More businesses set up in S’pore despite Covid-19 recession

Despite Covid-19 tightening the noose around some businesses, more firms have been set up in the past five months than in the same period last year, with experts describing this new wave of entrepreneurs as a sign of confidence in Singapore’s recovery.

About 5,500 to 6,400 new businesses were formed monthly between June and last month, compared with about 5,300 a month over the same timeframe last year, checks by The Sunday Times show.