Business Barometer reports yesterday that the numbers of companies incorporated in Ireland in the third quarter of 2011 were up 5% on the number incorporated in 2010 and up 10% on the same period in 2009. There have been 40 new companies incorporated each day of November so far and this level of start-up activity is encouraging.

What does this mean for the Irish economy? Well, company incorporations are a leading indicator that new business activity is continuing and is picking up from the seriously depressed levels seen in recent years. It may also be indicative of non-Irish businesses migrating to Ireland (which would reflect the recent achievements of IDA and others).

On the other hand, the Irish Exporters’ Association had to sound a warning call when third quarter results fell short of expectations (aggregate export growth fell to 1.7% while exports of manufactured/merchandise goods actually fell by 3% when compared to the year before). That caused the IEA to revise downwards their forecast for export growth for the full year.

Overall, while times remain challenging there are reasons to be optimistic and for companies focused on doing business outside Ireland the increased cost competitiveness of the Irish economy is doing a lot to help those companies succeed abroad.

Here at Venture Legal Services, the firm is trying to do its part by providing innovative new approaches to the delivery of legal services and delivering advice on commercial contracts and intellectual property matters (among others) from a lean and efficient structure. If you would like to learn more about what we do and how we do it, call us in Dublin today on +353 1 6499042.