Business Barometer

Irish Start-Ups Hit A Six Year Low

Ireland's new company start-up levels reached their lowest point in six years in 2022 due to economic uncertainty brought by rising inflation and a cost-of-living crisis.

The annual figures released reveal that a total of 21,637 new start-ups were registered in 2022, the lowest figure on record since 2016 (21,018). The 2022 figure also marks an overall decrease of 16% in new registrations when compared to 2021.

According to the data, the first half of the year recorded the highest number of new company start-ups (11,167, January to June). July was the worst month for new registrations (1,573) in 2022, while May was the best month for start-ups (1,978).

Despite the overall decrease in activity among the start-up community in 2022, there were some signs of regrowth, with two consecutive months of increase recorded in November and December.

Insolvency figures for 2022 were up 17% YoY and a total of 105 start-ups entered bankruptcy in 2022, a 47% YoY increase. While the number of start-ups entering examinership was down 7% and those entering receivership also dropped by 9%.

Female directorships accounted for 18.06% of start-ups in 2022, a 0.79% increase YoY. While male directorships of start-ups in Ireland saw a 0.78% increase, up to 41.06% compared to 40.28% a 2021.

Manufacturing (-6%) and leasing (-14%), traditionally strong performing sectors for the Irish economy, both dipped in 2022.

Regional overview 2022 vs 2021

Of the 26 counties in the Republic of Ireland, a total of 23 recorded a decrease in new company start-ups for 2022.

  • Sligo experienced the largest percentage decrease, recording a total of 161 new companies in 2022, down 23% when compared to 2021.
  • Sligo was followed by Louth (-22%), Dublin (-20%) and Donegal (-16%).
  • Leitrim (+23%, 122), Mayo (+8%, 357) and Laois (+6%, 271) were the only counties to record a percentage increase.

Dublin homed the highest number of start-ups in Ireland with 9,433, with Dublin 10 recording the highest YoY percentage increase (+125%) in the capital followed by Dublin 7 (+96%), Dublin 8 (+59), Dublin 5 (46%) and Dublin 17 (41%).

Sectoral overview 2022 vs 2021

In 2022 the majority of industries experienced a similar decline in start-up activity:

  • The wholesale and retail trade sector (-43%, 2,096) recorded the biggest drop in new company start-ups in 2022.
  • Wholesale and retail trade sector was followed by manufacturing (-30%, 561), fishing (-27%, 24) and computers (-24%, 1,117).
  • Only five industries recorded an increase in new company start-ups.
  • Extra-territorial organisations and bodies experienced the largest percentage increase (+50%), followed by agriculture (+14%), hotels and restaurants (+6%) and electricity, water and gas supply (+5%).

Insolvencies: 2022 vs 2021

The overall insolvency rate for 2022 was up 17% compared YoY to 2021, totalling 592 insolvencies for the year.

Within this period, the largest numbers of insolvencies were recorded in the month of December, with a total of 101, an increase of 57 compared to December of 2021. February was the least insolvent month with a total of 23 insolvencies.

Keep an eye out for our blog next week, where our MD Christine Cullen will be commenting on the the annual figures.

Insolvency Notices

484

The number of companies that have collapsed this year. This figure is up 55% compared to last year
Click here to view the list


PREDICTIVE CREDIT REPORTS

Our Credit Reports are predicting over 80% of insolvencies at up to 6 months in advance.

Appointments

LIQUIDATORS

  • 47 Companies

E8 (Notice Of Appointment Of Receiver)

  • 0 Company

EXAMINERS

  • 0 Company

Closures

162

The number of companies that have closed this week.

New Startups

New Companies

  • 457 Companies

New Businesses

  • 208 Businesses

Important Changes

Changed Status

  • 585 Companies

HIGH COURT NOTICES

  • 2 Companies

Strike off & Struck off Companies

Strike Off

  • 144 Companies

Struck Off

  • 121 Companies

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