The NSO cautioned that the numbers were affected by changes to VAT registration: those with an income under €7,000 a year no longer pay.The NSO cautioned that the numbers were affected by changes to VAT registration: those with an income under €7,000 a year no longer pay.

The number of registered businesses has gone up by 25 per cent since 2011, reaching over 95,300 by 2016, according to the National Statistics Office.

The number dipped between 2011 and 2013, going down to 74,900 from 76,163, but then started to rise again.

The NSO also broke down the numbers by new companies and ones that had ceased, but cautioned that these were affected by the 2010 decision that those with an income under €7,000 a year would no longer be registered by the VAT Department.

The decision was subsequently reversed in 2015, causing first a dip and a subsequent rise.

The registered total shows that there is now even more of a focus on micro-enterprises. The number of registered businesses that employ fewer than 10 people in-creased from 97.1 per cent, to 97.36 per cent.

The economy has also seen more large companies – either new ones or existing ones which had expanded – with 104 companies employing more than 250 people, up from 84 in 2011, with the increase starting in 2013.

Looking at the activities in which there was growth, the financial and insurance sector stands out, growing from around 8,200 firms in 2011 to over 15,000 last year.

The financial and insurance sector now represents 15.9 per cent of all registered businesses.

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