundee going through a period of change and regeneration.
“The number of high-value businesses being created as a dividend of having two universities in the city may be starting to show through.”
Eric Byiers, chief executive of Fife Chamber of Commerce & Industry, said: “At almost 2,000 start-ups in the year, this is very good news for the local economy particularly as we have seen some significant job losses in larger firms in Fife over the year.
“The growth in the rate of new business formation over the previous year is also very welcome and bodes well for future growth and diversification in the economy.”