As the country enters a new phase of economic re-opening and consumer sentiment is at its highest since the start of the pandemic, the amount of live companies now operating in Ireland stands at over 270,700 - the largest ever figure.

This continued increase in the live companies register throughout the past 12 months proves the stability and resilience that is evident in the Irish business environment. Government supports and loan moratoriums have ensured that a smaller number of companies have been dissolved compared with the last recession, further allowing the amount of companies in the country to increase over the past year.

Industries

The majority of the number of live companies in Ireland as of May 2021 are largely made up in the top 5 industries - making up 55% of all live companies in Ireland. Professional services continue to be Ireland's leading industry by volume with a considerable number of companies currently active, helped with the ability of many firms to operate from home during the pandemic. Construction and Wholesale & Retail who are believed to be some of the worst effected industries in the pandemic continue to have a very large cohort of live companies.

Top 5 Industries for Live Companies (as of May 2021)

1. Legal, Accounting & Business - 52,628
2. Construction - 25,936
3. Wholesale & Retail - 24,409
4. Financial Intermediation - 23,170
5. Community, Social and Personal Services - 22,940

Start-ups

Compared with May 2020, there has been a 7% increase in the amount of live companies in the country - bringing the current total to 270,751, an increase of over 16,750 compared with the number last year (254,001).

This increase can be partly thanked to the 24,300 new company start-ups in the last 12 months - ensuring a constant level of entrepreneurship is felt throughout the entire business community. These new companies also play a significant role in economic growth by creating jobs as well as increasing competition and driving innovation for a better customer experience.

Dissolved Companies

As with every recession there has been thousands of dissolved companies over the last year - 7,645 in the period May 2020 to May 2021. However, compared with the period of May 2019 to May 2020 when 12,054 companies went into dissolution, there has been a 36% decrease, proving that economic interventions by the government and banks have kept companies afloat and further pushed the amount of live companies to its highest ever level.

As we continue to re-open the economy and inevitably supports for businesses end, it is vital that we ensure that we are developing a sustainable environment in which businesses can continue to recover as well as introducing the necessary processes to reduce risk. This is vital within each company to protect against changes in what will continue to be an unpredictable economic environment for some time to come.

To check the status of any company in Ireland or indeed across the world simply login to your CRIFVision-net account today and start searching! Our intuitive and industry leading credit reports give an in-depth analysis of a company when assessing, managing risk or background checking for due diligence. There has never been a more important time to credit check your customers, suppliers and competitors.

To learn more about how we can help reduce your risk profile contact us today:

Email: info.vision-net@crif.com Phone: 01 903 2660