Singapore business formation boomed in Q2 2013

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singapore-skylineNo less than 16,027 new businesses were formed in Singapore during the second quarter of 2013, according to the latest quarterly Singapore Business Formation Statistics Report released by Janus Corporate Solutions. This represents a 13.22 per cent gain from the first quarter of 2013 and a 10.68 per cent increase over the second quarter of 2012.

According to the report, “There was a 10.45 per cent increase in the number of private limited company formations and an even more impressive 24.47 per cent rise in the registration of public companies from Q1 to Q2 2013. The top three industry sectors with the largest number of business formations were wholesale trade, financial services, and head office and management consultancy activities.”

The proliferation of wholesale trade industries reflects Singapore’s growing importance as an Asian logistics hub, while the growth in financial services reflects Singapore’s continued rise to prominence as a global banking centre.

The overall growth trend also reflects Singapore’s perpetually strong economy. Much of the credit for the city-state’s on-going economic boom rightfully belongs to the government, which has encouraged growth in a variety of ways.

For instance, the government has implemented numerous programs to boost local entrepreneurship, such as providing funding and mentorship opportunities to entrepreneurs with viable business plans. Also of crucial importance are Singapore’s pro-business, low corporate-tax regime and its liberal investment policy of allowing 100% foreign ownership of companies. Regional competitors such as Thailand and Vietnam are reported to be mulling over plans to lower their own taxes rates and enact other pro-business policies modeled on those in Singapore.

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No less than 16,027 new businesses were formed in Singapore during the second quarter of 2013, according to the latest quarterly Singapore Business Formation Statistics Report released by Janus Corporate Solutions. This represents a 13.22 per cent gain from the first quarter of 2013 and a 10.68 per cent increase over the second quarter of 2012.

Reading Time: 1 minute

singapore-skylineNo less than 16,027 new businesses were formed in Singapore during the second quarter of 2013, according to the latest quarterly Singapore Business Formation Statistics Report released by Janus Corporate Solutions. This represents a 13.22 per cent gain from the first quarter of 2013 and a 10.68 per cent increase over the second quarter of 2012.

According to the report, “There was a 10.45 per cent increase in the number of private limited company formations and an even more impressive 24.47 per cent rise in the registration of public companies from Q1 to Q2 2013. The top three industry sectors with the largest number of business formations were wholesale trade, financial services, and head office and management consultancy activities.”

The proliferation of wholesale trade industries reflects Singapore’s growing importance as an Asian logistics hub, while the growth in financial services reflects Singapore’s continued rise to prominence as a global banking centre.

The overall growth trend also reflects Singapore’s perpetually strong economy. Much of the credit for the city-state’s on-going economic boom rightfully belongs to the government, which has encouraged growth in a variety of ways.

For instance, the government has implemented numerous programs to boost local entrepreneurship, such as providing funding and mentorship opportunities to entrepreneurs with viable business plans. Also of crucial importance are Singapore’s pro-business, low corporate-tax regime and its liberal investment policy of allowing 100% foreign ownership of companies. Regional competitors such as Thailand and Vietnam are reported to be mulling over plans to lower their own taxes rates and enact other pro-business policies modeled on those in Singapore.

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