Newly firms increasing amid market recovery

A total of 1,355 new companies were incorporated in the third quarter of 2023, an increase of 383 year-on-year, data from the Statistics and Census Service (DSEC) shows.

The increase comes after the significant decrease of new firms in 2022 due to the economic downturn caused by the pandemic.

The number of new companies operating in Wholesale & Retail Trade and Business Services totaled 472 and 408 respectively.

However, the total value of registered capital of the new companies fell by 39.6% year-on-year to MOP535 million due to the incorporation of a company with above average capital in Financial Activities in the same quarter last year.

Meanwhile, companies being dissolved totaled 242 in the third quarter, and the value of registered capital of these companies amounted to MOP57 million.

A total of 261 small and medium enterprises (SMEs) which benefited from government support measures have already closed their doors due to bankruptcy, data from the Economic and Technological Development Bureau (DSEDT) in August 2022 shows.

In reference to the origin of capital of the newly incorporated companies, Macau and mainland China contributed MOP261 million (48.7% of total) and MOP239 million (44.6%) respectively. Capital from the Mainland cities in the Greater Bay Area totaled MOP76 million, of which Zhuhai accounted for 70.0%. In addition to this, capital from Hong Kong stood at MOP19 million. Staff Reporter