About 10,500 new companies were formed in the first half of 2016, up 21 per cent on the same period last year, according to new figures from business and credit risk analysis company Vision-net. ie.

The company said increasing numbers of new companies were being established outside Dublin, while the number of insolvencies in rural counties had also dropped.

“There is growing evidence of the recovery spreading beyond urban centres,” Vision-net said.

Wexford, Cork and Donegal were the counties with the highest increase in start-ups when compared with the first half of 2015, while 15 out of the 26 counties in the Republic saw a drop in the number of corporate insolvencies.

When newly-registered businesses are included with company start-ups, the total for the first six months stands at 23,909, up 5 per cent on the same period last year.

The average figure for monthly start-ups this year is 1,748, compared with 1,445 per month last year, Vision-net said.