Against a backdrop of global economic uncertainties, foreign entrepreneurs and enterprises are unshaken in their confidence in the city-state as a commercial launch pad for their ventures and investments, the figures show.

Total business registrations rose by 10.4 per cent quarter-on-quarter, with foreign branch office registrations in Singapore up by 21.3 per cent. In terms of shareholders’ country of origin, the British Virgin Islands, Australia, Hong Kong and the US led the way in setting up business subsidiaries in Singapore.

Meanwhile, the share of wholly locally owned companies dropped to 48 per cent. The share of companies formed by Singaporean individuals fell to 56 per cent, compared to its traditional majority share of around 70 per cent. While the share of entrepreneurs and investors from China, Malaysia and the US grew marginally as international investors and entrepreneurs flocked to Singapore to take advantage of its safety net, locals are showing signs of restraint, Hawksford said.

“The continued uptrend in the share of foreign owned companies is an unprecedented variance, which we believe is caused by the uncertain global political situation and the less than moderate economic growth momentum in the mature economies,” said Jacqueline Low, chief operating officer of Hawksford Singapore.

Looking ahead, Low expects business formation growth rates to hold steady in the third quarter, before slowing down at the end of the year. She predicts the share of foreign owned companies will “taper down” by the last quarter, thus restoring the historical trend.

“Singapore is resilient and has strong business foundations that will hold up well against the sluggish global economy,” she said.