By Blossom Ukoha
Singapore’s entrepreneurial landscape is undergoing a significant transformation, and women are increasingly at the centre of it. What was once a smaller segment of the business community has grown into a substantial economic force, creating companies, generating billions in revenue and employing hundreds of thousands of people.
The growth is not simply anecdotal. Singapore Department of Statistics data, released in 2024 and subsequently cited by Singapore government officials, provides a clear picture of how far women’s entrepreneurship has advanced. At the same time, data from ACCA, OCBC and HSBC shows that the next challenge is no longer simply encouraging women to start businesses, but helping more of them scale.
A Growing Force in Singapore’s Economy
The most striking evidence is the number of women-owned companies.
According to the Singapore Department of Statistics, the number of women-owned companies more than doubled from 16,300 in 2010 to 36,000 in 2022. Their share of all Singapore resident-owned companies also increased from 20% to 25.6% during the same period.
Their economic contribution has expanded alongside their numbers. In 2022, women-owned companies generated S$85.3 billion in revenue, representing average annual revenue growth of 11.3% since 2010. These businesses employed approximately 202,000 people.
Their share of the total revenue generated by resident-owned companies more than doubled, rising from 10.3% in 2010 to 21.3% in 2022. Their share of employment also increased from 13.2% to 18.5%.
The figures show that women entrepreneurs are no longer a peripheral part of Singapore’s economy. They are increasingly contributing to employment, commercial activity and national economic growth.
Services Are the Main Entrepreneurial Platform
The Singapore Department of Statistics also reveals where women-owned companies are concentrated.
In 2022, Professional Services accounted for 17.8% of women-owned companies, followed by Wholesale Trade at 15.9% and Retail Trade at 9.3%.
This concentration reflects the opportunities available in Singapore’s service-driven economy, where professional expertise, consumer demand and relatively lower barriers to entry can create pathways into business ownership.
But there is another side to the picture.
Women-owned businesses tend to be younger and smaller than resident-owned companies overall. According to the same Department of Statistics data, 38.8% of women-owned companies were five years old or younger, compared with a lower proportion across resident-owned companies generally.
Only 17% of women-owned companies generated more than S$1 million in revenue, compared with 23.7% of all resident-owned companies.
This points to the next frontier: moving more women-owned companies from early-stage businesses into larger, longer-lasting enterprises.
A New Generation Is Becoming More Entrepreneurial
The growth of women entrepreneurs is also being accompanied by rising ambition.
According to ACCA survey data, entrepreneurial ambition among women working in finance and accountancy increased to 42% in early 2026, up from 31% the previous year. The strongest levels of ambition were recorded among Gen Z and Millennial women.
This suggests that entrepreneurship is increasingly being viewed by younger professional women not simply as an alternative to employment, but as a route to ownership, independence and influence.
That shift in mindset could have long-term consequences for Singapore’s business landscape as more women with professional, financial and technological expertise consider building companies of their own.
Networks Are Becoming Part of the Infrastructure
Entrepreneurship rarely succeeds through individual effort alone. Access to information, relationships and trusted advice can be just as important as access to finance.
In Singapore, informal peer networks including founder communities, lunch groups, WhatsApp circles and women-focused business networks are increasingly providing practical support. Women entrepreneurs can exchange advice on pricing, hiring, marketing, business strategy, and expansion while building relationships with potential partners and customers.
Formal support is expanding too.
Initiatives such as the ASME Women’s Initiative, the Singapore Women Entrepreneurs Network (SG-WEN) and the OCBC Women Unlimited Programme are strengthening the ecosystem around women-owned businesses. Recognition programmes such as EY Asia-Pacific Entrepreneurial Winning Women are also bringing greater visibility to women founders, including Singapore-based entrepreneurs.
These networks matter because visibility can translate into opportunity—particularly when women are trying to move from local businesses into larger regional and international markets.
The Scaling Challenge
Yet the rise in the number of women entrepreneurs does not mean that the playing field is completely level.
According to OCBC data, women-owned SMEs experience approximately 30% lower sales-turnover growth during their first three years compared with male-owned SMEs.
This is one of the most important challenges facing the next phase of women’s entrepreneurship in Singapore. The country has demonstrated that women are willing to start businesses. The harder question is whether those businesses can grow at the same speed and scale as their male-owned counterparts.
Access to capital is a major part of that equation.
A 2026 HSBC-commissioned “She’s The Business” study found that 41% of female entrepreneurs in Singapore experienced gender bias when raising capital. Meanwhile, 59% of Singapore entrepreneurs overall reported experiencing funding rejections.
Yet the data also provides an encouraging counterpoint. Among successful funding applications, 54% of women secured the full amount they sought, compared with 56% of men. This suggests that once women successfully enter the capital-raising process, the gap in outcomes can become considerably narrower.
The challenge, therefore, is not simply whether women can attract investment. It is whether they have equal access to the opportunities, networks and decision-makers that determine who gets funded in the first place.
Women’s Influence Is Expanding Beyond Entrepreneurship
The broader business environment is also becoming more representative.
World Bank data shows Singapore performing relatively strongly on female participation in business ownership and management compared with many peer economies. Meanwhile, government statements citing SGX data show that women’s representation on the boards of Singapore’s top 100 listed companies increased from 7.5% in 2013 to 25.1% in 2024.
This wider movement matters because entrepreneurship and corporate leadership are connected. As more women become founders, executives, investors and board members, their influence extends beyond individual businesses into the institutions that shape Singapore’s economy.
From Starting Businesses to Building Bigger Ones
Singapore’s women entrepreneurs have already demonstrated their ability to create economic value.
Between 2010 and 2022, their numbers more than doubled. By 2022, women-owned companies were generating S$85.3 billion in revenue and employing 202,000 people, according to the Singapore Department of Statistics.
The next chapter is about scale.
More women need access to larger growth capital, procurement opportunities, technology, international markets, mentorship and networks capable of helping them move beyond small enterprises.
For policymakers, banks, investors and business organisations, the question should therefore evolve from “How do we encourage women to start businesses?” to “How do we help women build businesses that can compete, scale and lead?”
Conclusion: From Entrepreneurship to Economic Influence
The rise of women entrepreneurs is reshaping Singapore’s business landscape from the ground up. Women are starting more companies, generating substantial revenue, creating jobs and demonstrating growing entrepreneurial ambition.
But the most important opportunity now lies beyond the start-up stage.
If Singapore can close the gaps in growth, firm size and access to larger pools of capital, women-owned companies could become an even more powerful engine of innovation, employment and regional expansion.
The numbers prove that women are building businesses.
The next measure of progress will be how many of those businesses become large enough to transform industries, enter global markets and shape Singapore’s economic future.
Call to Action: Build for Scale
Singapore’s next phase of women’s entrepreneurship requires more than encouragement to start. It requires deliberate investment in the women already building.
Banks and investors must widen access to growth capital. Policymakers must strengthen programmes that help women scale. Business networks must open more doors to partnerships and markets. And women entrepreneurs must continue to build the networks, confidence and capabilities needed to take their businesses further.
Singapore has already created a strong foundation.
Now is the time to turn more women-owned businesses into high-growth enterprises and women entrepreneurs into an even greater force shaping the future of Singapore’s economy.
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