Over 8,600 businesses ceased and filed to cease operations in April

Economists warn more of them will go under, after wage support is cut for most sectors; job losses are expected to swell in Q2

Tay Peck Gek

Published Sun, May 10, 2020 · 09:50 PM

Covid-19

Singapore

A TOTAL of 3,771 business entities closed in April - a shade less than the 3,793 in March 2020 - with another 4,892 in the process of shutting down, as the novel coronavirus continues to bite. (see amendment note)

In contrast, the number of business entities formed in April at 3,767 was the lowest since 2013. Figures for the first three months this year were in the range of 4,514 to 5,082.

Economists warn, however, that more business entities will go under after the government cuts wage support for most sectors as the "circuit breaker" ends on June 1 and the temporary freeze on loan repayments is lifted.

Data from BizInsights, an authorised information service provider of the Accounting and Corporate Regulatory Authority of Singapore, shows that 4,008 companies, sole proprietorships, partnerships and public accounting firms ceased operations in March, and that number ballooned to 8,663 in April. This figure - comprising the 3,771 cl…