The Monetary Authority of Macau (AMCM) indicated that the offshore licenses of 23 companies were revoked in the first half of this year.
In the same period, no offshore licenses were provided or changed, according to an Official Gazette dispatch published today (Wednesday).
The Macao Trade and Investment Promotion Institute is the entity responsible for overseeing local offshore companies, with the department informing the AMCM of updates concerning local offshore activity.
In 2018 local authorities approved legislation determining that from January, 2021 there can be no offshore companies in Macau, with existing companies having to decide if they close doors or change to onshore companies.
As of the beginning of this year, there were still about 355 offshore companies operating in Macau.