In a referendum this week on the proposed BID between London Bridge and Tower Bridge in north Southwark, 71 per cent of firms voted in favour.
The scheme will involve businesses contributing to a fund for extra local services such as enhanced security, street cleaning and promotional support.
The London Bridge BID Company will be set up to manage the fund. Another task for the company will be to provide representation on local development and planning issues for businesses.
London Borough of Southwark leader Nick Stanton commented: "The London Bridge area is key to our economic development and the BID will us help to ensure that it is maintained to a high standard."