New firm establishment nears record high in Jan.

The number of newly established firms in South Korea soared to a near-record high in January, data showed Monday, with most new firms being small in size as more retirees opted to start their own businesses.

A total of 8,070 companies were set up in January, nearing the all-time high of 8,129 posted in July last year, according to the Bank of Korea. It marks a record for the month of January.

Separate data by the Small and Medium Business Administration showed that small firms accounted for a bulk of the newly established companies.

Those with capital of 50 million won (US$45,302) or less took up 72 percent of the total, with the portion jumping 18 percent from the previous year.

People in their forties and fifties continued to lead in opening new businesses, with entrepreneurs in their forties accounting for 39 percent of the total, followed by those in their fifties with 25 percent.

Meanwhile, the number of firms that went bankrupt in January came in at 67, staying unchanged from the previous month.

The default rate of corporate bills -- bonds, checks and promissory notes -- reached 0.19 percent, rising from 0.17 percent in December, according to the data. (Yonhap)