Analysis by Singapore company incorporation specialist Rikvin reveals that the number of business formations in Singapore has improved 6% quarter on quarter (q-o-q) in Q1 2013.
Data from Singstat’s Monthly Digest of Statistics Singapore, released in July 2013, shows that a total of 14,180 businesses were formed in Singapore in Q1 2013. 8945 of them were companies while 5235 were businesses. In comparison, 13,365 businesses were formed in Singapore in Q4 2012. Of these, 8165 were companies and 5200 others were businesses.
The top three industries in terms of Singapore company formation in Q1 2013 are wholesale and retail trade (2232 companies), followed by professional, scientific and technical activities (1524 companies) as well as financial and insurance activities (1347 companies). In addition, wholesale and retail trade has been the top industry for company formation in 2011 and 2012.
Similarly, during the same quarter, the top three industries in terms of Singapore business formation are wholesale and retail trade (1631 businesses), professional, scientific and technical activities (827 businesses) as well as arts, entertainment, recreation related services (508 businesses).
Scientific and technical business activities, along with manufacturing, construction, transportation and storage, accommodation and food service, information and communications, financial and insurance, education, health and social services activities have improved q-o-q between Q4 2012 and Q1 2013.
Singapore may be small as a market, but along with its seamless connectivity and growing FTA network, it offers a strategic point for businesses to expand to burgeoning Asian markets.
On the other hand, manufacturing, construction, wholesale and retail trade, accommodation and food service, information and communications, real estate, administrative and support services, education, health and social services as well as arts, entertainment, recreation related companies demonstrated improvement between Q4 2012 and Q1 2013.
Commenting on the resilience of business registration trends in Singapore, Mr. Satish Bakhda, Head of Operations at Rikvin said, “Despite the uncertain economic climate in the EU and the US, Asia offers larger growth potential and relative stability to businesses. Singapore, located in the heart of Southeast Asia, not only has a thriving economy and well-endorsed status as an international financial center, it is Asia’s top resolution facility for cross-border disputes.”
“Singapore may be small as a market, but along with its seamless connectivity and growing FTA network, it offers a strategic point for businesses to expand to burgeoning Asian markets. The ease of setting up and doing business, which has been affirmed through multiple international surveys including the World Bank’s report, is testament to its commitment to remain friendly to entrepreneurs,” he added.
“In addition, government schemes such as PIC Scheme Guide (PIC) Scheme as well as Startup Tax Exemption Schemes support businesses in the nascent stages of growth. It is not surprising then, that business activity has been in the pink this quarter. We look forward to another good half of the year and anticipate that Singapore company registration activity will continue to grow in the top three industries,” affirmed Mr. Bakhda.