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Data divulged: Company registrations increase

Data divulged: Company registrations increase

THE number of new businesses registered in the Kingdom rose nearly 30 percent last year, compared to 2009.

Data obtained from the Ministry of Commerce yesterday showed that 2,572 new businesses were noted in 2010, up from 2,003 in 2009 – a rise of 28 percent. Of this, between 30 to 40 percent were foreign companies, a rise of about 10 percent.

“The global economy slightly impacted our economy. Significantly, we were very politically stable —that’s why both local and foreign investors felt confident in putting down their money for ... enlarging businesses here,” said Hum Hean, director of the Ministry’s business registration department.

“I noticed that there was a sharp increase for small and medium-sized enterprises last year,” he added.

Foreign subsidiaries also went up to 46, from 31, while representative offices registrations increased to 32 from 11.

Many foreign companies registering hailed from the region, and were involved in agriculture, services and tourism, he said.

Hum Hean expected the registrations would keep growing this year.

In 2009, the number of new registrations declined by 27 percent over 2008.

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