The latest Singapore Business Formation Statistics Report from GuideMeSingapore.com shows increased confidence in the local economy in Q1 2013 as evidenced by a quarter-on-quarter jump in Singapore business incorporations.
According to the data in the report, new business formations in Singapore amounted to 14,156 in the first quarter of 2013. This was a 6% increase from the last quarter of 2012, which saw 13,351 in new business registrations.
"The analysis in our latest Singapore business statistics report points to the possibility that entrepreneurs and businesses are more confident about the overall economic climate in the country, and this has resulted in a healthy jump in new businesses compared to last quarter," says Jacqueline Low, Chief Operating Officer of Janus Corporate Solutions, a Singapore company registration services firm and the parent of GuideMeSingapore.com website. "This is even more encouraging given all the recent bad news in the global economic landscape, such as the banking crisis in Cyprus."
Aside from total business registration numbers, the report also breaks down the data into specific categories. For example, there was a 10% increase in the number of private limited company registrations and a 9% increase in the registration of public companies from Q4 2012 to Q1 2013. Exempt Private limited Companies (EPCs) remain as the most popular form of business entity in Singapore.
"EPCs have proven to be very the most common form of incorporation due to the fact that they hold all the benefits and flexibility of having a private limited company, while also enjoying simplified statutory compliance requirements," continues Low.
The wholesale trading industry saw the largest number of business incorporations with 20% of the total number. This was followed by financial services (15%) and head office management activities (10%).
"A trading company is one of the most natural types of businesses to set up in Singapore due to the country's many inherent advantages. Its strategic location within the Southeast Asian region means that it is just hours away from many large and growing economies. Its internationally-awarded airport and shipping ports also make it easy to import or export goods," explains Low. "Singapore has also established itself as financial hub with various tax incentives combined with pragmatic industry regulations, which is why financial services companies of all sizes opt to set up their regional operations here."