Singapore is still business king as new formations spike by 10.3% in Q3

Citizens still own the lion’s share of businesses.

With headwinds bombarding Singapore’s economy for the third quarter of 2015, it only became an opportunity for the city-state to cement its status as a resilient business hub.

This is evident in a report by Hawksford, detailing the jump of business formations in Q3, improving to 17,608 compared to 15,964 businesses registered last month.

Furthermore, the quarter has seen the highest tally of business formations this year, improving by 20% since the first quarter.

Meanwhile, wholesale trade, financial services, and head office and management consultancy activities continue to dominate in terms of business formation, Hawksford said.

According to Hawksford, among the top investors in Singapore this quarter were companies from the British Virgin Islands, the United States, Hong Kong, Australia, China, and Japan, among others. There was also a marginal increase in investors from Hong Kong and Australia.