Macao

In Macau (Maomen Special Administrative Region, Guangdong Province, China) on the territory of 21 sq. km. about 441 thousand people live. The official language is Chinese, as well as Portuguese, and English is also used. Macau is located at a distance of 70 kilometers from Hong Kong. It includes two islands, Kolon and Taipa, which are connected by bridges, and a peninsula bordering the PRC. The majority of the local population are Chinese, only 5% are Europeans.

The rights to Macau were alternately owned by different countries, including Portugal, Japan and China. In 1999, an agreement was signed between China and Portugal giving Macau the status of a Special Administrative Region of China (SAR). The old way of life of Macau has been preserved, Beijing has promised not to introduce a socialist model of development in this territory, but to adhere to the rule of “two systems in one country”, as in the case of Hong Kong.

The official currencies in the region are the pataca and the Hong Kong dollar. 8 Patacas is about 1 US dollar. The pataka rate against the Hong Kong dollar is 1.03:1.

Macau is popular among those wishing to register a company due to the favorable tax regime that trade, insurance and banking enterprises can take advantage of. The administrative and financial infrastructure is well developed here, in addition, the region enjoys a good international reputation and is distinguished by its proximity to the key trade and financial centers of Southeast Asia. This is a great opportunity to enter the markets of Japan, China, Hong Kong. That is why experts say that in terms of investment and tax planning, Macau really has a huge potential.

Advantages

Macau does not have the status of a common law jurisdiction. Therefore, nominee or trust ownership of shares is not recognized. There may be corporate shareholders, but board meetings in this case are held only in Macau.

The company may have a corporate director. If it is a legal entity, it is mandatory to appoint an individual as a representative. Meanwhile, in case of any personnel changes or changes in the structure of the enterprise, notarization of a whole package of documents will be required.

The company needs at least one director. He is elected by the shareholders for an indefinite period and is removed by their decision, otherwise it can be provided in the memorandum of association or the Charter. The director has the right not to be a resident of the jurisdiction and not to act as a shareholder.

A secretary and a controller are appointed if one of the following factors occurs:

the company has more than 10 shareholders
She issues bonds
the total amount of assets is more than specified in the government directive

The secretary may be a non-resident, but he must be a member of the Board of Directors, a lawyer or an employee of the firm. Controller - a natural person authorized by the local auditor.

Meetings of shareholders are held without fail within 3 months from the end of the financial year, anywhere, but certainly in Macau.

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