The number of startup businesses has hit a record high due to an increasing number of retired baby boomers who are opening their own shops. The number of newly established businesses stood at 19,048 in the first quarter, the highest since statistics were first compiled in 2000 and up 21.6 percent on-year, according to the Small and Medium Business Administration on Wednesday.
There were 6,604 startups in March, also a record and up for the 13th straight month.
People over 60 accounted for the largest proportion, or 30.6 percent, of those who started new businesses. They were followed by those in their 50s (29.1 percent) and 40s (21.8 percent).
The number of startups increased in most industries, such as manufacturing (up 24.6 percent) and services (22.6 percent). Their number rose in all regions.
Most people started businesses with capital of no more than W100 million (US$1=W1,141)., accounting for 15,976 startups, up 23.2 percent on-year. Some 3,072 began with more than W100 million, up 13.9 percent.