Advantages of Doing Business in Macau
Macau is one of the 11 key cities of the Great Bay Area, one of the most developed and populous regions in world occupying over 56.000 square kilometers with around 670 thousand Population. This area generated a GDP of RMB 9.246 Trillion (USD 1.37 Trillion) in 2016 with a per capita GDP of USD 20.534 forming a dynamic city cluster with progressive market integration.
More than just a vibrant economic area of China, this region is under a huge transformational process that aims to create better quality of living and sustained and strong economic growth through infrastructure connectivity, global technology and innovation and co-ordinate industry development cultivating international cooperation through the establishment of strong cooperation platforms.
The Hong Kong-Zhuhai-Macau Bridge and Hengqin New Area projects are excellent examples of significant projects that are bound to change the region improving its integration and economic strength.
Macau, with its Special Administrative Region status, is a key part in the creation of this vision which forms an integral part of the broader “One Belt, One Road” initiative.
Macau benefits from strong policy support from Mainland China
The 12th 5 year Plan of the PRC and the Framework Agreement on deepening Co-operation between Guangdong-Hong Kong-Macau in the development of the Greater Bay Area supports Macau’s role in the development of a world tourism and leisure centre and an economic and trade co-operation platform for China and Portuguese speaking countries (PSCs) and an exchange and cooperation base with Chinese culture.
As an economic and trade co-operation platform for China and Portuguese speaking countries, Macau has specialized agencies and government bodies that support business initiatives between China and the PSCs facilitating numerous aspects of business making.
Macau - A very open and business friendly economy
As the 32nd freest economy in the world among 180 economies and 8th in Asia-Pacific region, just behind Hong Kong, Singapore, New Zealand, Australia, Taiwan, South Korea and Malaysia, Macau is an ideal center to establish and conduct business in Asia, particularly with China.
It has a simple and low taxation system (e.g. No taxations on financial gains), a free port policy within a separate customs territory and an efficient legal system conducive to efficient business making.
Additionally, Macau has a Modern Financial System that operates within a transparent regulatory environment, with strong financial integration with Hong Kong’s world class financial center and is a RMB financial centre, which facilitates business transactions with mainland China.
Finally, it is worthwhile noting that both Chinese and Portuguese are official languages, which is a unique comparative advantage for conducting business between Chinese companies and PSCs companies.