We have 48 start-ups every day as 37 close their doors

More than 12,000 companies have been established in Ireland so far this year, marking the return, for the first time, to pre-recession start-up levels.

Vision-net managing director Christine Cullen

The pace at which start-ups are setting up has quickened substantially this year to the point whereby an average of 48 are established every day.

However, the positive news on the number of start-ups is counter-balanced by the 259 companies that closed this week — an average of 37 per day.

So far this year, the number of companies being set up has risen 12%, according to the Business Barometer report compiled by risk analyst firm Vision-net.

“The most popular industry for company start-ups this year is professional services which accounts for just over a quarter of all new companies,” said the report.

Wholesale and retail; and social and personal services, between them, account for a further 19% (10.5% and 8.8%). IT and construction are next on the list accounting for 8.3% and 7.8% of new companies, the report reads.

The Business Barometer also shows that commercial and consumer judgements awarded so far this year total €238.6m. The biggest judgement, was awarded against DC Power Products Ltd, based in Ballincollig, Co Cork.

The €93,000 value of that judgement is more than twice the value of the next greatest — awarded against Dublin construction-sector firm Casey Scaffolding Ltd, for €45,000.

Last year saw 5,481 consumer and commercial judgements, 68% of which were against consumers for a total value of €327m. Commercial judgements accounted for another €71.5m.

Almost 20,000 people have become the director of an Irish company for the first time this year.

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