Published January 2025

Singapore Business Statistics Annual Report (2024)

Recovery and Digital Momentum

Singapore's economy rebounded at its fastest pace in three years in 2024, fuelled by a resurgent financial services sector, the return of the global semiconductor upcycle, and a sweeping wave of AI investment that reshaped enterprise demand across industries. New business formations reflected the renewed optimism, with professional services and technology sectors leading the way.

Chapter 1

Annual Highlights

Key headline figures for the year.

71,514

New Registrations (2024)

Source: ACRA registry data

+1.9%

vs 2023 Registrations

Compared to 2023

5.3%

GDP Growth (2024)

Optimistic

79.9% of 2024 cohort still active today

Chapter 3

Top 10 Industries in 2024

The most popular industry sectors for new business registrations in 2024.

1.Wholesale and Retail Trade
18,231
2.Professional & Technical Services
12,241
3.Information Services
8,526
4.Financial and Insurance
6,574
5.Accommodation & Food Services
3,903
6.Construction
3,515
7.Other Service Activities
3,270
8.Admin & Support Services
2,981
9.Transportation and Storage
2,813
10.Education
2,582

Top 10 industry sectors by new business registrations in 2024. Sectors derived from SSIC classification codes. Analytical findings by SGP Directory based on ACRA entity registration records.

Chapter 4

Types Distribution in 2024

Breakdown of new business registrations by entity type in 2024.

Exempt Private Company Limited by Shares40,64656.8%
Sole Proprietorship16,46523.0%
Private Company Limited by Shares11,13615.6%
Limited Liability Partnership1,3531.9%
Partnership1,2951.8%
Other6190.9%

Breakdown of new entity registrations by entity type in 2024. Analytical findings by SGP Directory based on ACRA entity registration records.

Chapter 5

Monthly Registrations in 2024

Month-by-month breakdown of new business registrations in 2024.

Jan6,444Feb5,061Mar6,238Apr6,258May6,372Jun5,716Jul6,766Aug6,292Sep5,886Oct6,258Nov5,880Dec4,343

New entity registrations by calendar month in 2024. Analytical findings by SGP Directory based on ACRA entity registration records.

Chapter 6

Top Business Addresses in 2024

The most popular buildings and streets for new business registrations in 2024.

Top 10 Buildings

1.PAYA LEBAR SQUARE
3,757
2.INTERNATIONAL PLAZA
1,603
3.SINGAPORE BUSINESS FEDERATION CENTER
1,537
4.MIDVIEW CITY
882
5.VISION EXCHANGE
737
6.HIGH STREET CENTRE
708
7.ROBINSON 112
603
8.THE PLAZA
568
9.CITY HOUSE
520
10.PENINSULA PLAZA
505

Top 10 Streets

1.PAYA LEBAR ROAD
3,915
2.ROBINSON ROAD
3,662
3.NORTH BRIDGE ROAD
1,804
4.ANSON ROAD
1,692
5.BEACH ROAD
1,534
6.CIRCULAR ROAD
1,228
7.CECIL STREET
1,028
8.SIN MING LANE
882
9.RAFFLES PLACE
866
10.TEMASEK BOULEVARD
743

Top buildings and streets by number of new business registrations in 2024. Analytical findings by SGP Directory based on ACRA registered address data.

Chapter 7

Top Business Activities in 2024

The most common specific business activities among new registrations in 2024.

1.Wholesale trade of a variety of goods without a dominant product
6,154
2.Holding companies of firms engaged in non-financial and insurance activities
4,491
3.Management consultancy services
4,031
4.Development of software and applications (except games and cybersecurity)
2,658
5.Information technology consultancy (except cybersecurity)
1,336
6.Restaurants
1,011
7.Online marketplaces operating on a fee or commission basis for goods and food sold by third-party
906
8.Public relations, marketing and brand consultancy services
756
9.General contractors for building construction and major upgrading works
730
10.Stalls selling cooked food and prepared drinks
578

Top 10 specific business activities (SSIC codes) among new registrations in 2024. Analytical findings by SGP Directory based on ACRA entity registration records.

Chapter 8

Methodology & References

Data sources, scope, and methodology notes.

Data sources

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.

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