More new business entities set up in Singapore despite Covid-19 recession

SINGAPORE – Defying the risk of firms having to wind up in the shadow of the pandemic, more business entities were set up in Singapore in the past five months than in the same period in 2019, particularly in the wholesale trade and retail sectors.

The Accounting and Corporate Regulatory Authority’s (Acra) registry statistics show that the number of new businesses registered has been on an upward trend since the country entered Phase 2 of reopening its economy in June.

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