New business registrations thriving despite slowdown

Registrations for the third quarter climbed to 14,243 from the previous year.

Registration of a private limited liability company continued to be the most popular choice for new Singapore businesses, according to the latest Singapore Business Formation Statistics Report from Janus Corporate Solutions.

Specifically, exempt private limited companies comprised the bulk of the total with 47% of all new registrations, while non-exempt private limited companies made up only 8%.

The report also noted that companies with full local shareholding continued to make up the majority of business registration for the period. Their percentage at 65% was a slight 1% decrease quarter-on-quarter, but is nonetheless an indicator that local entrepreneurship in Singapore remains strong.

The breakdown of new business registrations by industry shows steady trends. Wholesale trading continued to be the most popular sector at 21%.

"This was an affirmation of Singapore's status as a global business hub due to its efficient and attractive business infrastructure and its strategic location in Asia with world-class ports. The financial services sector (14%) also continues to be strong due to the influx of investment bankers looking to escape the troubled Eurozone economy," said Janus Corporate Solutions.

Compared to the previous quarter, the 14,243 business registrations in Q3 represented a marginal decline from 14,481 in the previous quarter.

"Right now, European economies are in turmoil - France is in the process of increasing taxes, Spain and Greece are trying to cut their budgets, and other countries such as Germany are losing the confidence of investors who fear that they may be saddled with the rescue costs of their troubled European partners," said Ms. Jacqueline Low, Chief Operating Officer of Janus Corporate Solutions, a leading Singapore company registration services firm . "In contrast, here in Singapore it has been business as usual and there has been little impact on business confidence. In fact, if you compare the year-on-year Q3 data, there was in fact a significant increase in new business formation."

"With the global integration of economies, there is a race among nations to attract innovators, entrepreneurs and job creators. With its business friendly policies and low tax environment, Singapore continues to win that race. As an example, the government recently announced changes to the Singapore Companies Act that will result in lower costs and greater efficiency for businesses that operate here," she continued.

"As Singapore adopts more business-friendly policies, entrepreneurs around the world see real opportunities in Singapore. We believe that the country will continue to weather the stormy global economy resiliently, and emerge through it to become the top Asian hub for doing business," concluded Ms. Low.

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