Bizstartup.ie - NewsCompany formations for Q1 2010 up 5pc for same period in 2009

This follows strong growth in Q4 last year and is a big swing from the start of 2009, which saw company formations struggle dramatically in the first eight months of the year.

Key statistics from the ICC ‘Company Formations Review’

• At 28.5pc ‘Business Activities’ accounted for the majority of formations in Q1 2010, totalling 1,010 companies nationwide.
• The number of new companies formed in ‘Construction’ has also increased substantially, reaching levels not seen since Q1 2009.These companies account for 10pc of all new companies formed, as do those formed in ‘Community, Social and Personal Services’.
• The biggest decrease in company formations came in the ‘Transport & Storage’ sector, which was down almost 30pc, whilst ‘Real Estate and Renting’ is also still feeling the pinch of the decline in the property market. 
   

Company formations by county

• Dublin remains the most popular county to ‘set up shop’ and is where 45pc of new companies formed are based.
• This is followed by Cork with 10pc and Galway with 4.6pc.
• Leitrim saw the fewest companies formed in Q1, with only five companies registered there, followed by Longford with just 16.

 
Speaking at the launch of the ‘Company Formations Review’, Jon Rock, head of Professional Services at ICC, said: ‘’It is exceptionally encouraging to see an increase in company formations as the number of new companies being incorporated is an important measure of economic performance, both current and future.

‘’This positive sign of recovery will be warmly welcomed by all. However, we must now build on this and encourage and support those budding entrepreneurs, something the Finance Act 2010, which allows a new business to earn profits of €960K tax-free in their first three years of operation, aims to do.’’

For further information on the 'Company Formations Review', visit ICC Information Ireland.