July saw the highest number of start-ups since the end of 2007.

A total of 1,764 new companies were formed, with an average of almost 77 new entities established each working day.

This made it the second-busiest July of the past 25 years, according to statistics provided by Vision-net.ie. This July saw a 15 per cent rise in company start-ups compared with the same month last year.

The professional services sector accounted for the largest proportion of new firms, at about 23 per cent.

The social and personal services sector and the wholesale and retail sector both accounted for 10 per cent of new start-ups.

Seán Kavanagh, managing director of business information company Company Formations International believes that the new companies being established have a "fair and good chance of succeeding".

“My perception is back in 2004, 2005, 2006 and 2007, banks were offering credit hand over fist and we had a lot of lifestyle companies founded to suit the time. Now companies have to be established with a solid foundation and good business plan,” he said.