Entrepreneurial confidence grows as private company registrations expand in 2024

• Company registrations from January 01 to June 30 total 12,651, up 20.2% YoY
• 2Q24 registrations up 19% from 2Q23 and 41.4% up from 2Q22

The number of new private company registrations in the country has shown a significant year-on-year (YoY) increase since the economic crisis in 2022, official data showed.

According to the Registrar of Companies Department, 12,651 new businesses were registered between January 01 and June 30, 2024, marking a 20.2 percent rise from the 10,520 companies incorporated during the same period in 2023.

This upward trend signals the growing confidence among the entrepreneurs as the economy continues to recover, analysts said.

In June 2024, 1,899 new companies were registered, a slight decrease from May 2024, which saw 2,035 incorporations. The highest number of registrations recorded for the year so far is in March, where 2,440 companies were incorporated.

For the quarter ended June for 2024 (2Q24), a total of 5,956 companies were registered. This is a 19 percent increase from the 5,004 entities registered in 2Q23 and a 41.4 percent increase from the 
4,210 companies registered in 2Q22.

The first quarter of 2024 recorded 6,695 new companies, with 1,995 in January, 2,260 in February and 2,440 in March. April saw the first decline in this trend, with 2,022 new incorporations. May showed a marginal increase to 2,035 registrations but June experienced a dip again.

The second quarter of 2024 saw 5,956 new companies register, a 12.4 percent decline from the first quarter. (NR)