New Companies Formations drop by 39%

New Companies Formations drop by 39% in March

New research from Company Formations and Company Secretarial specialist, Company Bureau has shown a 39% drop in new companies registered in Ireland in the second half of March 2020 amid the COVID 19 outbreak.

There has been much uncertainly as the situation unfolds and all sectors of businesses have been affected including new companies registered.

In the first half of March 2020, there were 1093 new companies registered compared to 666 companies registered in the second half of the month. This compared to typical numbers of around 2000 new companies registered per month.

The Companies Registration Office (CRO) closed their doors and stopped incorporating new companies from last Monday, 30^th March following the Irish Government lockdown on non-essential services, however, the CRO is back registering companies since 2^nd April following intense pressure from the Law Society and other Professional bodies who claimed that this effectively closed Ireland to Foreign Direct Investment and the continuity of business in general.

The CRO is currently accepting the postage of documents, but will not facilitate hand deliveries or couriers at this time.

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