Dataset from Singapore Department of Statistics. For more information, visit https://data.gov.sg/datasets/d_f9c93c1ffcefe660272c101cd733711c/view

As of 2023, there were around ******* small and medium enterprises (SMEs) in Singapore. By comparison, the non-SMEs amounted to ***** in the same year.

In 2023, there were about ******* small and medium-sized enterprises in Singapore, an increase compared to the previous year. Over the past ten years, Singapore has seen an increase in the number of SMEs.

In 2023, small and medium-sized enterprises (SMEs) employed just over ** percent of the total number of people working in business enterprises in Singapore. By comparison, the non-SMEs employed approximately ** percent of people.

As per Cognitive Market Research's latest published report, The Southeast Asia Corporate Secretarial Services market size will be $313.78 Million by 2028. The Southeast Asia Corporate Secretarial Services Industry's Compound Annual Growth Rate will be 5.68% from 2023 to 2030. Factors Impacting Southeast Asia Corporate Secretarial Services Market Growth

Rising economy of Southeast Asia due to rising SME's

Southeast Asia has become one of the major players in today’s global economy. With a combined GDP of US$2.7 billion (3.5% of the world GDP) in 2017, the ASEAN economy is projected to grow over 5% per year and become the fourth largest economy in the world by 2030. However, SMEs has played major role in developing economy. These SMEs contribute to each AMS’ GDP between 30% and 53%, with export contribution between 10% and 30%. Thus, it makes real contribution to income and employment generation, gender and youth empowerment through their diverse business participation, and their widespread presence in non-urban and rural areas.

However, with the increasing number of players and businesses, competitive approach has also increased drastically. Every small and medium business along with large enterprises ensures their digital presence and are efficiently utilizing digital technology to sustain in the market.

There are various significant issues on inconsistent and arbitrary definitions of SMEs within and between countries, across regulatory bodies, government departments, and professional institutions. Differences in existing laws, rules and regulatory frameworks, and the nature of Southeast Asia as a politically, socially, and economically diverse region, contribute to difficulties in negotiating and adopting a common and coherent regional definition. Thus, to sustain in the changing market dynamics, quality of thinking and delivery are more important than ever. This can be done by leveraging upon the expertise of the personnel.

Hence, growing SMEs in Southeast Asia region drives the growth of corporate secretarial services market.

Market Dynamics of

Southeast Asia Corporate Secretarial Services Market

Key Drivers of

Southeast Asia Corporate Secretarial Services Market

Increasing Regulatory Complexity in Southeast Asia : As countries in Southeast Asia enhance their corporate governance standards, the demand for professional secretarial services is on the rise. Regular updates to regulations, compliance requirements, and cross-border reporting obligations drive businesses to seek expert assistance. Corporate secretarial firms play a crucial role in navigating these changing frameworks and avoiding legal repercussions, making them vital partners for both domestic and international operations. This shift in regulation is fostering ongoing demand among public, private, and foreign-owned companies.

Growth of Foreign Direct Investment (FDI) in the Region : With a surge in foreign investments into nations such as Singapore, Malaysia, Indonesia, and Vietnam, there is a notable increase in the need for secretarial services that assist with company registration, legal structuring, and compliance documentation. These services facilitate entry for foreign enterprises that may be unfamiliar with local regulations. Corporate secretarial providers deliver comprehensive support, ensuring a seamless setup and operation, thus playing an essential role in promoting the growth of international businesses in the region.

Emergence of Startups and SMEs : The vibrant startup landscape and the increasing number of small- and medium-sized enterprises (SMEs) in Southeast Asia are driving the demand for affordable secretarial support. Startups often choose to outsource their administrative, legal, and compliance responsibilities to concentrate on their core business activities. Corporate secretarial service providers present flexible packages designed for small businesses, allowing them to maintain compliance without the need for in-house teams. This adaptability bolsters the entrepreneurial surge across countries like Thailand, the Philippines, and Vietnam.

Key Restraints in

Southeast Asia Corporate Secretarial Services Market

Lack of Standardization Across Jurisdictions : Each country in Southeast Asia possesses its unique regulatory framework, featuring varying rules regarding company formation, filing deadlines, and complian...