SINGAPORE, Oct. 22, 2012 /PRNewswire/ -- The Singapore Business Formation Statistics Report for the third quarter of 2012 released by Janus Corporate Solutions shows that the country's new business registration activity continues to hold steady in spite of the overall economic slowdown.

According to the report, the number of new business registrations in the third quarter of 2012 was 14,243, a marginal decline from 14,481 in the previous quarter. However, the year-on-year comparison showed growth, as the Q3 2012 total represented an increase from the figure of 13,934 in Q3 2011.

The report breaks down the data by categories. For example, its analysis of business registrations by entity type showed that registration of a private limited liability company continued to be the most popular choice for new Singapore businesses. Specifically, exempt private limited companies comprised the bulk of the total with 47% of all new registrations, while non-exempt private limited companies made up only 8%.

Moreover, companies with full local shareholding continued to make up the majority of business registration for the period. Their percentage at 65% was a slight 1% decrease quarter-on-quarter, but is nonetheless an indicator that local entrepreneurship in Singapore remains strong.

The breakdown of new business registrations by industry shows steady trends. Wholesale trading continued to be the most popular sector at 21%. This was an affirmation of Singapore's status as a global business hub due to its efficient and attractive business infrastructure and its strategic location in Asia with world-class ports. The financial services sector (14%) also continues to be strong due to the influx of investment bankers looking to escape the troubled Eurozone economy.

"Right now, European economies are in turmoil - France is in the process of increasing taxes, Spain and Greece are trying to cut their budgets, and other countries such as Germany are losing the confidence of investors who fear that they may be saddled with the rescue costs of their troubled European partners," said Ms. Jacqueline Low, Chief Operating Officer of Janus Corporate Solutions, a leading Singapore company registration services firm. "In contrast, here in Singapore it has been business as usual and there has been little impact on business confidence. In fact, if you compare the year-on-year Q3 data, there was in fact a significant increase in new business formation."

"With the global integration of economies, there is a race among nations to attract innovators, entrepreneurs and job creators. With its business friendly policies and low tax environment, Singapore continues to win that race. As an example, the government recently announced changes to the Singapore Companies Act that will result in lower costs and greater efficiency for businesses that operate here," she continued.

"As Singapore adopts more business-friendly policies, entrepreneurs around the world see real opportunities in Singapore. We believe that the country will continue to weather the stormy global economy resiliently, and emerge through it to become the top Asian hub for doing business," concluded Ms. Low.

A full copy of the Q3 statistics report is available at http://www.guidemesingapore.com/docs/singapore-business-formation-trends-2012-q3.pdf

About Janus Corporate Solutions Pte Ltd

Janus Corporate Solutions Pte Ltd is a leading Singapore-based firm that provides comprehensive and cost-effective Singapore company registration, immigration visa, accounting and tax filing services to businesses and entrepreneurs worldwide. For more information, visit http://www.guidemesingapore.com.

CONTACTS:

Jacqueline Low
+65-6222-7445
[email protected]