2021 was a record-breaking year for new company start-ups, marking a significant turning point for the Irish economy’s Covid-19 recovery.
According to our latest CRIFVision-net figures, a total of 25,695 new start-ups were registered in 2021, the highest figure on record. This marks an overall increase of 17% in new company registrations when compared to 2020 (21,926).
If we look back to 2020, the contrast in start-up activity was stark. 2020 was the lowest point for the number of new-start-up companies in Ireland since 2016, illustrating the prolonged impact of Covid-19 lockdowns on the Irish economy.
However, 2021 painted a much more positive picture. Achieving the highest number of new company start-up registrations on record is a clear demonstration of the resilience, determination, and hard work of the Irish SME community.
Moreover, the 2021 start-up figures mark a 13% increase on pre-pandemic levels (2021 vs 2019), showing strong signs of Covid recovery within the Irish economy. This gives strong reason for optimism as we look to the year ahead.
However, while the Irish start-up community is buoyant, the next twelve months will not be without their challenges.
According to our data, the total number of dissolved companies totaled 12,410, the highest number since 2018. This increase in dissolved companies serves as a reminder of the challenging environment in which businesses are currently operating. As we continue to navigate through these difficult environments, we must ensure that there are continued supports available to protect new companies and promote growth and development in the months ahead.
Source: CRIF
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