Building on a strong showing in 2015 - Irish company start-up numbers have continued to grow this year with 20,059 set-up so far this year.
This level of new company formations has not been seen since 1998 and represents the second highest figure recorded in the past 36 years.
On average, 401 new companies have been formed per week in 2016 - that figure is more or less in line with the same period in 1998 (408 approx. company start-ups per week).
Having analysed the industry groupings associated with new companies this year, we can see that professional services remains the most popular sector for start-ups with almost 1 in 5 (3,899) choosing to operate there.
This year has shown a noticeable increase in companies in the finance sector with over 2,800 incorporated. The top 5 most popular industries are then made up of wholesale & retail, social & personal services and construction who, between them, account for 5,898 start-ups this year.
46% of start-ups this year have a registered address in Dublin while a further 12% are based in Cork. After this there is somewhat of a drop to Galway, Kildare, Limerick and Meath who account for a combined total of 14% of the new companies formed.
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The number of companies that have collapsed this year. This figure is up 15% compared to last year
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PREDICTIVE CREDIT REPORTS
Our Credit Reports are predicting over 80% of insolvencies at up to 6 months in advance.
- 33 Companies
E8 (Notice Of Appointment Of Receiver)
- 10 Companies
- 4 Companies
The number of companies that have closed this week.
- 597 Companies
- 666 Businesses
- 1045 Companies
HIGH COURT NOTICES
- 0 Company
- 283 Companies
- 463 Companies