Company formations at a record high last year

A record number of companies were founded in the Republic last year, according to new figures.

Overall 25,695 new start-ups were officially registered in 2021, the highest on record and up 17 per cent versus the 21,926 founded a year earlier.

New data from CRIFVision.net shows the legal, accounting and business sector contributed the greatest number of new companies, with 4,592 start-ups registered, a rise of 4 per cent year-on-year.

The April to June period was the busiest time for registering of new businesses with 7,600 companies announced during the quarter.

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Dublin accounted for 11,815 of all businesses registered during the year.

A total of 444 company insolvencies were recorded in 2021, a 6 per cent decline versus 2020. The most insolvent sector was the legal, accounting and business sector, with a total of 80 insolvencies.

Although there was a slight decrease in insolvencies there was a large increase in dissolved companies recorded. The total number of dissolved companies totalled 12,410, the highest number since 2018.

"The Irish start-up community is buoyant, but the next 12 months will not be without their challenges. The increase in dissolved companies this year serves as a reminder of the challenging environment in which businesses are currently operating, and we must ensure that there are continued supports available to protect new companies and promote growth and development," said Christine Cullen, managing director of CRIFVision.net