More businesses set up in S'pore despite Covid-19 recession

Monthly registrations from June to Oct grew year on year, also outpaced Jan to May figures

Acra's registry statistics show that the number of new businesses registered has been on an upward trend since Singapore entered Phase 2 of reopening.
Acra's registry statistics show that the number of new businesses registered has been on an upward trend since Singapore entered Phase 2 of reopening.PHOTO: ST FILE

Despite Covid-19 tightening the noose around some businesses, more firms have been set up in the past five months than in the same period last year, with experts describing this new wave of entrepreneurs as a sign of confidence in Singapore's recovery.

About 5,500 to 6,400 new businesses were formed monthly between June and last month, compared with about 5,300 a month over the same timeframe last year, checks by The Sunday Times show.

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A version of this article appeared in the print edition of The Sunday Times on November 29, 2020, with the headline 'More businesses set up in S'pore despite Covid-19 recession'. Subscribe