10,000 new companies established

More than 10,000 new companies were set up in the first half of this year, in what has been described as a bumper period for start-ups, Bank of Ireland said yesterday.

Strong consumer demand, continued economic growth and high levels of entrepreneurship were behind the activity in the start-up market, which the bank expects to remain buoyant.

"Some new business owners are planning to use part or all of their SSIA savings to get their business off the ground, which will also boost growth in this segment," according to Mr Dermot Nolan, head of business marketing at Bank of Ireland.

According to the bank's business banking division, Dublin was the top location for new companies with 3,586 firms established there this year.

It was followed by Cork, where 772 companies were formed, and Galway, where 507 new firms were set up.

Limerick and Meath also figured highly on the list with some 360 and 214 companies established in the two counties respectively.

The bank noted that Westmeath and Laois both appeared for the first time in the list of the top 20 locations in the first-half, with 81 companies setting up in the former and 77 in the latter.

A sectoral analysis showed that the highest number of companies formed were in the construction and civil engineering sectors where 1,288 firms were established.

This was followed by real estate and property management companies with 654 and 637 company formations respectively.

Over the first six months of the year, 462 business and management consultancy services were established while 311 software consultancy and supply firms were formed.

Further analysis by Bank of Ireland found that 47,521 firms, or around 75 per cent of those required to do so, have filed their annual returns so far this year.

But a further 15,000 firms due to file have not yet done so, the bank noted, leaving themselves open to a range of fines and penalties.

"As with all new ventures, it is important that compliance matters are fully dealt with and that issues of annual filing returns, company accounts and legislation are fully investigated before the new business is launched," Mr Nolan said.