3,653 company and business start-ups were formed between the 1st and 27th May 2015 - an increase of 24% on the same period last year.

Almost 60% of these new businesses were set up by sole traders while a further 1,394 were corporate entities.

The most popular industry for corporate start-ups was the professional services sector which accounted for almost a third of these.

The wholesale & retail and social & personal services sectors accounted for a further 10% and 9% of start-ups respectively while the construction and hospitality sectors saw increases in numbers of 15% and 27% compared to May 2014.

While start-ups increased across the country, insolvencies dropped by 38% compared to May 2014 with 79 companies going out of business (compared to 128 last May).

The construction sector saw a 48% drop while insolvencies affecting the professional services sector fell by 55%.