Highest number of start-ups in nearly a decade

The highest number of new start-up companies in almost a decade was recorded this year, according to new figures.

More than 19,200 new companies had been formed by December 23rd, according to figures from Vision-net , the business and credit risk analysts.

It is the first time the total has surpassed 19,000 since 2006, when 19,306 new companies were formed.

With several days still to go in the year, Vision-net says that the 2006 total may yet be surpassed.

December has seen the highest number of new companies formed in any single month in the last eight years, a total of 1,911 up to December 23rd, suggesting that the evidence of strong growth as the year progressed is encouraging the formation of new companies. Commenting on the figures, managing director of Vision-net Christine Cullen said that while some commentary had referred to a weaker entrepreneurial spirit here compared in to the US or Europe, “our data suggests this may be changing – increasingly people are aspiring to and setting up their own businesses”. She said that wider consumer and economic confidence was driving the trend towards more new businesses.

New company formation can be done for a number of reasons, by entrepreneurs or by professional service firms in the course of their business.