Singapore's new businesses registered (number) was 52,248 in 2024, the latest year in the World Bank's World Development Indicators. That is up 36.4% from 38,306 in 2014 (3.15% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 52,248 | 2024 |
| Five years earlier | 43,762 | 2019 |
| Ten years earlier | 38,306 | 2014 |
| Highest | 52,248 | 2024 |
| Lowest | 19,575 | 2006 |
| Average since 2015 | 43,064 | 2015–2024 |
| First recorded | 19,575 | 2006 |
What the numbers say
In 2024, Singapore's new businesses registered (number) rose 2.6% on 2023 (from 50,945 to 52,248).
Across the 17 yearly changes before that (2007 to 2023), the average change was +6% and a typical year strayed about 7.6% from that (the standard deviation). This year's change was 0.5 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was 21.8% in 2007 and the biggest yearly fall was 11% in 2015. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2015 to 2024 the straight-line trend is upward, about 1,987 a year. A straight line explains 94% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
A straight-line projection, tested first
Extending that straight line gives about 55,704 for 2027. We show this only because the same method, fitted on earlier years, predicted 2022 to 2024 better than "no change" would have: its average miss was 1,950, against 4,586 for assuming no change. Treat it as a continuation of the recent pattern, not a forecast of events: it cannot see a recession, a policy change or a revision to the data.
See how a linear trend forecast works and the guide on forecasting without fooling yourself.
How it compares
In 2024, Singapore had the 28th highest value of the 127 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
Closest to Singapore in the 2024 ranking
What this measures
New businesses registered are the number of new limited liability corporations (or its equivalent) registered in the calendar year.
Limitations: The definition of entrepreneurship used is limited to the formal sector. Yet, it should be noted that the exclusion of the informal sector is based on the difficulties of quantifying the number of firms that compose it, rather than on its relevance for developing economies. Data collected from economies categorized as offshore financial centers by Eurostat are excluded from the analysis, because registered entities in these countries may not fit the objective of the Entrepreneurship Database aiming at measuring formally registered companies with actual economic activities.
All 19 values
| Year | New businesses registered (number) |
|---|---|
| 2024 | 52,248 |
| 2023 | 50,945 |
| 2022 | 46,617 |
| 2021 | 45,351 |
| 2020 | 42,402 |
| 2019 | 43,762 |
| 2018 | 43,050 |
| 2017 | 37,172 |
| 2016 | 35,020 |
| 2015 | 34,076 |
| 2014 |
New businesses registered (number) in nearby economies
- Australia — 316,561 (2024)
- Brunei Darussalam — 157 (2024)
- Cambodia — 5,138 (2024)
- China — 286,640 (2024)
- Fiji — 1,665 (2024)
- Hong Kong SAR, China — 145,053 (2024)
- Indonesia — 182,200 (2024)
- Japan — 41,946 (2024)
- Kiribati — 2 (2018)
- Korea, Rep. — 128,455 (2023)
- Lao PDR — 7,941 (2024)
More private sector & trade data for Singapore
- Merchandise trade (% of GDP) — 177.64% (2025)
- Merchandise imports (current US$) — US$505.84 billion (2025)
- Merchandise exports (current US$) — US$566.87 billion (2025)
- Agricultural raw materials imports (% of merchandise imports) — 0.19% (2025)
- Food imports (% of merchandise imports) — 3.54% (2025)
- Fuel imports (% of merchandise imports) — 15.46% (2025)
- Manufactures imports (% of merchandise imports) — 74.49% (2025)
- Ores and metals imports (% of merchandise imports) — 1.44% (2025)
- Agricultural raw materials exports (% of merchandise exports) — 0.34% (2025)
Reading data like this
Questions people ask
- What is Singapore's new businesses registered (number)?
- 52,248 in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 2006?
- It is up 166.91% from 19,575 in 2006 (5.61% a year on average, compounded). The highest value was 52,248 in 2024 and the lowest 19,575 in 2006.
- How does Singapore rank?
- 28th highest of 127 economies with data for 2024.
Source
World Bank, World Development Indicators, indicator IC.BUS.NREG, licensed CC BY 4.0. Original source: Entrepreneurship Database, World Bank (WB), uri: https://www.worldbank.org/en/programs/entrepreneurship Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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