Macau is a region of southern China, which is known for many thousands of years. The first Europeans set foot on the peninsula in the 16th century creating one of the first settlements in South East Asia. Later settlement developed rapidly as a road link between China and Europe. When Portugal lost its former strength as the sea ruler and when Hong Kong was conquered by the English, Macau port role gradually declined. It took another half a century before the Portuguese completely abandoned the former colony at the end of the twentieth century; Macau became special administrative region of the PRC. Now it has its own parliament, customs, laws, and, finally, its currency- pataca (MOP).
Currently, Macau has a large Freeport, is known for tourist attractions and well-developed gaming industry. According to some estimates, Macau ranks second in the world in terms of GDP per capita. The main trade partners are Mainland China, Hong Kong and Japan.
The most common business entities
The most popular and most convenient legal registration form of foreign entrepreneurs is limited liability company (LLCbQ).
The main features
It gives a unique opportunity to work with Chinese companies and the entire Southeast Asian region, also has convenient territorial tax system.
Macau's legal system has developed at a time when the peninsula was ruled by Portuguese, corresponding to the Roman-Germanic lines. Macau constitution is designed with influence of the Hong Kong Basic Law and Portugal Constitution.
The minimum is 25 thousand patacas (about 4.2 thousand US dollars), which must be paid during the company formation process. It consists of fixed parts. The capital may be supplemented after registration. In Macau is prohibited ownership of the nominal and trust shares.
The main requirements for the directors and shareholders
The company, which is registered in Macau's jurisdiction, requires at least one director who is elected by the shareholders. If the director is a legal person, there is an obligation to draw up a representative who is a natural person. The Board of Directors must have at least three members. Information about the directors is available in the public register.
The number of shareholders is limited from 2 to 30. They can be natural and legal persons there are no restrictions on their nationality. Shareholders are obliged to organize meetings, and the information about them is freely available.
Disclosure of the company’s beneficial to the government bodies
Information about the beneficial owners is not freely available.
There is a territorial system of taxation and income tax must be paid on incomes got only in the territory of Macau, which is from 0 to 12% on a progressive scale.
All enterprises in Macau must have accounting records. Currency account is MOP. Submission of reports is required, and companies with a high turnover in addition must conduct an independent audit. All Macau companies are divided into two groups, the first group of companies with a capital of more than one million patacas or average annual income over the last three years greater than five hundred thousand patacas. These companies need to carry out an annual audit and submit their tax return. Companies that do not meet the requirements are exempt from audit.