(PRWEB) October 19, 2010
Singapore company registration firm Janus Corporate Solutions has released a report today that provides statistical data on the number of Singapore company incorporations in September 2010 along with an analysis of the profile of business enterprises.
According to the report, there were a total of 4,561 Singapore business registrations in September 2010. Limited exempt private companies (i.e. companies with less than 20 shareholders and whose shares are held by individuals only) emerged as the most popular entity type, accounting for 1,986 of the total business entities, followed by sole proprietorships (1,795), and private limited companies (328). Exempt private limited companies are proving to be a popular business vehicle as they pose very minimal ongoing compliance requirements. In Singapore, exempt private limited companies with an annual turnover of less than S$5million are exempt from appointing an auditor as they are allowed to file unaudited accounts.
74% of the companies registered has a share capital under S$10,000. 21% of the companies had a share capital in the range of S$10,001 - S$100,000 while only 5% of the companies had injected a share capital of above S$100,000.
Given that majority of the newly formed companies are exempt private limited companies, it is evident that SMEs account for a large proportion of the companies that were registered in September 2010. Furthermore, entrepreneurship is on the rise in Singapore with 64% of the companies registered having 100% local ownership while 24% of the companies were foreign owned.
New Singapore company registrations were particularly strong in industries such as wholesale trade (21%), financial services (16%), and management consultancies (8%), reaffirming the country's dominance as a global trading hub and leading financial center. An open trade policy, low tax system, financial market sophistication, high quality infrastructure, and pro-business environment are some of the factors that make Singapore a popular regional base for trading and financial service companies. IT related services, F&B, retail trade, warehousing and logistics, real estate, education, and construction were other sectors that recorded high company formations.
Singapore is uniquely positioned for companies that want to expand regionally as well as for Asian companies that are seeking global expansion. Statistics on the top foreign countries that are investing and creating start-ups in Singapore reveal that Singapore continues to remain attractive to foreign investors from US, UK, Europe, Australia, and Asia.
According to Ms. Jacqueline Low, the Director of Corporate Services at Janus, "Singapore is fast becoming the preferred choice for entrepreneurs across the globe. By compiling the statistics, we have attempted to provide a snapshot of the number of Singapore company setups, the characteristics of new Singapore company registrations, the top performing industries in Singapore, and countries that are creating the most number of start-ups in Singapore. This data will enable users to draw inferences and analyze trends in Singapore company formations."
Full copy of the report can be found at Singapore Company Registration Statistics - September 2010.
Janus Corporate Solutions Pte Ltd is the leading Singapore-based firm that offers incorporation of local and foreign companies, accounting, taxation, and work visa services to global entrepreneurs and firms that are interested in doing business in Singapore. For more information, visit Janus's website at http://www.guidemesingapore.com.