Start-up boom as over 13,200 businesses launched in Northern Ireland - up by nearly 60%

More than 13,200 start-ups were launched in Northern Ireland in 2023, according to new research from R3, the UK’s insolvency and restructuring trade body.

R3’s analysis of data provided by Creditsafe shows 13,280 firms were set-up in Northern Ireland in 2023 – a rise of 59.5% from 2022’s total of 8,325.

November was the month with the highest number of start-ups in 2023, with 1,597 new firms launched. This was an increase of 83.6% compared to the previous year’s busiest month, March 2022, when 870 start-ups set up

Northern Ireland saw the largest yearly percentage increase in start-up numbers across the UK regions and nations, followed by Greater London (14.7% rise), Wales (13.8%) and the West Midlands (13.8%).

Ian Leonard, chair of R3 in Northern Ireland, says: “Economic activity in Northern Ireland is well above pre-pandemic levels, with its recovery outpacing the UK as a whole and this has been a major contributor to the rise start-ups we saw last year.

"Many of these new ventures are micro and small businesses, owned and run by local people, and will play a crucial role in supporting the growth of Northern Ireland’s economy in the year ahead."

Ian, who is a director at Interpath Advisory, continued: “However, setting up a new business is just the first step – directors need to stay alert to any signs of financial distress and act accordingly should they arise.

“Problems paying the bills or staff on time, stock levels piling up and falling revenue are all early indicators a business could be in trouble, and at this point it's essential to seek advice from a qualified source, whether you’re running a start-up or a more established business...

“Many R3 members in Northern Ireland are happy to provide a free initial consultation to learn more about your concerns and help you understand the options you have for resolving them.”