24% hike in newly established companies

The number of new companies established in July amounted to 1,014 — 24% up on the same month last year and the highest figure witnessed since 2008.

The Vision-net figures tie in with signs of decline in the level of business failures; with July showing a 6% annualised fall in the amount of companies hitting the wall. In all, 119 companies “failed” — 66 being liquidated, 47 going into receivership and six entering examinership.

However, while there was a jump in newly established firms, the number of companies which actually began trading this past month fell by 3% year-on-year to 2,569; or 100 per day.

On a combined basis, nonetheless, Christine Cullen — Vision-net’s managing director — said the new data indicates a slight improvement in the domestic economy.

“The decline in company insolvencies is very encouraging. Equally, the incorporation rate is growing and — for the first time in four years — it has aligned with pre-recession levels,” she said, adding that a growing resilience among Irish businesses is emerging.

“Entrepreneurship continues to be a strong trait of the domestic economy, underlying the importance of supporting this business sector. While we are not out of the woods yet, there is certainly evidence and cause to be optimistic about the road to recovery and economic growth,” Ms Cullen added.

Meanwhile, IE Domain Registry (IEDR) — the body which manages registration for Irish internet addresses — has reported a 15% drop in new registrations for 2012.