New business density in Republic of Korea
Republic of Korea: New business density was 3.51 new registrations per 1,000 people ages 15-64 in 2023. ▲ Rising
Latest (2023)
3.51 new registrations per 1,000 people ages 15-64
Change on year
down 10.5%
World rank
66th
of 177 countries
All-time high
4.31 new registrations per 1,000 people ages 15-64
in 2021
All-time low
1.87 new registrations per 1,000 people ages 15-64
in 2006
Years of data
18
2006–2023
New business density in Republic of Korea, 2006–2023
Source: Entrepreneurship Database, World Bank (WB). Measured in new registrations per 1,000 people ages 15-64.
Analysis
In 2023, new business density in Republic of Korea stood at 3.51 new registrations per 1,000 people ages 15-64.
Compared with earlier readings it is down 10.5% on the previous year and up 28.1% over ten years.
Over the whole period, new business density in Republic of Korea peaked at 4.31 new registrations per 1,000 people ages 15-64 in 2021 and was at its lowest, 1.87 new registrations per 1,000 people ages 15-64, in 2006.
Republic of Korea ranks 66th of 177 countries on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 18 years of available data.
New business density in Republic of Korea, year by year
| Year | new registrations per 1,000 people ages 15-64 | Change |
|---|---|---|
| 2006 | 1.87 new registrations per 1,000 people ages 15-64 | — |
| 2007 | 2.16 new registrations per 1,000 people ages 15-64 | +15.7% |
| 2008 | 2.14 new registrations per 1,000 people ages 15-64 | -1.0% |
| 2009 | 2.25 new registrations per 1,000 people ages 15-64 | +5.1% |
| 2010 | 2.32 new registrations per 1,000 people ages 15-64 | +3.4% |
| 2011 | 2.45 new registrations per 1,000 people ages 15-64 | +5.6% |
| 2012 | 2.65 new registrations per 1,000 people ages 15-64 | +7.9% |
| 2013 | 2.74 new registrations per 1,000 people ages 15-64 | +3.6% |
| 2014 | 3 new registrations per 1,000 people ages 15-64 | +9.4% |
| 2015 | 3.28 new registrations per 1,000 people ages 15-64 | +9.3% |
| 2016 | 3.35 new registrations per 1,000 people ages 15-64 | +2.1% |
| 2017 | 3.32 new registrations per 1,000 people ages 15-64 | -0.8% |
| 2018 | 3.46 new registrations per 1,000 people ages 15-64 | +4.2% |
| 2019 | 3.66 new registrations per 1,000 people ages 15-64 | +5.8% |
| 2020 | 4.1 new registrations per 1,000 people ages 15-64 | +11.9% |
| 2021 | 4.31 new registrations per 1,000 people ages 15-64 | +5.1% |
| 2022 | 3.93 new registrations per 1,000 people ages 15-64 | -8.9% |
| 2023 | 3.51 new registrations per 1,000 people ages 15-64 | -10.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 2.1 new registrations per 1,000 people ages 15-64 | 1.87 new registrations per 1,000 people ages 15-64 | 2.25 new registrations per 1,000 people ages 15-64 | 4 |
| 2010s | 3.03 new registrations per 1,000 people ages 15-64 | 2.32 new registrations per 1,000 people ages 15-64 | 3.66 new registrations per 1,000 people ages 15-64 | 10 |
| 2020s | 3.96 new registrations per 1,000 people ages 15-64 | 3.51 new registrations per 1,000 people ages 15-64 | 4.31 new registrations per 1,000 people ages 15-64 | 4 |
Countries ranked near Republic of Korea
- 63 Hungary 3.83 new registrations per 1,000 people ages 15-64 compare
- 64 Dominica 3.73 new registrations per 1,000 people ages 15-64 compare
- 65 Spain 3.67 new registrations per 1,000 people ages 15-64 compare
- 67 Netherlands 3.41 new registrations per 1,000 people ages 15-64 compare
- 68 Kazakhstan 3.35 new registrations per 1,000 people ages 15-64 compare
- 69 Uruguay 3.23 new registrations per 1,000 people ages 15-64 compare
More private sector data for Republic of Korea
- Merchandise trade 71.6% (2025)
- Food imports 6.3% (2024)
- Manufactures imports 60.1% (2024)
- Merchandise imports 631.89 billion current US$ (2025)
- Food exports 1.6% (2024)
- Manufactures exports 87.3% (2024)
- Merchandise exports 709.33 billion current US$ (2025)
- Merchandise exports (current US$), per capita 13,724 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.3788 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 3.76 % change on previous year (2025)
Frequently asked questions
- What is new business density in Republic of Korea?
- New business density in Republic of Korea was 3.51 new registrations per 1,000 people ages 15-64 in 2023, according to Entrepreneurship Database, World Bank (WB).
- What is the highest new business density recorded in Republic of Korea?
- The highest recorded value was 4.31 new registrations per 1,000 people ages 15-64 in 2021.
- What is the lowest new business density recorded in Republic of Korea?
- The lowest recorded value was 1.87 new registrations per 1,000 people ages 15-64 in 2006.
- How does Republic of Korea rank for new business density?
- Republic of Korea ranks 66th out of 177 countries with data for 2023.
- Is new business density rising or falling in Republic of Korea?
- Over the last ten years it is up 28.1%. The long-run trend across the full record is rising.
- Where does this Republic of Korea data come from?
- The figures come from Entrepreneurship Database, World Bank (WB), published as part of New business density (new registrations per 1,000 people ages 15-64). Statizoid updates them automatically from the source API.
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About this data
The number of newly registered firms with limited liability per 1,000 working-age people (ages 15-64) per calendar year.