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Business start-ups in the Canary Islands rise by 4.2% in 2022

The creation of new companies in the Canary Islands increased by 4.2% in 2022 and the number of terminations grew by 3.7%.

The number of new commercial companies grew by 4.2% in the Canary Islands in 2022 with respect to the previous year, reaching a total of 3,640 companies, according to data released this Friday by the National Statistics Institute (INE).

Meanwhile, company dissolutions have also increased over the past year, in this case by 5.3%, to 1,006 cases.

In Spain overall, the creation of companies fell by 2.1% in 2022, to 99,067, compared to the more than 101,000 that were created in 2021. With the decline recorded in 2022, company formation returns to negative rates after soaring by 27.8% in 2021 following the end of the restrictions associated with the pandemic. In 2020, the year of Covid, company formation plunged by 15.7%, while in 2019 it fell by 1.2%.

More than €5,188 million were subscribed for the incorporation of the 99,067 companies created in 2022, which is 2.9% more than in 2021, while the average capital subscribed, which stood at €52,369, advanced by 5.1%.

At the same time as the creation of companies fell, in 2022 the dissolution of companies shot up by 10.1% compared to 2021, to a total of 26,207, the highest figure since the start of the historical series in 1995.

Of the 26,207 companies that were dissolved in 2022, 79.1% did so voluntarily, 11.3% by merger with other companies and the remaining 9.5% for other reasons.

Of the business companies created last year, 19.5% were engaged in commerce and 16.9% in real estate, financial and insurance activities. As for the companies dissolved by main economic activity, 19.1% were in commerce and 16.4% in construction.

The number of commercial companies that increased their capital fell by 0.7% last year, to 29,024 companies. The capital subscribed in these increases exceeded 19,724 million euros, 27.8% less than in 2021, while the average capital was 679,594 euros, 27.2% less.

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