Rise in new companies registered in first half of year
Almost 14,000 new companies were registered in Ireland in the first half of the year, up 42% on the same period in 2020 – according to CRIF Vision Net.
Within this period, March was the strongest month for start-ups recording a total of 2,715 new registrations.
According to the data, the legal, accounting and business sector accounted for the largest portion of new start-ups in the first six months of the year, registering a total of 2,543 new companies, up 19% when compared to 2020.
This is followed closely by wholesale and retail, financial intermediation and construction.
Despite ongoing restrictions on the hospitality sector, hotels and restaurants have also experienced an increase in start-ups, recording a total of 728 new start-ups, up 47%.
Community, social and personal services were the only industry that experienced a decline in growth, with only 942 new registrations this year, down 13%.
The impact of the pandemic could also be seen in the new data, with insolvencies rising 45% in the first half of the year to 371.
Christine Cullen, Managing Director of CRIFVision-net, said the figures show that many businesses are struggling and will continue to struggle for the foreseeable future.
“These insolvencies are likely to increase, particularly in hospitality sector, as Government supports are rolled back and credit lines dry-up,” she said.