Macau - United States Department of State

2023 Investment Climate Statements: Macau

Macau became a special administrative region of the People's Republic of China on December 20, 1999. Macau's status since its return to Chinese sovereignty is set out in the Sino-Portuguese Joint Declaration (1987) and the Basic Law (the de facto constitution of the special administrative region). Under the "one country, two systems" concept enshrined in these documents, Macau enjoys a high degree of autonomy in economic matters, and its economic system is not expected to change for 50 years after the reversal of Chinese rule in 1999. A separate customs territory from mainland China, Macau has considered itself a liberal economy and free port. Tourism is the foundation of Macau's economy. The Government of Macau (GOM) maintains a transparent, non-discriminatory and free market economy. The Government of Macau (GOM) strives to maintain an investor-friendly environment.

In 2002, the GOM put an end to its long-standing gambling monopoly, awarding two gaming concessions and one sub-concession to a joint venture with the United States. This opening encouraged large-scale U. S. investment in casinos and hotels, spurring rapid economic growth in the tourism, gaming and entertainment sectors. The GOM collected $2. 4 billion in gaming tax revenue in 2022, accounting for less than 20% of total government expenditure of $12. 4 billion that year. In 2007, Macau overtook Las Vegas in annual gaming revenue to become the world's largest gaming center after the liberalization of its gaming industry. Prior to that, Macau's gaming revenue was about seven times that of Las Vegas. But in 2022, Las Vegas again surpassed Macau. This is mainly because the SAR continued strict border controls for a third year following China's COVID-19 zero policy to contain the pandemic COVID-19.

Macau's casino gaming revenue recorded $5. 3 billion in 2022, down 51. 4% year-on-year and the lowest annual figure since 2005. US investment over the past decade is estimated at more than $24 billion. In addition to gaming, Macau seeks to position itself as a regional center for travel, conventions, and tourism, but to date has had limited success in diversifying its economy. In 2007, business leaders established the Macau American Chamber of Commerce.

Macau also aims to become a "trade and commercial c o-service platform" between mainland China and Portuguese countries. GOM has promoted these initiatives to create various policies to create business opportunities in domestic and foreign investors. Many infrastructure projects are underway, including new casinos, hotels, subway railways, airport expansion, and Macau Typa's 4th vehicle (scheduled to be completed in the first quarter of 2024), which started construction in August 2020.

Table 1: Main indicators and rankings

index	year	Index/ ranking	Index indicators and indicators
Rotation recognition index	2022	Not applicable 180	http: // www. Transparency. Org/Research/CPI/OVERVIEW
Global Innovation Index	2022	None 132	https: // www. Globalinnovationindex. Org/Analysis-Indicator
U. S. -partner country direct investment (US $ 1 million, past stock position)	2021	538 $	https: // apps. bea. gov/International/FactSheet/
World Bank GNI per person	2021	46. 450 $	https: // data. Worldbank. Org/Indicator/NY. Gnp. PCap. CD

1. Openness To, and Restrictions Upon, Foreign Investment

POLICIES TOWARDS FOREIGN DIRECT INVESTMENT

The c o-declaration between the People's Republic of China and the Portugal government on the Macau issue was signing in March 1987, and the constitutional principle of the "System Two System" was established. The principle of the "one country and two system" guarantees that Macau has enjoyed the right to the autonomy, free market system, legal status, and liberal society until at least 2049. The Macau Basic Law, which was rising based on the declaration of the middle virgin, came into effect in December 1999 and established the basic principles of macau rule under Chinese rule. The Basic Law also guarantees that Macau is basically the same as the "country two systems" until at least 2049.

Macau is a member of the World Trade Organization (WTO) separately from mainland China. According to Wall Street Journal and the Heritage Foundation, Macau was 34th in 180 countries around the world and ninth in the Asi a-Pacific region. However, Macau was excluded from the 2021 index announced in March 2021. The Heritage Foundation explains that Macau's excluded decision has been doubted by recent trends that policies to provide economic freedom to Macau have been controlled by Beijing.

There are no foreign capital restrictions in Macau. Both overseas companies and domestic companies are registered under the same business regulation as the commercial law (DECREE 40/99/m) and are regulated.

Macau is greatly dependent on gambling and tourism. GOM is aiming to diversify the Macau economy by attracting foreign capital, and is working to maintain an environment that is friendly to investors. Corporate taxes are low, and companies with net income of more than $ 75. 000 are 12 %. Companies with net income of less than $ 75. 000 are ta x-exempt. The maximum tax rate for individuals is 12 %, and the first $ 18. 000 of the taxable income is ta x-exempt. Macau enacted a new gambling method in June 2022, maintains 35 % direct tax on gambling income, and promotes the development of Macau's culture, science, and education on public funds and the gambling income for social security funds. Indirect tax was raised from 4 % to 5 %. If Macau's excessive dependence on Chinese tourists can be proved that casino businesses have attracted more no n-mainstream Chinese tourists, indirect taxes may be reduced or exempted. Macau is trying to establish an incentive trip, convention and tourist regional center. All six companies in Macau's gaming concession have succeeded in attracting tourists from China.

The Macau Trade Investment Promotion Organization (IPim) is a GOM agent in charge of promoting trade and investment activities. The IPim provides a on e-stop service, including notary services for business registration, and applies laws and administrative procedures to all local and foreign individuals or foreign individuals who are interested in establishing a company in Macau. Macau has no particular foreign capital. Both overseas companies and domestic companies are registered under the same business regulation as the commercial law (DECREE 40/99/m) and are regulated.

LIMITS ON FOREIGN CONTROL AND RIGHT TO PRIVATE OWNERSHIP AND ESTABLISHMENT

The Macau Trade Investment Promotion Organization (IPim) is a GOM agent in charge of promoting trade and investment activities. The IPim provides a on e-stop service, including notary services for business registration, and applies laws and administrative procedures to all local and foreign individuals or foreign individuals who are interested in establishing a company in Macau. There are no foreign capital restrictions in Macau. Both overseas companies and domestic companies are registered under the same business regulation as the commercial law (DECREE 40/99/m) and are regulated.

Macau is greatly dependent on gambling and tourism. GOM is aiming to diversify the Macau economy by attracting foreign capital, and is working to maintain an environment that is friendly to investors. Corporate taxes are low, and companies with net income of more than $ 75. 000 are 12 %. Companies with net income of less than $ 75. 000 are ta x-exempt. The maximum tax rate for individuals is 12 %, and the first $ 18. 000 of the taxable income is ta x-exempt. Macau enacted a new gambling method in June 2022, maintains 35 % direct tax on gambling income, and promotes the development of Macau's culture, science, and education on public funds and the gambling income for social security funds. Indirect tax was raised from 4 % to 5 %. If Macau's excessive dependence on Chinese tourists can be proved that casino businesses have attracted more no n-mainstream Chinese tourists, indirect taxes may be reduced or exempted. Macau is trying to establish an incentive trip, convention and tourist regional center. All six companies in Macau's gaming concession have succeeded in attracting tourists from China.
The Macau Trade Investment Promotion Organization (IPim) is a GOM agent in charge of promoting trade and investment activities. The IPim provides a on e-stop service, including notary services for business registration, and applies laws and administrative procedures to all local and foreign individuals or foreign individuals who are interested in establishing a company in Macau.
Macau maintains an ongoing dialogue with investors through various business networks and platforms, such as IPIM, the Macau Chamber of Commerce, the Macau American Chamber of Commerce and the Macau Bankers Association. Macau participates in the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries, a coordination platform for strengthening economic and trade cooperation with Portuguese-speaking countries. The Forum holds a ministerial-level conference in Macau every three years, bringing together companies and government officials from participating countries, as well as representatives of international trade and trade promotion organizations.

OTHER INVESTMENT POLICY REVIEWS

Foreign companies and individuals are free to establish companies, branches and representative offices in Macau without discrimination or undue restrictions. There are also no restrictions on the ownership of such establishments. Company directors do not have to be Macau citizens or residents, with the exception of three professions that are subject to residency requirements:

BUSINESS FACILITATION

Education Applicants for the establishment of a school must hold an identity card or have the right to reside in Macau. The principal of the school must be a Macau resident.

OUTWARD INVESTMENT

Newspapers and Magazines Applicants must first apply for business registration and register with the Government Information Office as an organization or individual. Publishers of newspapers and magazines must be Macau residents or have the right to reside in Macau.

2. Bilateral Investment and Taxation Treaties

Legal Services Lawyers from foreign jurisdictions who wish to practice law in Macau must first obtain a Macau Resident Permit. Foreign lawyers must also pass an examination to register with the Bar Association, a self-regulatory body. The examination is conducted in Chinese or Portuguese. Foreign lawyers who pass the examination are required to undergo 18 months of uninterrupted practical training before practising as lawyers in Macau.

Macau conducted its latest WTO Trade Policy Review in November 2020. See https://www. wto. org/english/tratop_e/tpr_e/s402_e. pdf.

IPIM assists foreign investors in registering companies and establishing stakeholder liaison to enter the Macau market. The company registration process is usually completed within 10 working days. Company registration procedures can be found here. http://www. ipim. gov. mo/ja/services/one-stop-service/handle-company-registration-procedures/

Macau does not promote or provide incentives for foreign investment, nor does it restrict domestic investors from investing abroad. In 2021, the latest data, Macau's business direct investment flows increased 173% year-on-year to $3. 2 billion, and its foreign direct investment stock increased 36. 1% year-on-year to $12. 3 billion. Hong Kong and mainland China remain the top two.

3. Legal Regime

TRANSPARENCY OF THE REGULATORY SYSTEM

Macau has bilateral investment treaties (BITs) with Portugal and the Netherlands. It does not have a bilateral tax treaty with the United States. Macau and mainland China have a free trade agreement (FTA), the Close Economic Partnership Agreement (CEPA). The agreement provides duty-free access to mainland China for all products originating in Macau and preferential treatment for 48 service sectors. Macau and Guangdong Province, China, have implemented an agreement to achieve basic liberalization of trade in services, using the CEPA "negative list" to cover 134 service sectors and provide national treatment to Macau's 58 service industries. In addition, the agreement provides Macau with most-favored-nation treatment, and the liberalization measures included in FTAs concluded by mainland China and other countries are also applicable to Macau. The framework and content of the agreement have become a model for basic trade liberalization in the service sector between Macau and the whole of mainland China. CEPA includes an investment agreement and an economic and technical cooperation agreement. The investment agreement includes investment access, investment protection, and investment facilitation.

In December 2016, the United States signed the Intergovernmental Agreement on the Foreign Account Tax Compliance Act with Macau.

In September 2018, the Multilateral Convention on Mutual Administrative Assistance in Tax Matters came into force with respect to Macau. As of 2022, the GOI has Tax Information Exchange Agreements (TIEAs) with 16 countries and regions (Argentina, United Kingdom, Guernsey, Japan, Greenland, India, Australia, Denmark, Faroe Islands, Iceland, Norway, Sweden, Republic of Malta, Ireland, Jamaica, Finland, United Kingdom). TIEA negotiations with Germany and New Zealand are currently underway. Currently, Macau has double tax treaties with Belgium, Cape Verde, China, Mozambique, Vietnam, Portugal, Hong Kong, and Cambodia, which allow for the reduction of double taxation.

In November 2019, Macau and Hong Kong signed a comprehensive double tax avoidance agreement and came into effect on January 1, 2021. Based on this agreement, the tax paid by Macau residents to the income of Hong Kong as the source of Hong Kong is recognized as a deduction for Macau's tax paid to the same income, and vice versa.

The government usually conducts public talks for two months when revising and establishing laws, including the Investment Act, and preparing a law based on the results. After that, the parliamentarians deliberate the bill before the final voting. All procedures are transparent and consistent with international rules.

INTERNATIONAL REGULATORY CONSIDERATIONS

Public comments from the government are not open to the public online. The draft of the bill is available on the legislative council's website (http: // www. This website http: // www. IO. Gov. Mo/is linked to the GOM printing bureau that issues laws, rules, and procedures.

Macau's corruption prevention committee, which is an ant i-corruption, is called CCAC in the acronym for the Portuguese language, to protect individual rights, freedom, and legitimate interests, and ensure government's fairness and efficiency. The onbudsman function is fulfilled.

LEGAL SYSTEM AND JUDICIAL INDEPENDENCE

The Macau Finance Framework Law (Decree 15/2017) aims to strengthen fiscal monitoring, create a budget budget, and enhance the transparency of execution.

Macau has no debt to any country. The people can always get the latest financial data from the Financial Service Bureau's website https: // www. Dsf. Gov. Mo/financialReport/? Lang = ja.

LAWS AND REGULATIONS ON FOREIGN DIRECT INVESTMENT

Macau has been a member of the WTO since 1995 and has adopted international rules. We have notified the WTO Committee on the technical barriers of trade all the draft of the technical rules.

COMPETITION AND ANTITRUST LAWS

Macau has achieved 100 % of the promise of the Trade Calculation Agreement (TFA). In November 2019, Macau and Hong Kong signed a comprehensive dual tax avoidance agreement and entered into effect on January 1, 2021. Based on this agreement, the tax paid by Macau residents to the income of Hong Kong as the source of Hong Kong is recognized as a deduction for Macau's tax paid to the same income, and vice versa.

EXPROPRIATION AND COMPENSATION

DISPUTE SETTLEMENT

ICSID Convention and New York Convention

Investor-State Dispute Settlement

Macau's corruption prevention committee, which is an ant i-corruption, is called CCAC in the acronym for Portuguese, to protect individual rights, freedom, and legitimate interests, and ensure government's fairness and efficiency. The onbudsman function is fulfilled.

The Macau Finance Framework Law (Decree 15/2017) aims to strengthen fiscal monitoring, create a budget budget, and enhance the transparency of execution.

International Commercial Arbitration and Foreign Courts

Macau has no debt to any country. The people can always get the latest financial data from the Financial Service Bureau's website https: // www. Dsf. Gov. Mo/financialReport/? Lang = ja.

Macau has been a member of the WTO since 1995 and has adopted international rules. We have notified the WTO Committee on the technical barriers of trade all the draft of the technical rules.

BANKRUPTCY REGULATIONS

Macau has achieved 100 % of the promise of the Trade Calculation Agreement (TFA). In November 2019, Macau and Hong Kong signed a comprehensive double tax avoidance agreement and came into effect on January 1, 2021. Based on this agreement, the tax paid by Macau residents to the income of Hong Kong as the source of Hong Kong is recognized as a deduction for Macau's tax paid to the same income, and vice versa.

The government usually conducts public talks for two months when revising and establishing laws, including the Investment Act, and preparing a law based on the results. After that, the members of the Diet deliberately deliberate the bill before the final voting. All procedures are transparent and consistent with international rules.

4. Industrial Policies

INVESTMENT INCENTIVES

The Macau Finance Framework Law (Decree 15/2017) aims to strengthen fiscal monitoring, create a budget budget, and enhance the transparency of execution.

Macau has no debt to any country. The people can always get the latest financial data from the Financial Service Bureau's website https: // www. Dsf. Gov. Mo/financialReport/? Lang = ja.

Macau has been a member of the WTO since 1995 and has adopted international rules. We have notified the WTO Committee on the technical barriers of trade all the draft of the technical rules.

FOREIGN TRADE ZONES/FREE PORTS/TRADE FACILITATION

Macau has achieved 100 % of the promise of the Trade Calculation Agreement (TFA).

Under the principle of the "one country and two system", Macau has maintained the European Continental Law as a foundation of the law system based on the rule of law and the independence of justice. The current judicial procedure is a fair and reliable thing that has the ability to procure. Macau has a commercial law and a contract method. Commercial Code is a comprehensive source of commercial law, and civil law is a basic source of contract law. The Macau court includes the final court, the intermediate court, and the first court. There are also administrative courts that have jurisdiction over the administration and tax. These are effective means for exercising property rights and contract rights. Currently, there are three judges in the final appeal court and eight judges in the Intermediate Court. There are 32 judges in the first trial. The Public Prosecutor has 34 prosecutors. In Macau, the National Safety Law (NSL) was established in 2009, and crimes against the security of the nation, such as national rebellion, separation, sin, rebellion, nationally crushed, stolen state of the state, and collusion with foreign political organizations. Is banned and punished. In addition, preparation that leads to these crimes may also make a criminal crime.

The Macau court has continued to jurisdiction over all local cases, except for defense and diplomacy. In 2009, NSL did not affect this judicial right. The government's work to review the national security system has not been delayed due to the epidemic of COVID-19. After a 4 5-day open consultation in October 2022, the government submitted a proposal to the legislative institution in 2009 to the legislation in 2009, and was passed in December. The new NSL intentionally expanded the range of law. For example, the new system has expanded the subject of separation independence and includes no n-violent and other crimes. In addition, the definition of nationa l-overturnment of the Chinese government has been wider, and it has been defined as a national forthrow of all the Chinese central political power. The provisions of punishment for those who committed crime against Chinese national safety overseas were also included in the New National Safety Law. Human rights have expressed concern that NSL's "ambiguous and general rules" could eroded the freedom of association and expression in Macau, but since the establishment of 2009, it has been charged with Macau's NSL. There is no one. Under the principle of System, Macau maintains the European Continental Law as a foundation for the law system based on the rule of law and the independence of justice. The current judicial procedure is a fair and reliable thing that has the ability to procure. Macau has a commercial law and a contract method. Commercial Code is a comprehensive source of commercial law, and civil law is a basic source of contract law. The Macau court includes the final court, the intermediate court, and the first court. There are also administrative courts that have jurisdiction over the administration and tax. These are effective means for exercising property rights and contract rights. Currently, there are three judges in the final appeal court and eight judges in the intermediate court. There are 32 judges in the first trial. The Public Prosecutor has 34 prosecutors. In Macau, the National Safety Law (NSL) was established in 2009, and crimes against the security of the nation, such as national rebellion, separation, sin, rebellion, nationally crushed, stolen state of the state, and collusion with foreign political organizations. Is banned and punished. In addition, preparation that leads to these crimes may also make a criminal crime.

PERFORMANCE AND DATA LOCALIZATION REQUIREMENTS

The Macau court has continued to jurisdiction over all local cases, except for defense and diplomacy. In 2009, NSL did not affect this judicial right. The government's work to review the national security system has not been delayed due to the epidemic of COVID-19. After a 4 5-day open consultation in October 2022, the government submitted a proposal to the legislative institution in 2009 to the legislation in 2009, and was passed in December. The new NSL intentionally expanded the range of law. For example, the new system has expanded the subject of separation independence and includes no n-violent and other crimes. In addition, the definition of nationa l-overturnment of the Chinese government has been wider, and it has been defined as a national forthrow of all the Chinese central political power. The provisions of punishment for those who committed crime against Chinese national safety overseas were also included in the New National Safety Law. Human rights have expressed concern that NSL's "ambiguous and general rules" could eroded the freedom of association and expression in Macau, but since the establishment of 2009, it has been charged with Macau's NSL. There is no one. Under the principle of the "one country and two system", Macau has maintained the European Continental Law as a foundation of the law system based on the rule of law and the independence of justice. The current judicial procedure is a fair and reliable thing that has the ability to procure. Macau has a commercial law and a contract method. Commercial Code is a comprehensive source of commercial law, and civil law is a basic source of contract law. The Macau court includes the final court, the intermediate court, and the first court. There are also administrative courts that have jurisdiction over the administration and tax. These are effective means for exercising property rights and contract rights. Currently, there are three judges in the final appeal court and eight judges in the intermediate court. There are 32 judges in the first trial. The Public Prosecutor has 34 prosecutors. In Macau, the National Safety Law (NSL) was established in 2009, and crimes against the security of the nation, such as national rebellion, separation, sin, rebellion, nationally crushed, stolen state of the state, and collusion with foreign political organizations. Is banned and punished. In addition, preparation that leads to these crimes may also make a criminal crime.

Macau’s legal system is based on the rule of law and judicial independence. Foreign and domestic companies are registered under the same rules and are subject to the same commercial and bankruptcy laws (Decree 40/99/m).

Macau has no body that reviews transactions on competition and no competition law. The Commercial Law (Law No. 16 of 2009) contains the basic elements of a competition policy against commercial practices that may distort the proper functioning of the market. In response to public reports of price fixing schemes in Macau’s oil and food retail industries, in March 2019, the GOM commissioned the Macau University of Science and Technology to conduct a study on how to optimize market institutions to help promote healthy private sector competition. Based on the findings of this study, the GOM argued that legislative solutions such as antitrust and anti-gang legislation would not necessarily result in lower prices. Instead, the GOM appointed the Macau Consumers Commission to monitor local market prices and determine whether the enactment of a new market competition law was justified. At a Legislative Assembly meeting on the Consumer Rights Protection Law held in June 2021, the Secretary of Economy and Finance made it clear that the authorities do not yet have a specific timeline for the enactment of competition and antitrust laws, explaining:

The United States does not recognize direct or indirect actions for expropriation. Lawful expropriation of private property may take place when it is in the public interest. In such cases, the GOM will exchange the private property for an equivalent public property based on the fair market value and the circumstances of the former. The exchange of property is consistent with established principles of international law. There is no compensation.

Macau is subject to both the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention) and the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention). The International Commercial Arbitration Law (Decree 55/98/m) provides for the enforcement of arbitral awards under the 1958 New York Convention.

Only one investment dispute involving American and other foreign investors or contractors and the government has been involved. In March 2010, it was reported that a cheap airline had been canceled due to credit issues with fuel supply companies and had been canceled. The Macau court in September 2010 declared the airline bankruptcy. A private equity company in the United States, a major shareholder of the airline, filed a lawsuit in the Macau court in search of a ruling whether the Macau government's administrative acts led to the airline's ruin. The first court held the hearing in May and June 2012. In November 2013, the first court dismissed the appeal.

5. Protection of Property Rights

REAL PROPERTY

Private investment disputes are usually processed in court or private negotiations. Alternatively, the dispute may be deposited to the Hong Kong International Arbitration Center or the Macau World Trade Center. In August 2020, the "Civil and Corporation for Course Documents for Courtians" came into effect between the Hong Kong special administrative district and the Macau Special Administrative District, and the delivery of trial documents between the two areas has been greatly increased.

Macau has the arbitration law (law 55/98/m) and adopts the International Trading Model Law of the United Nations International Trade Law (UNCITRAL). The Macau government has accepted international arbitration in investment disputes between its own and investors. Local courts will approve and execute foreign arbitration decisions. In May 2020, the Macau government enacted the New Naka Court Law and integrated the Macau Domestic and International Arbitration Law. In this arbitration reform, effective dispute solving methods and international vests for investment disputes, such as the introduction of emergency arbitration mechanisms, restrictions on appeal rights, judicial assistance procedures for gaining evidence, approval and execution of provisional measures, and disclosure of mi d-court decisions. Practice was included. The United States knows only one investment dispute involving American or other foreign investors or contractors and the government. In March 2010, it was reported that a cheap airline had been canceled due to credit issues with fuel supply companies and had been canceled. The Macau court in September 2010 declared the airline bankruptcy. A private equity company in the United States, a major shareholder of the airline, filed a lawsuit in the Macau court in search of a ruling whether the Macau government's administrative acts led to the airline's ruin. The first court held the hearing in May and June 2012. In November 2013, the first court dismissed the appeal.

INTELLECTUAL PROPERTY RIGHTS

Macau has the arbitration law (law 55/98/m) and adopts the International Trading Model Law of the United Nations International Trade Law (UNCITRAL). The Macau government has accepted international arbitration in investment disputes between its own and investors. Local courts will approve and execute foreign arbitration decisions. In May 2020, the Macau government enacted the New Naka Court Law and integrated the Macau Domestic and International Arbitration Law. In this arbitration reform, effective dispute solving methods and international vests for investment disputes, such as the introduction of emergency arbitration mechanisms, restrictions on appeal rights, judicial assistance procedures for gaining evidence, approval and execution of provisional measures, and disclosure of mi d-court decisions. Practice was included. Only one investment dispute involving American and other foreign investors or contractors and the government has been involved. In March 2010, it was reported that a cheap airline had been canceled due to credit issues with fuel supply companies and had been canceled. The Macau court in September 2010 declared the airline bankruptcy. A private equity company in the United States, a major shareholder of the airline, filed a lawsuit in the Macau court in search of a ruling whether the Macau government's administrative acts led to the airline's ruin. The first court held the hearing in May and June 2012. In November 2013, the first court dismissed the appeal.

Private investment disputes are usually processed in court or private negotiations. Alternatively, the dispute may be deposited to the Hong Kong International Arbitration Center or the Macau World Trade Center. In August 2020, the “Civil and Corporation's Court Documents for Course Documents” came into effect between the Hong Kong special administrative district and the Macau Special Administrative District, and the delivery of trial documents between the two regions was greatly increased.

6. Financial Sector

CAPITAL MARKETS AND PORTFOLIO INVESTMENT

In June 1998, Macau established the Macau World Center arbitration center. The center's purpose is to promote the dispute resolution of arbitration and mediation and provide an alternative other than a lawsuit. Foreign ruling on civil and trading may be applied in Macau. The execution of the foreign ruling is stipulated in Article 1199 and 1200 of the Civil Procedure Code. The Foreign Court's ruling is qualified as a confirmed judgment backed by a genuine document, and is approved by Macau if the execution does not violate Macau's public order and morals.

Commercial law and bankruptcy law are written based on Macau Commercial Code, Civil Procedure Law, and Penal Code. For bankruptcy proceedings, there are petitions for bankruptcy, creditors, and prosecutor's petition. There are four methods: creditor rally, company assets testing, wel l-solving company assets, and creditors' agreement to prevent bankruptcy. In accordance with Article 615, 618, and Article 351 to Article 353 of the Civil Code, and in accordance with Article 353, creditors who are likely to lose credit guarantee may claim the foreclosure of the debtor's assets. Bankruptcy is subject to criminal liability.

MONEY AND BANKING SYSTEM

In October 2020, the Macau Post Telegraph Affairs Bureau announced the establishment of a credit report system, and when banks allow the bank's credit and guarantor's credit status to approve individual customer credit applications, from banks. Those who want to borrow money have to apply for a personal credit report for the new system for banking.

GOM has provided investment in investment in investment in national treatment to attract foreign investments. These preferential measures are included in the Cabinet Order 23/98/m and 49/85/m, and will be proved when companies are doing one of the following: New unlimited markets. Promotion of economic diversification by contributing to export promotion, promotion of added value in business value chains, and contribution to modernization of technology. Macau residents do not need to own shares. These preferential measures are classified as financial preferential measures, financial preferential measures, and export diversification preferences. Macau established the Macau World Center arbitration center in June 1998. The center's purpose is to promote the dispute resolution of arbitration and mediation and provide an alternative other than a lawsuit. Foreign ruling on civil and trading may be applied in Macau. The execution of the foreign ruling is stipulated in Article 1199 and 1200 of the Civil Procedure Code. The Foreign Court's ruling is qualified as a confirmed judgment backed by a genuine document, and is approved by Macau if the execution does not violate Macau's public order and morals.

FOREIGN EXCHANGE AND REMITTANCE

REMITTANCE POLICIES

GOM has provided investment in investment in investment in national treatment to attract foreign investments. These preferential measures are included in the Cabinet Order 23/98/m and 49/85/m, and will be proved when companies are doing one of the following: New unlimited markets. Promotion of economic diversification by contributing to export promotion, promotion of added value in business value chains, and contribution to modernization of technology. Macau residents do not need to own shares. These preferential measures are classified as financial preferential measures, financial preferential measures, and export diversification preferences. In June 1998, Macau established the Macau World Center arbitration center. The center's purpose is to promote the dispute resolution of arbitration and mediation and provide an alternative other than a lawsuit. Foreign ruling on civil and trading may be applied in Macau. The execution of the foreign ruling is stipulated in Article 1199 and 1200 of the Civil Procedure Code. The Foreign Court's ruling is qualified as a confirmed judgment backed by a genuine document, and is approved by Macau if the execution does not violate Macau's public order and morals.

SOVEREIGN WEALTH FUNDS

7. State-Owned Enterprises (SOEs)

The tax incentives include full or partial exemptions from profit/corporate tax, industrial tax, property tax, stamp duty on transfer of real estate, and excise tax. The tax incentives are neither export subsidies nor import substitution subsidies as defined in the WTO Agreement, and are therefore in line with the WTO Agreement on Subsidies and Countervailing Measures. In 2019, the GOM proposed an enhanced tax credit for research and development (R& D) expenses incurred for innovation and technology projects by enterprises with registered capital of $125. 000 or average taxable profits of $62. 500. The tax credit is 300% for the first $375. 000 of eligible R& D expenses and 200% for the remaining $375. 000. A is 300% and the remaining 200% for a total cap of $1. 9 million. In addition, income from Portuguese-speaking countries is exempt from corporate tax only if it is taxed in the country of origin.

Two new laws to encourage financial leasing activities in Macau came into effect in April 2019. The new regime reduces the minimum capital requirement for financial leasing companies from US$3. 75 million to US$1. 25 million. In addition, financial leasing companies are exempt from stamp duty of up to US$62, 500 if they acquire real estate solely for their exclusive use. Approved financial leasing companies are also exempt from stamp duty on initial capital, additional capital, interest, fees and registration of financial contracts.

PRIVATIZATION PROGRAM

Financial incentives include interest subsidies from government funds. Only companies registered with the Economic and Technological Development Board (ETDB) can receive subsidies for expenses such as space rental and audiovisual materials. Macau also provides subsidies for the installation of pollution prevention equipment.

8. Responsible Business Conduct

To promote the spread of e-commerce in all sectors, eligible e-commerce operators and companies that use services provided by websites to promote their business can receive subsidies of up to $3, 750 per year from IPIM.

Macau is a free port. However, there are four types of taxable cargo: distilled sake, tobacco, car, and gasoline (volatile oil). When importing these items, permission must be obtained from the ETDB in advance.

The Indonesian government has accepted the ATA (temporary entry) bulletin to promote the Macau meeting, incentive, convention, exhibition (MICE) and logistics industry. ATA is an international customs document, providing efficient ways for temporary import and r e-export of goods, facilitating foreign exhibitions and business paths.

The latest additions to CEPA have established the principle of trading trade, including simplifying customs procedures, improving transparency, and strengthening cooperation.

Additional Resources

Macau does not have a forced local adjustment policy that foreign investors must use domestic content for products and technology. However, the Macau government has adopted a strict foreign worker policy and imposes priority on macau residents in the recruitment process so that the import of foreign workers does not impair the employment opportunity for macau residents.

No n-residents can only work in Macau if they cannot find appropriate candidates in the local labor market. Employers who wish to hire foreign workers must obtain permission from the Macau Labor Bureau in advance, and no n-residents work in accordance with laws, provided auxiliary, secondary, sustainable, sustainable. You have to prove that it is. People who are critical of Macau's labor policy state that asymmetrical legal provisions in recruitment processes between macau residents and no n-residents have damaged the labor rights of foreign workers at a realistic level. I am.
Applying for recruitment of foreign workers is processed by the Macau Labor Bureau.
There is no GOM requirement to provide a foreign IT provider to deliver the source code and / monitor (hand over the backdoor or encrypted key to the hardware or software).
Based on the Personal Data Protection Law (DECREE 8/2005), when relocating personal data abroad, the relocation destination is appropriate for the relocation destination according to the statement of the director and execution authority. You have to confirm that you are guaranteed. Macau is a free port. However, there are four types of taxable cargo: distilled sake, tobacco, car, and gasoline (volatile oil). When importing these items, permission must be obtained from the ETDB in advance.
The Indonesian government has accepted the ATA (temporary entry) bulletin to promote the Macau meeting, incentive, convention, exhibition (MICE) and logistics industry. ATA is an international customs document, providing efficient ways for temporary import and r e-export of goods, facilitating foreign exhibitions and business paths.
The latest additions to CEPA have established the principle of trading trade, including simplifying customs procedures, improving transparency, and strengthening cooperation.

No n-residents can only work in Macau if they cannot find appropriate candidates in the local labor market. Employers who wish to hire foreign workers must obtain permission from the Macau Labor Bureau in advance, and no n-residents work in accordance with laws, provided auxiliary, secondary, sustainable, sustainable. You have to prove that it is. People who are critical of Macau's labor policy state that asymmetrical legal provisions in recruitment processes between macau residents and no n-residents have damaged the labor rights of foreign workers at a realistic level. I am.

Applying for recruitment of foreign workers is processed by the Macau Labor Bureau.
There is no GOM requirement to provide a foreign IT provider to deliver the source code and / monitor (hand over the backdoor or encrypted key to the hardware or software).
Based on the Personal Data Protection Law (DECREE 8/2005), when relocating personal data abroad, the relocation destination is appropriate for the relocation destination according to the statement of the director and execution authority. You have to confirm that you are guaranteed. Macau is a free port. However, there are four types of taxable cargo: distilled sake, tobacco, car, and gasoline (volatile oil). When importing these items, permission must be obtained from the ETDB in advance.
The Indonesian government has accepted the ATA (temporary entry) bulletin to promote the Macau meeting, incentive, convention, exhibition (MICE) and logistics industry. ATA is an international customs document, providing efficient ways for temporary import and r e-export of goods, facilitating foreign exhibitions and business paths.

9. Corruption

The latest additions to CEPA have established the principle of trading trade, including simplifying customs procedures, improving transparency, and strengthening cooperation.

Resources to Report Corruption

10. Political and Security Environment

Applying for recruitment of foreign workers is processed by the Macau Labor Bureau.

There is no GOM requirement to provide a foreign IT provider to deliver the source code and / monitor (hand over the backdoor or encrypted key to the hardware or software).

11. Labor Policies and Practices

Based on the Personal Data Protection Law (DECREE 8/2005), when relocating personal data abroad, the relocation destination is appropriate for the relocation destination according to the statement of the director and execution authority. You have to confirm that you are guaranteed.

In December 2019, the Macau Cyber Security Law was enforced. Under this law, public and private network operators in a particular industry have the obligation to provide rea l-time access to the selected network data to Macau authorities, with the aim of protecting information networks and computer systems. Must be fulfilled. For example, a network operator must register and verify the identity of users before providing telecommunications services. The new law has a new investment and operating cost to the affected businesses, and there are concerns about privacy and monitoring.

In December 2021, the legislative clinic passed a new interference bill that stipulates the obligation to maintain data from telecommunications carriers. In this bill, the telecommunications carrier must hold a communication record other than the communication content generated by the use of the service for one year. During the maintenance period, the telecommunications carrier shall guarantee the safety and confidentiality of the data.

Private property is specified in the basic law. There is no restriction on the ownership of foreigners. Macau has a healthy mortgage banking system and is supervised by the Macau Financial Management Bureau. There are only a small number of free ownership in the old town of Macau.

According to the Map Land Registration Bureau, 21 % of Macau land do not have clear ownance. Industry officials have commented that no one knows whether these sections will become private land or public land in the future.

According to the Land Law (Advanced Ordinance No. 10 of the 2013), the temporary sale will be updated after the expiration of the lease if the lease does not complete the development of each land in a maximum 2 5-year transfer period. It stipulates that it is not possible. Leaseholders are not only banned from renewing the right to lease, but also have the right to compensate and damages, regardless of who is unable to develop. In December 2019, the Macau Cyber Security Law was enacted. Under this law, public and private network operators in a particular industry have the obligation to provide rea l-time access to the selected network data to Macau authorities, with the aim of protecting information networks and computer systems. Must be fulfilled. For example, a network operator must register and verify the identity of users before providing telecommunications services. The new law has a new investment and operating cost to the affected businesses, and there are concerns about privacy and monitoring.

12. U.S. International Development Finance Corporation (DFC), and Other Investment Insurance or Development Finance Programs

According to the Land Law (Advanced Ordinance No. 10 of the 2013), the temporary sale will be updated after the expiration of the lease if the lease does not complete the development of each land in a maximum 2 5-year transfer period. It stipulates that it is not possible. Leaseholders are not only banned from renewing the right to lease, but also have the right to compensate and damages, regardless of who is unable to develop. In December 2019, the Macau Cyber Security Law was enforced. Under this law, public and private network operators in a particular industry have the obligation to provide rea l-time access to the selected network data to Macau authorities, with the aim of protecting information networks and computer systems. Must be fulfilled. For example, a network operator must register and verify the identity of users before providing telecommunications services. The new law has a new investment and operating cost to the affected businesses, and there are concerns about privacy and monitoring.

Elim Poon - Journalist, Creative Writer

Last modified: 27.08.2024

Average social regulation score over ARDA researchers' coding of , 20U.S. Department of State's International Religious Freedom Reports ( Reports on Hong Kong, Macau, Tibet, and Xinjiang are appended at the end of this report. The constitution of the People's Republic of China. Macau – United States relations are bilateral relations between Macau and the United States. Macau–United States relations.

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