Near 150 ex-offshore companies convert to normal operations

According to the government, 147 former offshore companies have retained their existing business names and started operating without an offshore license.

The disclosure was made by Labour Affairs Bureau (DSAL) in response to lawmaker Lei Chan U’s written enquiry dated June 1. The Macao Trade and Investment Promotion Institute (IPIM) has been consulted on the matter, DSAL emphasized.

Director Wong Chi Hong of DSAL pointed out that all ex-offshore licenses automatically expired at the end of 2022, pursuant to local laws. However, no change to their business details, such as business names or addresses, was needed for them to operate as general businesses.

Wong added that his bureau commenced a series of measures in the fourth quarter in response to the cessation of offshore businesses. Visitations have also been conducted at ex-offshore companies to survey their employment needs.

Meanwhile, between 2018 and 2020, four talk sessions had been held to familiarize affected employees with their rights. A total of 96 people had participated.

Between October 2020 and May 2022, DSAL received 10 complaints related to ex-offshore companies, concerning 13 local and two non-local staff members. The focus of the complaints were on salary and compensation for dismissal. Two of the 15 cases required judicial intervention.

As of June 2022, nine people with backgrounds in offshore business reported being unemployed. AL