Blog
CRO UPDATE: NEW COMPANY FORMATIONS UP 5.6% IN 2024
By Andrew Lambe, 8th January 2025
According to Companies Registration Office (CRO) figures announced at a stakeholders meeting this morning, new company formations increased 5.6% in 2024 compared to 2023. In 2024, there were 23,652 companies registered, compared to 22,384 in 2023. For the last number of years, this number has been consistently around the 22 thousand mark.
In other interesting statistics, it was noted that involuntary liquidations are up 4% in 2024, something that is reflective of the increasing cost of doing business for SMEs. It was noted that there were 10,000 annual returns successfully filed on the 25th of November, which was the filing deadline day for companies with a 30th September annual return date. In terms of B1 processing times, the CRO are currently processing the 18th of November for standard annual returns. The number of mortgages registered last year was up on the year before by about 1000, which is an 8-9% increase on the year before. RBO compliance is at 88.1% which is an increase of 2% year on year.
In our newsletter last month, we informed you that the CRO had re-commenced their enforcement campaign on companies not in good standing. Companies without current directors appointed are in the first wave of delinquent companies that the CRO will be targeting for involuntary strike-off. Other companies, such as those with annual returns outstanding for more than 1 year will be targeted subsequently this year.
The CRO also reminded stakeholders that wet ink signatures are a legal requirement on all CRO forms, and electronic signatures are not accepted. However, they have committed to exploring DocuSign or a similar tool in the future, although this will not be an immediate priority due to the system changes needed for the Corporate Sustainability Reporting Regulations and the forthcoming commencement of the final sections of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024.
Disclaimer: This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by Company Bureau for any action taken or not taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change.
