Buzzer beaters: Singapore welcomes over 20,000 new businesses in Q4

The number of new businesses surged by 42%.

Over 20,000 new businesses set up shop in the republic in the fourth quarter, in spite of the fact that the last quarter of the year is traditionally a weaker season for new business registrations.

Data released today by Hawksford Singapore showed that there were 20,540 new business registrations in Q4, representing an increase of 41.7% from the same period last year.

Most of the new businesses were in the Wholesale Trade industry, followed by Financial Services.

"Singapore's dominance as a regional distribution hub continues to remain unchallenged despite the competitive strategies of regional economies," the report stated.

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