Singapore has once again established itself as a prime commercial hub in the region, as thousands of new businesses are registered.
According to the Singapore Business Formation Statistics Report for Q2 2014 by Janus Corporate Solutions, 18,689 new businesses were formed in Singapore in the second quarter of the year. This was a 15.4% increase from the previous quarter.
Private limited companies made up of 51% of these new businesses, 8,188 of which were exempt private limited companies.
The report highlighted exempt private limited companies continued to remain the most preferred type of entities because of their tax friendliness and relatively minimal compliance requirements.
Of the new business formed in Q2 2014, 31% had foreign shareholders, enhancing Singapore’s strong reputation as an efficient regional hub for international businesses.
“On the home front, this quarter it was challenging, with a slump in services as well as manufacturing sector, but the integral strength of the economy and its competitive business quotient seems to have shored up the confidence of the business and investor community, which is evident from the business formation numbers,” Jacqueline Low, chief operating officer, Janus Corporate Solutions, said.
“Economists forecast a sustained growth for Singapore with the recovery of its export markets and therefore the second half of 2014 should also be extremely good for new business formation.”