Macao A New Offshore Banking And Business Centre
There are very few Offshore Banking and Business Centres set up into law that have that huge potential of being close to a financial and business juggernaut. Macao recently comes to mind.
Here’s a simple part of a statement below, with huge implications:
“On October 13 1999, just 61 days before the hand-over of Macau from Portugal to China, the then Governor, Vasco Rocha Vieira, signed and approved the Offshore Law of Macau, (Decree-Law No. 58/99M) and was effective from November 1, 1999. The offshore law of Macau provides the regulation of various offshore vehicles, namely, offshore institution ( ????) authorization granted to corporations conducting business activities, insurance companies, banks and offshore trust.” To read more click here.
Yes, Macao has become a potential offshore banking and business centre of power. 9 years on, Macao has lived up to its promise. The Chinese Government has welcomed the scheme with open arms. Just look at the hugely wealthy island today. There are more Casinos being built as I write this.
The caution for offshore companies setting up shop here is that once you set up your place of business, you are only to conduct offshore business. You cannot be an absentee corporation like many other offshore banking island countries. So, it does get a little more costly – and you do have to employ locals only. The official language is Chinese and Portugese, but you may enter your documents in English as a trasactional language of choice and apply and pay for the translation – simple.
Oh, they do have a Macao Grand Prix – a car and motorcycle race held annualy too.
Yes, this little island has become the Monaco of the East. Click here to take a look.
Tags: Macao, Offshore Banking
Posted in Offshore bank, Personal Bank | 1 Comment »
