Singapore - This year's Fastest Growing 50 (FG50) Awards has revealed a new breed of high-flying companies with one thing in common- they are all less than 10 years old.
These young companies dominate the 2015 FG50 ranks, with 22 of the winners operating for fewer than 10 years. Of these 22, seven are in the top 10.
Home-grown enterprises also did well this year with 28 Singapore companies making the FG50 winner's list compared to 23 last year.
Lattice SG was named the fastest growing company in Singapore.
The FG50, compiled by DP Information Group (DP Info), identifies companies that have achieved a minimum of 10 per cent turnover growth every year for the last three years while remaining profitable each year.
Six of the 22 young companies have revenues in excess of a billion dollars, and only three of this group are SMEs with a turnover of less than $100 million.
Mr Lincoln Teo, chief operating officer of DP Info, said in a statement on Thursday (Aug 27) that many of these companies are part of large multinational firms that have chosen Singapore as the base for their regional operations.
"This year's FG50 shows Singapore remains an attractive place to do business. Twelve of these young companies are foreign enterprises that have established themselves in Singapore" he said.
Lattice SG, for example, is part of Nasdaq-listed and US-based Lattice Semiconductor Group, which provides smart connectivity solutions, intellectual property and low-power, small form-factor devices.
Lattice SG is one out of three centres of operations the group has in Asia. Its Singapore operations cover the full value chain of semiconductor activities including 40 integrated circuit design houses, 14 silicon wafer fabrication plants and 20 outsourced assembly and test facilities.
The commerce-wholesale sector had the largest number of winners with 18 on the list. The second largest representation came from the information & communications sector with seven companies.