Wholesale trade still top Singapore sector in which to do business

Financial services not far behind.

The assessment was made by GuideMeSingapore.com in its most recent Business Formations Statistics Report, which found that wholesale trade in 2013 took up 20% of the new total company registrations for the year.

"Wholesale trade continues to be the top sector in which to do business in Singapore. This can be attributed to the government’s many performance-driven economic policies which encourage free trade and create a stable, efficient environment in which wholesale trading businesses can operate. Singapore also has a natural advantage due to its strategic location within Asia. Located at the crossroads of major sea lanes, it is easy to import and export to many different growing Asian economies such as India, Malaysia, Indonesia, and China," said GuideMeSingapore.com.

"Another popular sector in Singapore is financial services. The country has long been building itself as the regional financial hub and this has been manifested through the many top multinational banks and financial companies that have set up a presence here. The government’s conservative financial and banking regulations have also helped give the sector much more stability compared to other major cities, which gives more assurance to investors and smaller players looking to get into the industry in Singapore," it added.

Recapping the findings from its report, GuideMeSingapore.com said that the three most popular business sectors for new Singapore incorporations in Q1 2013 were wholesale trade,accounting for 20% of the total company registrations; financial services, which comprised 15%; and head offices and management consultancies, constituting 10% of the newly setup companies. 6% of the companies were in the retail trade sector while the IT and F&B industry recorded 5% company incorporation activity each. Construction, real estate, education, and business administration accounted for the remaining number of company registrations.

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