BWI: Singapore Company Formation Trends Report Released for January and February 2011

Press release from Business Wire India
Source: GuideMeSingapore.com
Thursday, March 10, 2011 10:01 AM IST (04:31 AM GMT)
Editors: General: People; Business: Accounting & management consultancy services, Banking & financial services, Business services, Financial Analyst, Information technology; Technology
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Singapore Company Formation Trends Report Released for January and February 2011
GuideMeSingapore.com has just released its latest statistical report highlighting company formation activity in Singapore for the first two months of 2011

Singapore, Thursday, March 10, 2011 -- (Business Wire India) -- www.GuideMeSingapore.com, a leading Singapore-focused business information portal has released its Singapore Company Formation Statistics Report for January-February 2011. The report includes statistical data on the number of business registrations in Singapore during January-February 2011 and also provides a profile of the newly registered companies, the top industry sectors recording maximum company formation activity, and top countries from which companies and entrepreneurs are choosing Singapore for establishing their business operations.

According to the report, business registrations in Singapore during January-February 2011 totaled to 8,943 entities marking a 4% increase as compared to December 2010. 45% of the new entities were exempt private limited companies (i.e. companies with less than 20 shareholders and whose all shareholders are individuals). Sole-proprietorships were the second most popular entity type followed by private limited companies. Ms. Jacqueline Low, the Director of Singapore company registration agency Janus Corporate Solutions - the parent of GuideMeSingapore.com site cited lesser compliance requirements as the possible reason behind the popularity of exempt private limited companies. "Exempt private limited companies with an annual turnover of less than S$5million are exempt from appointing an auditor and are allowed to file unaudited accounts in Singapore. The resultant costs savings coupled with the benefits of incorporating a Singapore company is what is driving the growth of EPCs. In fact the number of EPCs has grown by 12% in January and February as compared to December 2010. Interestingly, private limited company formations have also increased by 9%."

The report also reveals that more than half (66%) of the companies that were setup during the first two months of 2011 were 100% locally owned. 17% of the companies were completely foreign owned while the remaining 17% had both local and foreign shareholding. "Singapore strongly encourages entrepreneurship. With an exemplary business environment, low tax rates, excellent infrastructure, and ease of Singapore company setup budding entrepreneurs find it easy to take the plunge and start their own business venture in Singapore," said Ms. Low.

Data about Singapore company registrations by industry shows that the trading sector, financial services industry, and activities of head offices and management consultancies are the top three industries showing the most growth in newly formed companies and recorded 22%, 14% and 10% incorporation activity respectively. Sectors such as IT, retail trade, F&B, real estate, construction, education and business administration were among the top 10 company incorporation sectors.

Singapore is also proving to be a popular business destination for foreign companies and entrepreneurs from both Asian economies as well as Western countries. The British Virgin Islands, USA, UK, Hong Kong, India, China, Indonesia, and Malaysia were among the top 10 countries to have invested and setup a business in Singapore during January-February 2011. "Strategically located at the heart of Southeast Asia and ranked as the world's easiest place to do business, Singapore is the perfect gateway to the region. Foreign companies can kick start their business operations in Asia either by setting up a Singapore branch office or opting for Singapore subsidiary company," added Ms. Low.

A full copy of the report can be viewed at http://www.guidemesingapore.com/docs/singapore-company-registration-report-2011-JanFeb.pdf


About GuideMeSingapore.com

GuideMeSingapore.com is a unit of Janus Corporate Solutions Pte Ltd - a Singapore-based firm that provides cost-effective and professional services to local and foreign entities for Singapore company registration, branch office setup, owner/staff relocation, taxation and ongoing statutory compliance needs.

Janus Corporate Solutions Pte Ltd
16 Raffles Quay #33-03
Hong Leong Building
Singapore 048581


CONTACT DETAILS
Andrew Chen, GuideMeSingapore.com, +65 6222 7445, achen@guidemesingapore.com

KEYWORDS
PEOPLE, CONSULTANCY SERVICES, BANKING, BUSINESS SERVICES, Financial Analyst, IT, TECHNOLOGY

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