Increased number of UK SMEs setting up in Ireland

Increased-number-of-UK-SMEs-setting-up-in-IrelandAccording to data from business and credit risk analysts, CRIF Vision-net, 5,010 start-ups formed in Ireland in the last quarter of 2019, despite the uncertainty surrounding the UK’s impending departure from the European Union (EU).

The UK vote to leave the EU is the largest and most immediate challenge facing Irish SMEs, however this figure proves that there are also a lot of opportunities that could benefit the Irish economy.

Some 55 new start-up businesses have been formed each day so far in the first three quarters of 2019, with Dublin home to more than two-fifths (41.5%) of these start-ups, followed by Cork (8.7%), Galway (3.5%) and Limerick (3%).

The highest concentration of start-up businesses this year was found in the Dublin 2 region, with 1,652 of the 17,160 new firms registered here, equating to almost a tenth of all new business ventures.

There are 5.7 million SMEs across UK and 250,000 SMEs in Ireland.

EFM Ireland, a team of financial business consultants who recently established in Ireland following many years of success in the UK, have found there is a lot of business growth opportunity in Ireland in the Financial Services, Insurance, Compliance & Risk and Fintech sectors.

Áine Collins, Business Development Director at EFM Ireland stated, “It is great to see that despite the doom and gloom, Brexit invites some positives. Over 5000 companies starting up in Ireland in the past quarter is a staggering figure and is a real boost of encouragement for the future growth of the Irish economy. Many of these new businesses are indigenous Irish start-ups, but there are also many UK based companies now looking to Ireland as a post-Brexit European base. EFM set up in Ireland based on a predicted future growth strategy in a post-Brexit landscape and we have seen a lot of companies from the UK following suit.” 

Áine continued, “With Brexit, Ireland is now more attractive than before with unfettered access to Europe compared to our near neighbours, so Irish targets will become more attractive than their UK equivalents. The sectors that will be most active remain tech of all kinds, energy, property, pharma and life sciences, financial services and food and beverage.” 

However, there are also Irish acquirers looking to see whether the current environment creates an opportunity to get a foothold in the UK in an attractive manner. There is clear evidence in the last number of years of Irish companies acquiring targets in European countries, potentially to open up new markets as a hedge against too much dependence on the UK.

EFM not only set up in Ireland from the UK themselves, but are helping other companies make the transition by offering a “Brexit Transition Package” as part of their financial services. EFM Ireland recently led a transition with a UK based data management company, Oyster IMS, to support them in their establishment of an Irish subsidiary in Dublin. By keeping a foothold in the EU and establishing a presence in an EU recognized country, the company now has the flexibility to transact with all parties post-Brexit.

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