New business confidence continues to remain strong in Singapore as entrepreneurs see increasing opportunities to build wealth.  

In a report byJanus Corporate Solutions titled "Singapore Business Formation Statistics Report 2012," new business formations grew from 55,699 in 2011 to 56,681 in 2012. The number of locally-incorporated businesses increased 2.5 per cent, while foreign-owned enteprises grew by 2.7 per cent. 

A whopping 264 per cent increase was noted in the number of registrations by Chinese companies, while Japanese firms recorded a 51 per cent rise. According to Singaporean law, a foreign company may incorporate either a subsidiary firm or a branch office in the city-state. A rise was also found in the number of firms with individual shareholders from France, Australia and Japan, by 65 per cent, 29 per cent and 27 per cent, respectively.

"Singapore attracts foreign businesses because it is well positioned within the global economy... offers low taxation and ease of doing business, which are a big draw," saidJacqueline Low, chief operating officer of Singapore-based Janus Corporate Solutions. 

The industries with the highest recorded new formations in 2012 is that of head offices and management consultancy, 28 per cent, followed by computer programming and consultancy services, 22 per cent, and then retail trade, 15 per cent.