Figures recently released show that the rate of new company formations in Ireland has increased 6.8% on 2016, with the numbers of new companies surpassing 20,000 to date. 2017 is the second consecutive year that new company formations have topped the 20,000 mark. 2016 was the first time that threshold was passed in over two decades.

Unsurprisingly almost half of these new companies (46% in total) are based in the Dublin region. Cork is the next most active region accounting for 10%. Galway, Kildare and Meath round off the top-5 most popular regions.

The top five sectors in which we are seeing these new companies are:

  1. Professional Services.
  2. Finance.
  3. Social & Personal.
  4. Construction.
  5. Wholesale & Retail.

These promising figures are bolstered by a decrease in the overall number of insolvencies so far this year. Figures show that there have been 657 Insolvencies to date, a reduction in 14% on the same period in 2016.  

When taken together these statistics are confirmation of the continued vibrancy of Ireland's start-up culture.

The World Bank ranks Ireland 8th out of 190 countries for ease of starting a business (the highest of any European country) and 17th for ease of doing business. Ireland's competitiveness and pedigree as a location for successful start-ups has never been stronger.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.