Ireland’s economy remains strong despite Brexit uncertainty: 2019 marks third record-breaking year for new company registrations
2019 marked the third consecutive record-breaking year for new company start-ups according to business and credit risk finance analyst CRIF Vision-net.
New figures from the CRIF Vision-net 2020 Annual Review show that new company start-ups in Ireland reached a high of 22,774 in 2019, the highest number in CRIF Vision-net’s 29-year history.
Company start-ups: industry insights
Last year saw Irish company start-ups exceed company closures by over 10,400.
The increase in start-ups for 2019 rose by 1.2% compared to 2018 (22,774 vs 22,493) with professional services accounting for the majority (4,741 up 3.6%) of all start-ups in 2019.
The financial sector (3,144, down 5.5%) was the second most popular industry for start-ups, followed by social and personal services (2,996, up 11%), construction (2,356, down 2%), and wholesale and retail (2,055, up 5%)
In terms of locations, Dublin remains one of the most attractive spots for business start-ups, with almost half (47%) of all new start-ups located within the capital in 2019. Cork (10%), Galway (3.9%), Limerick (3.2%) and Kildare (3.1%) make up the remainder of the top five, accounting for a combined total of 2,379 start-ups.
Bar a slight increase in 2017, there has been a steady year-on-year reduction in Irish insolvencies since 2011.
2019’s company insolvency figure is down 18% on the previous year (617 vs 756), with a decrease of 19% in company insolvencies per month (51 vs 63).
Professional services proved to be the most insolvent industry, accounting for 98 insolvencies (or 16% of all insolvencies), followed by the wholesale and retail industry (87, or 14%), hospitality (66, or 11%), construction (56, or 9%), and manufacturing (41, or 7%).
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