Record number of new firms set up so far in 2012

The number of newly established companies in Korea hit a record high in the first 10 months of this year, bolstered by a surge in service start-ups, a report showed yesterday.

A total of 62,391 companies were established in the January-October period, up 17.6 percent from 53,033 during the same period a year earlier, according to the report by the Small and Medium Business Administration (SMBA).

The 10-month figure was the highest since the SMBA started compiling related data in 2000. Last month, the number of start-ups increased 11.1 percent on-year to 5,639, marking the 20th consecutive month of increase, according to the administration.

In the 10-month period, the number of newly established service firms jumped 13.1 percent from a year earlier, with the on-year growth rate amounting to 6.9 percent for manufacturers and 2 percent for construction companies.

Yonhap