I came across some stats from ACRA on entity registration and types between 2017-2018 while doing my research and preparation for a coming presentation.
1. Partnership and Sole proprietorship
If I take the figures from these two entity types as a measure of entrepreneurial spirit in Singapore, the figures certainly do not point to a very active market. While the no. of partnership has increased marginally, the no. of sole proprietors has actually decreased.
The no. of companies has achieved a NET increase of 13,849 and 21,243 over 2017 and 2018 respectively. These figures should after ACRA’s big effort to strike off companies that have been “abandoned” by shareholders and directors for various reasons after due process.
3. Public Accounting Firms
For those seeking to work in audit firms, there has been a net decline in the no. of prospective employers that you could send your resumes to. Given the direction of legislation for audit exemption, we should see an increasing no. of companies being exempted from audit. Yes, noted that a company may still choose to be audited for various reasons and advantages.
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