The Accounting and Corporate Regulatory Authority (ACRA) registered a total of 20,365 new companies in the first half of 2014, as the year sets to improve on the 8.2% average annual growth rate of company formation witnessed in Singapore in the last few years.
Here’s an excerpt from the report:
Singapore’s economy is increasingly shifting gears towards the services sector, with expansion in exportable service industries such as finance and insurance, and wholesale trade over the years. So much so that services’ share of Singapore’s nominal Gross Domestic now stands at 70%.
So it’s no surprise that mid-year company incorporation statistics released recently by the Accounting and Corporate Regulatory Authority (ACRA) indicate that the top three industry segments this year have been wholesale & retail trade; professional, scientific & technical activities; and financial & insurance activities. Their figures are 5,420, 3,511, and 2,372 respectively.