Number of start-ups rises 8pc in Q3, company insolvencies down 25pc – Vision-net
Increase in Start-ups and New Companies
A total of 9,327 company and business start-ups were recorded this quarter – up 8pc on the same period in 2012 – showing an average of 108 start-ups per day, according to figures from Vison-net.
Of these, 5,727 were registered business names while 3,600 new companies were incorporated, up 16pc on the same period last year.
First-Time Company Directors
Almost 4,600 people have become director of Irish companies for the first time this quarter.
Based on an analysis of almost 4,600 appointments this quarter, the average age of a first time company director is 42, with men accounting for over 60pc of first time appointments.
In September alone over 890 people have become directors for the first time.
Meanwhile, there was a 25pc drop in company insolvencies in Q3.
Decline in Company Insolvencies
Dublin accounted for most insolvencies, with 37pc, followed by Cork with 15pc and Kildare with 7pc.
Kilkenny, Laois, Mayo, Carlow, Leitrim, Monaghan, Roscommon and Longford all recorded company insolvency rates of less than 1pc.
Industries at Risk
Continuing the trend of being the most high risk industry, the construction industry represents a fifth of all insolvencies recorded in Q3 2013, followed by real estate at 13pc, professional services at 12.5pc, manufacturing at 10pc and wholesale and retail at 9pc.
However, creditors’ meetings in Q3 2013 are down 25pc when compared with the same period last year.
“Our figures show that resilient entrepreneurship continues to remain a key component of our path back to growth,” said Christine Cullen, managing director of Vision-net.
Resilient Entrepreneurship
“The number of start-ups is still increasing, with September alone seeing nearly a 10pc rise on the same period last year.
“As business owners emerge from this downturn it is likely they will find themselves in a market which has become more competitive and with customers who are ever more demanding.”
Karina Corbett