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.