Big firms drive new incorporations as small businesses lead dissolutions

[Photo: Renato Marques]

Big companies accounted for the bulk of newly registered corporate capital in Macau in the first half (1H) of 2026, while smaller businesses made up the majority of new incorporations, according to Statistics and Census Service (DSEC) data.

A total of 2,726 companies were incorporated during the period, representing a net increase of 2,181 after 545 companies were dissolved.

The same statistics release shows that a significant number of major corporations were newly incorporated during this period, with 39 of these companies accounting for 63.3% of the capital registered in the first semester of this year.

The registered capital of these 39 companies reached MOP247 million, averaging over MOP6.3 million per company.

As for the small-scale companies, they number 2,045, with a total registered capital of just MOP52 million, averaging MOP25,428 per company, just slightly above the minimum required to register a company in Macau (MOP25,000).

These more than 2,000 companies account for only 13.4% of the capital registered during this period.

According to DSEC, the majority of the companies newly incorporated in 1H of this year were engaged in wholesale and retail trade (995) and business services (764).

Regarding dissolutions, statistics show that the number of companies dissolved in 1H stabilized between May and June (68 and 69 per month), while the number of dissolutions recorded in January reached 153.

Additionally, further analysis by the Times shows that those companies dissolved in June (69) accounted for just MOP5.61 million in registered capital, indicating that, for the most part, they were small in scale.

In contrast, the capital of those dissolved in March and April this year (180) reached MOP173.47 million; on average, these companies had registered capital of almost MOP1 million, indicating that they were much larger.

It is still evident that there was a very significant shift from the first quarter (Q1) to the second (Q2).

In Q1, the number of dissolutions increased by an average of 61.1% year-over-year, while in Q2 it dropped sharply to a 15.7% decline, reflecting a different trend between 2025 and 2026.

In new incorporations, May alone accounted for the registration of 484 new companies with total registered capital of MOP149.3 million, compared with April, which saw 451 new companies incorporated but with just MOP33.2 million in registered capital.

Year-over-year, the registered capital of new incorporations in Q2 increased by 168.1%, with a particular focus on May, where growth was 252.1% compared with 2025. This occurred as the number of incorporations increased by 33.6% in the quarter, indicating not only that more companies were being registered but also that their scale was far larger than last year.

Local capital accounted for 63.5% of incorporations

Figures from DSEC also indicate that the total registered capital of the new companies amounted to MOP390 million in 1H. Of this sum, the largest share came from incorporations with local capital, amounting to MOP248 million (63.5%).

Capital from mainland China ranks second at MOP113 million (28.8% of the total), of which DSEC noted that MOP29 million was attributable to the Greater Bay Area, with a particular focus on Zhuhai, accounting for almost 70% of that amount.

Capital originating in Hong Kong reached MOP20 million, or 5.1%, marking a significant long-term decrease in investment from Hong Kong in Macau, which has been gradually replaced by mainland capital, particularly after 2019.