Increase in Singapore Business Formations in 2012 despite Economic Slowdown, Reports Janus Corporate Solutions

SINGAPORE, Feb. 14, 2013 /PRNewswire/ -- According to the just released Singapore Business Formation Statistics Report 2012 by Janus Corporate Solutions, confidence in starting new businesses in Singapore continued to remain strong as more businesses were formed in 2012 than 2011.

New business formations totalled 56,681 in 2012, registering a small increase from the 55,699 business formations in 2011. The number of locally owned enterprises increased by 2.5% while the number of foreign owned enterprises rose by 2.7%.

According to the report, the number of private limited company registrations saw an increase of 6% during 2012 and they made up 55% of all businesses registered in 2012. A private limited company offers protection to business owners as it has its own legal identity separate from its shareholders and directors. A separate legal identity means the liabilities of owners are limited to assets in the company and their personal assets will remain untouched should the business fail.

In terms of business formations by industry, the report identified significant increase in business incorporations in Head Offices and Management Consultancy (28%), Computer Programming and Consultancy Services (22%), Retail Trade (15%), Food and Beverage Services (12%), and Wholesale Trade (10%).

The report also noted a healthy increase in the number of foreign company registrations from certain countries, including a 264% rise in the number of Chinese companies and a 51% rise in the number of Japanese companies. A foreign company can incorporate either a branch office or a subsidiary company in Singapore.

There was also an increase in the number of companies with individual shareholders from France Australia, and Japan by 65%, 29%, and 27% respectively.

Ms. Jacqueline Low, Chief Operating Officer of Singapore company registration agency Janus Corporate Solutions, the parent company of GuideMeSingapore.com, said, "Singapore attracts foreign businesses because it is well positioned within the global economy. The country offers low taxation and superb ease of doing business, which are a big draw for businesses from both developing and established countries. Its free trade access provides opportunities for companies from China and other countries to penetrate more markets as economic growth in their home economies slow down."

The data provided above is part of the Singapore Business Formation Statistics Report from Janus Corporate Solutions. Every quarter, Janus produces a report with data on the number of newly set up business entities, the statistical profile of recently incorporated companies, the top industries registering business formation activity, and the countries with the most number of newly established companies in Singapore. Individuals who wish to receive a copy of the quarterly report, can email their request to qr_subscribe@guidemesingapore.com.

About Janus Corporate Solutions Pte Ltd
Janus Corporate Solutions Pte Ltd is a Singapore-based firm that provides quick and cost-effective Singapore company formation, accounting, tax and immigration services to entrepreneurs and small to medium-size businesses worldwide. For more details about the firm, visit www.GuideMeSingapore.com.

For media queries, please contact:
Jacqueline Low
Chief Operating Officer
Janus Corporate Solutions
Tel: +65-6922-4123
Email: Jacqueline.low@guidemesingapore.com