How many new businesses were registered in Singapore in 2023?

70,159 new businesses were registered in Singapore in 2023, averaging 192.2 registrations per day. Source: ACRA entity registry data.

What was Singapore's GDP growth rate in 2023?

Singapore's GDP grew by 1.5% in 2023. Source: SGP Directory annual business report, data from ACRA.

What was the most popular industry for new businesses registered in Singapore in 2023?

The most popular industry for new Singapore business registrations in 2023 was Wholesale and Retail Trade with 17,285 new entities. Source: ACRA entity registry data.

How did Singapore business registrations change from 2022 to 2023?

Singapore business registrations increased by 9.6% from 2022 to 2023. Source: ACRA entity registry data via SGP Directory.

What is the business survival rate for companies registered in Singapore in 2023?

69.4% of businesses registered in Singapore in 2023 are still active. Source: ACRA entity registry data via SGP Directory.

Singapore Business Statistics Annual Report 2023

Chapter 1

Annual Highlights

Key headline figures for the year.

70,159

New Registrations (2023)

Source: ACRA registry data

+9.6%

vs 2022 Registrations

Compared to 2022

1.5%

GDP Growth (2023)

Measured and resilient

69.4% of 2023 cohort still active today

Chapter 2

Registration Trends

How new business registrations have evolved over the years.

New entity registrations per calendar year. Analytical findings by SGP Directory. Source: ACRA entity registration records.

Chapter 3

Top 10 Industries in 2023

The most popular industry sectors for new business registrations in 2023.

1.Wholesale and Retail Trade

17,285

2.Professional & Technical Services

12,107

3.Information Services

8,272

4.Financial and Insurance

6,957

5.Accommodation & Food Services

3,766

6.Construction

3,566

7.Other Service Activities

3,179

8.Admin & Support Services

2,825

9.Transportation and Storage

2,738

10.Manufacturing

2,548

Top 10 industry sectors by new business registrations in 2023. Sectors derived from SSIC classification codes. Analytical findings by SGP Directory based on ACRA entity registration records.

Browse companies by industry

Chapter 4

Types Distribution in 2023

Breakdown of new business registrations by entity type in 2023.

Exempt Private Company Limited by Shares39,82756.8%

Sole Proprietorship16,37323.3%

Private Company Limited by Shares10,48314.9%

Partnership1,4412.1%

Limited Liability Partnership1,3541.9%

Other6811.0%

Breakdown of new entity registrations by entity type in 2023. Analytical findings by SGP Directory based on ACRA entity registration records.

Chapter 5

Monthly Registrations in 2023

Month-by-month breakdown of new business registrations in 2023.

New entity registrations by calendar month in 2023. Analytical findings by SGP Directory based on ACRA entity registration records.

Chapter 6

Top Business Addresses in 2023

The most popular buildings and streets for new business registrations in 2023.

Top 10 Buildings

1.PAYA LEBAR SQUARE

3,355

2.SINGAPORE BUSINESS FEDERATION CENTER

1,669

3.INTERNATIONAL PLAZA

1,570

4.MIDVIEW CITY

816

5.HIGH STREET CENTRE

662

6.ROBINSON 112

639

7.VISION EXCHANGE

626

8.PENINSULA PLAZA

526

9.REPUBLIC PLAZA

457

10.SUNTEC TOWER ONE

447

Top 10 Streets

1.ROBINSON ROAD

3,673

2.PAYA LEBAR ROAD

3,528

3.NORTH BRIDGE ROAD

1,835

4.ANSON ROAD

1,679

5.CIRCULAR ROAD

1,404

6.BEACH ROAD

1,345

7.CECIL STREET

969

8.RAFFLES PLACE

872

9.SIN MING LANE

816

10.TEMASEK BOULEVARD

797

Top buildings and streets by number of new business registrations in 2023. Analytical findings by SGP Directory based on ACRA registered address data.

Chapter 7

Top Business Activities in 2023

The most common specific business activities among new registrations in 2023.

1.Wholesale trade of a variety of goods without a dominant product

5,378

2.Holding companies of firms engaged in non-financial and insurance activities

4,489

3.Management consultancy services

4,126

4.Development of software and applications (except games and cybersecurity)

2,537

5.Information technology consultancy (except cybersecurity)

1,283

6.Restaurants

1,003

7.Online marketplaces operating on a fee or commission basis for goods and food sold by third-party

835

8.General contractors for building construction and major upgrading works

722

9.Public relations, marketing and brand consultancy services

660

10.Management consultancy services n.e.c.

607

Top 10 specific business activities (SSIC codes) among new registrations in 2023. Analytical findings by SGP Directory based on ACRA entity registration records.

Chapter 8

Methodology & References

Data sources, scope, and methodology notes.

Data sources

ACRA Statistical Highlights 2023 — primary official source for national registration totals.

Scope and coverage

This report covers entities registered in the ACRA public dataset as at the publication date. It includes all entity types available in the open dataset (companies, businesses, limited liability partnerships, and similar). Entities struck off or dissolved before the snapshot date are excluded from active counts. Where SGP Directory figures differ from ACRA's official totals, SGP Directory figures are presented as analytical findings and ACRA remains the authoritative source.

Licence

Source data is published by ACRA, the Accounting and Corporate Regulatory Authority of Singapore. Analytical output published by SGP Directory · sgpdirectory.com.

Tools

Check if your business name is available

Search the ACRA registry for name conflicts before registering.

Name Checker

Annual Reports

Browse all editions

View the full series of Singapore Business Statistics annual reports.

All Editions

Singapore Business Statistics Annual Report (2023)