Over 77,000 companies were registered in Northern Ireland, an increase of 4.6% on the previous 12 months

Figures just released show that the number of businesses in Northern Ireland hit a record high during 2022.

A total of 77,432 companies were registered in the country, an increase of 4.6% on the previous 12 months. During the year 8,575 new companies were established.

The statistics come from the Inform Direct Review of Company Formations, using data from Companies House and the Office for National Statistics.

Belfast formed the most new businesses (2,325), followed by Newry, Mourne and Down (966) and Armagh, Banbridge and Craigavon (882).

John Korchak, managing director at Inform Direct, said: “It is great news to see that Northern Ireland can celebrate a record year for the number of businesses in 2022.

“The last few years have been turbulent for businesses, with inflation and a cautious economic outlook following the impact of the pandemic. However, in these figures we see evidence of the ambition, creativity and resilience of entrepreneurs in Northern Ireland, as well as the benefits from the country’s support for a range of enterprises.

“This positivity is mirrored in the overall picture for the UK which saw a record number of new companies established during 2022, exceeding 800,000 for the very first time.”

The UK saw 805,141 new companies, compared to 771,617 in 2021, which represents an increase of 4.3% and brings the total number of companies to 5,236,227.

Of the 703,785 formations in England, well over one third were in London (274,838). 22,120 were in Wales and 35,158 in Scotland.

Dissolutions of UK companies totalled 578,679, down on 2021 when 606,912 were recorded, suggesting that new and existing businesses are adapting to survive in a post-pandemic business environment.