The amount of red tape, and the associated costs, surrounding business in Ireland is hurting Irish SMEs.

This is according to a recent study of more than 300 Irish businesses. One in three companies believe that the burden of regulation is a major stumbling block when it comes to growing their business, recruiting new employees and driving innovation.

The corporate law firm, LK Shields, commissioned this research, and its head of financial services, David Williams, says it has seen first hand the burden that red tape puts on SMEs, and larger businesses too.

70% of Irish companies with less than 100 employees reported that there is too much legislation, while only just over 40% of those surveyed can understand the need for it. The survey was carried out across the service, retail, manufacturing and construction industries to access a broad range of opinions.

A spokesperson for IBEC, Aiden Sweeney, has said that there is unnecessary administrative and regulatory costs to doing business in Ireland. It is hoped that this Red Tape Survey will spark debate at a government level.

At Linked Finance, we hate needless red tape. That’s why we offer 2-minute online applications and 8-hour credit decisions. So if you need a loan to grow your business, talk to Linked Finance…

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