Over 10,500 Irish Start-Ups in 2010

roc_

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However, the industry sectors they are setting up in gives cause for suspicion. Can anyone hazard a guess as to what is going on? :roll:

The first three Quarters of 2010 has seen the incorporation of over 10,500 brand new Irish companies. This figure is up 5.2% on the figure for the same period in 2009.

That means that, on average, 270 new companies were set up in Ireland every week of 2010. The most common industry choices for these new companies are as follows...

Industry
Type

Number of
Start-Ups

% of Total Companies

Real Estate
3,431
32.6%

Wholesale & Retail
1,624
15.4%

Service Activities
1,035
9.8%

Construction
824
7.8%

Hotels & Restaurants
727
6.9%

...these top 5 industries account for almost 73% of the total number of companies that have been set up in the first nine months of 2010.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
 


Joined
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Wouldnt the hotels and resturants be lots of new B&B`s?

As for real estate? The mind boggles!
 

Squire Allworthy

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May 31, 2007
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1,404
Firstly I hope many of them are successful.

There can be many reasons for new businesses, old ones being wound up, new partnerships forming or part of a restructuring process, some may be a means to avoid liabilities and transfer assets or a means to distance oneself from a problematic partner.

Of course many may well be entirely new, with fresh ideas, hope and optomism. Some may be formed by people who have been made redundant, people who want to work. I hope it works for them as many will be risking all they have in these ventures.


What is the corresponding number of business closures?
 

Mossy Heneberry

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3,818
Wouldnt the hotels and resturants be lots of new B&B`s?

As for real estate? The mind boggles!
I think most of the new estate agents were let go from their jobs and decided to go it alone.
 

wexfordman

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mmm,

ANd there was ryan getting all suspicious over the number of commercial vehicle registrations this year!!
 

roc_

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I was thinking myself that maybe these type of companies were being dissolved or struck off leaving behind their debts and employee obligations, while their directors set up new companies and started anew... Perhaps I'm wrong though - what is the situation with directors being liable personally for a Company's debts? Doesn't it have to be shown that they acted recklessly or indeed frauduently?
 

johnfás

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Feb 22, 2007
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2,715
Establishing a new company does not necessarily mean establishing a new business. A company is simply a legal structure for holding assets. In and of itself the statistic means nothing though of course it can be indicative of something. One company can suddenly become 15 companies without its business changing appreciably simply because it is taking a perspective on its structure for tax or future planning purposes.
 

firefighter

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Joined
Sep 21, 2010
Messages
334
Smacks of avoiding tax through the Business Expansion Scheme.

I understand you can reclaim 5 years' tax @41% by setting up a company and putting this money into it. Of course getting BES approval is not straightforward, but not hard if you "know the right people" if you know what I mean. All you need to do is put together a description involving lots of key-words such as "knowledge economy", "export-orientated", etc.
 

hammer

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My belief is that real estate companies are being set up by developers etc to transfer personal assets into a legal structure to protect them from creditors.

Fair play :)
 

owedtojoy

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Feb 27, 2010
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However, the industry sectors they are setting up in gives cause for suspicion. Can anyone hazard a guess as to what is going on? :roll:
When I was made redundant from a large company in the 1990s, a lot of us brainstormed business ideas and registered as companies. it is easy to register a company. Of my particular group, none of our ideas came to anything.

This might just reflect a lot of joblessness, and most of these "start-ups" may just be empty shells - names only. However, it shows that people are not giving in to despair and perhaps a small fraction of these will survive, prosper and grow.
 

hammer

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Not a chance.

How can new business survive when the public have less & less money to spend.

Increased taxes, lower wages & higher mortgage repayments face us all in 2011 :(
 

Old Thady

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Apr 11, 2010
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I wonder if there is any way of finding how much VAT, PRSI and PAYE these new companies are paying? This would give an indication of whether many of the new firms are actually trading and employing people rather than just being vehicles of financial or legal convenience.
 


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