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New Businesses Boom Amid the COVID-19 Pandemic
There’s no denying that the covid-19 pandemic caused a massive global economic downturn and Singapore is no exception. During the first year of the pandemic in 2020, Singapore experienced an overall economic decline of 5.8%. This figure is slightly better than the drop of
Such economic decline led to many businesses shutting their doors and the highest unemployment rate in a decade. Sectors hit the hardest include tourism and the service industry, where approximately
Losing a job during this pandemic caused many people to reassess their priorities and rethink what they genuinely want in life. Some chose this opportunity to find employment with better pay or to rekindle long-lost dreams of creating their own business..
Such a way of thinking is what leads to “
According to Singapore’s Accounting and Corporate Regulatory Authority (ACRA), there were
The same report found that new retail businesses increased 54%, as 9,000 entities formed new companies in 2020 compared with about 5,800 in 2019. Undoubtedly, some of this growth is due to the growing trend of online stores and ecommerce businesses models.
The covid-19 pandemic has highlighted the importance of the health and social sectors to keep up with demands worldwide. Therefore, new companies in these sectors were among those on the rebound. For instance, India, the second-most populous country, experienced a
Another sector that’s not fading away anytime soon is manufacturing. The covid-19 pandemic lockdowns and global supply chain disruptions made governments reflect on their capabilities to manufacture face masks and other healthcare supplies. And the work-from-anywhere model that most businesses have implemented during the pandemic contributed to the demand for manufacturing of technology like 5G.
Ultimately, the pandemic has taught us to be resilient and adaptable. You might have lost employment, or a business may have shut down, but we know that there are a lot of opportunities waiting for us that may still bring us success. We just have to know where to look.
Are you looking to incorporate your new company in Singapore today? Look no further; start it with
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