Business Start Up Barometer issued by Bank of Ireland to Track Irish Entrepreneurial Activity and Business Start-ups

Highlights:

Bank of Ireland Business Banking today (29 November 2005) issued a Business Start up Barometer to track the number of business start-ups. The Barometer is one of several initiatives from Bank of Ireland Business Banking showing the ever increasing importance of the business start-up sector in the Irish economy,

Using statistics compiled by Vision-Net.i.e., the Barometer tracks the number of companies formed on a sectoral and geographical basis. The barometer shows that in the first eleven months of this year just over 15,541 new companies have been established. In addition, there have been 3,375 new name registrations in 2005.

Dublin is the top location for company formations with 5,702 companies set up in the county this year. This is followed by Cork where 1,257 companies were formed and Galway with 631 company formations. Limerick and Meath also rated highly in the analysis with 507 and 328 companies established this year.

The barometer also shows that April to June was the busiest months for company formations with 4,068 companies established during that period.

On a sectoral basis, the highest number of companies formed were those in the construction and civil engineering sector with 1,831 companies established. This was followed closely by estate agencies and property management companies, which accounted for 1,065 and 901 new start-ups. 758 Business and Management Consultancy Services companies were set up, while 463 software consultancy and supply companies were formed despite ongoing pressures in the IT sector.

Commenting on the launch of the Barometer, Dermot Nolan, Head of Business Marketing, Bank of Ireland Business Banking said: "Ireland has been recognised by the Global Entrepreneurship Monitor as being the second most entrepreneurial country in the EU with one in twelve working adults currently engaged in entrepreneurial activity. This analysis certainly supports this finding and we expect the number of business start-ups to top 20,000 this year. One of the central elements of our business strategy is aimed at helping this sector develop into one of the powerhouses of our future economic growth. We currently assist over 40 business start-ups on a daily basis since the launch of our Business Start Up package which provides a range of internal and external offers, saving an average start up company €1,500 in their first year of trading".

For reference;

Anne Mathews
Media Relations Manager
Bank of Ireland Group
Tel: 01 6043836 / 087 2460358

Emer McDonnell
Marketing Specialist
Bank of Ireland Business Banking
Tel: 01 604 3580

About Bank of Ireland Business Banking

Bank of Ireland is the number one Bank for business in Ireland with dedicated business managers available through each of its 270 strong nationwide branch network.

The Bank of Ireland business offer encompasses the full range of day-to-day business banking services as well as specialist Treasury, Commercial Finance, Credit card, Life Assurance planning services and Venture Capital. Over 60,000 customers have registered for its "Business On Line" service.

Editors Note

There are three key components of the Business Start-Up Package