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Record number of startups are formed here

Almost 23,000 business startups were formed in Ireland last year, according to a report from company intelligence firm CRIF Vision-net.

This is up 1.2pc on 2018, and is the highest number of startups over a 12-month period in CRIF’s 29-year history.

Startups exceeded company closures by more than 10,400 in 2019.

Firms operating in the professional services space accounted for the majority of companies being formed, responsible for just under 4pc of all startups last year.

This was followed by financial sector companies and social and personal services businesses.

Christine Cullen, managing director of CRIF Vision-net, said despite challenges around the UK’s withdrawal from the European Union and “the fact that Ireland is now in a mature stage of growth… our latest figures show that the Irish economy is continuing to grow”.

Dublin remains the most attractive spots for business startups, with almost half of all newly established firms locating in the capital last year.

Cork, where 10pc of startups were set up in 2019, was the second most popular location, followed by Galway, Limerick and Kildare.

Meanwhile, last year’s company insolvency figure is down 18pc on the previous year, according to the report.

As well as being the most common sector for businesses setting up, professional services proved to be the most insolvent industry. This was followed by the wholesale and retail sector.

CRIF’s database in Ireland has information on nearly 596,000 companies and almost 582,000 business names and sole traders.

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