Macau Insurance License
- A company carrying on business as an insurance broker or insurance agent must be approved by AMCM and at least one individual must be appropriately qualified.
- A foreign insurer must be licensed and have been in operation for more than five years in its country or territory of origin, must have sound business and financial ability and have no record of material violation of laws and regulations in order to be permitted to establish a branch.
- A foreign insurer will only be permitted to carry on in Macau, through its authorized branch, the class of insurance for which it is licensed and which it effectively operates in its jurisdiction.
- Prior approval from AMCM is required to directly or indirectly acquire more than 10 per cent of the share capital or of the voting rights in a Macau incorporated insurance company.
Macau Insurance Licence |
Description |
General |
|
|
Yes |
Share capital or equivalent |
|
|
i. Insurance companies (life) – MOP $30 million ii. Insurance companies (non-life) – MOP $15 million iii. Reinsurance companies (life) – MOP $150 million iv. Reinsurance companies (non-life)- MOP $100 million |
Officers |
|
|
Yes |
|
Yes |
Shareholders |
|
|
None |
|
None |
|
None |
Service Providers Required |
|
|
None |
- Insurance companies MOP 500
- There is no VAT regime in Macau.
- Stamp duty is payable on certain types of documents and stampable transactions at a small fixed amount or at rates ranging from 0.1% to 10% on the value represented by the documents and transactions.
- Large foreign exchanges reserves
- Low taxation
- Few exchange controls or foreign currency regulations
- Free trade economic system
- We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances.
- Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
- We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly.
- Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
- We have a full in-house compliance support for all compliance requirements with the regulator and service providers