Doing business
Current business situation
The Macau SAR Government is committed to open economies and to enhance cooperation with major trading partners including Australia.
More recently, the environment has been an important concern for the government. The administration has elevated the Environmental Protection Agency in line with green living. The Agency collaborates closely with private sectors and actively promotes public awareness about environmental protection into political agenda.
In September 2011 an incentive policy was launched to encourage businesses to use energy-efficient and green products. This commitment, valued at A$25 million, has translated into business opportunities for Australian companies in energy-efficiency, water resource management and clean air products and services.
Business culture
Business tips
Business etiquette and practices in Macau are similar to Hong Kong:
- Gifts – The exchange of gifts is not widely practised or expected in business in Macau.
- Business cards – The exchange of business cards is a must in all business engagement. It is advisable to prepare adequate number of business card for your business trip. Business cards should be presented and received with both hands.
- Establishing contacts and networks – The quality of your agent or representative’s contacts is crucial, and business introductions are vital, as companies are very cautious when dealing with unfamiliar contacts.
- Preparation and follow-up – Exporters should prepare as much documented information about their companies, products and services as possible, in advance of their visit. Business visitors must remember to follow up on their meetings in Macau when they return to Australia.
- Business entertainment – Meals with local representatives and customers help develop networks and are a normal part of doing business in Macau.
- Correspondence – Answer enquiries, proposals, correspondence and invitations as soon as possible. At the very least, immediately send an acknowledgement stating that an answer will follow shortly. If you do not show sufficient interest and speed in your correspondence, your potential customer will easily find another firm who will!
- Face – Avoid embarrassing Chinese in the presence of others. To avoid the person losing face, discuss any criticisms or disputes in private. In some cases, it may be helpful to use an intermediary to convey criticism or raise issues of concern, particularly with someone of high social status.
- Punctuality – Chinese place importance on punctuality and Australian visitors should do their best to avoid arriving late at appointments. Itineraries should take this into consideration and allow adequate time to move from one appointment to the next.
- Business attire – Business attire is expected for formal meetings, smart casual on other occasions.
- Forms of address – Many Macau business people will have an English first name, used with a Chinese family name, eg. Peter Chan. In this case, the family name is used last, as in Australia. Normally when a Chinese name is written, the family name comes first, with the given name following, eg. Mr Chan Tai-Man would be addressed as Mr Chan. When addressing business correspondence to Macau, all names should be written in full, with titles included.
Setting up in Macau
Austrade’s office in Macau can assist with identification of potential business partners, including importers, distributors and end-users.
For information about establishing a company in Macau, please visit the Macau Trade and Investment Promotion Institute (IPIM).
Due to limited port and storage facilities for both sea and air freight, and relatively low trading volumes for goods, many Australian products that are exported to Macau are channelled through agents and distributors based in Hong Kong. Some of these agents have established distribution channels in Macau and can therefore service both markets directly. Many Hong Kong-based agents also use Macau companies to distribute to local buyers.
For live and chilled meats and fresh produces it is possible to make use of direct airfreight services from Australia to Macau which operate on a daily basis. Please contact the Austrade office in Macau for more information.
Banking and finance
Macau, has a small but efficient financial system and a high degree of financial freedom without undue government influence and control. The Monetary Authority of Macau is equivalent to a central bank and supervises and regulates the financial system to assure the free flow of financial resources.
At present, there are 28 banks in Macau, of which 12 are locally incorporated (including the postal savings office) and 16 are branches of overseas banks. The Postal Savings Bank is the only banking institution wholly owned by the government. With the exception of two off-shore banks, all the banks in Macau are retail banks with full banking license. Major Hong Kong banks operate in Macau including HSBC, The Chartered Bank, Bank of East Asia, Hang Seng Bank, CITIC Ka Wah Bank and Chong Hing Bank.
The non-banking financial sector includes 11 life insurance companies and 13 non–life insurance companies. Macau has no stock exchange, but domestic firms can freely access and list in Hong Kong’s stock markets.
Major credit cards are accepted in Macau.
For further information on banking and finance in Macau, please visit the Monetary Authority of Macau
Links and resources
Government, business and trade
Macau SAR Government Portal – www.gov.mo
Macau Trade and Investment Promotion Institute – www.ipim.gov.mo
News and media
Macau Daily – www.macaodaily.com
Macau Business (business magazine) – www.macaubusiness.com
Please note: this list of websites and resources is not definitive. Inclusion in this list does not imply endorsement by Austrade. The information provided is a guide only.