There was a net gain of 7,632 new businesses in 2017, representing 11,621 new businesses and 3,989 closures.

In 2016, there was a net gain of 6,144, with 11,127 new businesses and 4,983 closures. That year had seen the Company Registrar at the peak of an exercise to clear up the registry of non-active companies, resulting in figures which were above average.

Read: Ensuring businesses have the truth, the whole truth and nothing but the truth

The number of new companies being registered, however, has been rising dramatically, from 6,504 five years before.

There are now 103,458 businesses registered, the National Statistics Office reported on Wednesday.

The profile of companies has also been changing. In 2012, 96.96 per cent of businesses were considered to be ‘micro’ – employing fewer than 10 people. That sector now accounts for 97.25 per cent.

The number of companies that employ over 250 people has gone up from 85 in 2012 and 2013, to 112.

Wholesale and retail trade businesses accounted for 18 per cent of the
total in 2017.