Macau: 338 companies closing in H1

According to the Statistics and Census Bureau, 338 firms in the city of Macau were in the process of closing down in the first half of the year.

Macau.- The Statistics and Census Bureau has revealed figures that show 338 companies were in dissolution in the first half of the year.

The companies represent a total value of registered capital of MOP106 million (US$13.2 million).

The number is 20 per cent lower than the 421 closures registered in the same period last year. According to figures, the total number of companies registered in Macau at the end of the second quarter of 2020 actually increased by 4,498 to 73,540.

At the beginning of the Covid-19 pandemic, the number of newly incorporated companies fell by 25.6 per cent year-on-year, with 2,438 new companies created and the total value of newly registered capital falling by 89.4 per cent to MOP360 million (US$45 million).

The Macau Legislative Assembly has approved legislation authorising the government to contract debts up to MOP2.2 billion (US$275 million) to guarantee credit to small and medium-sized enterprises (SMEs) affected by the Covid-19 pandemic.