港澳法视界｜澳门法律制度介绍（六）——对澳投资的法律与实务解析

（澳门威尼斯人 摄影：李哲凡）

澳门对外资实行非歧视性准入政策，除博彩、金融等特定行业外，外资与本地资本享有同等法律地位。这一原则在《澳门商法典》及《商业登记法典》中得到明确体现，意味着内地公司可通过设立子公司、合资企业或并购等方式投资澳门，无需额外审批。例如，制造业、科技服务业等领域的投资仅需完成商业登记即可开展运营，而金融行业需向澳门金融管理局（AMCM）申请牌照，博彩业则需经行政长官批准并符合《娱乐场幸运博彩经营法律制度》—— 这一差异化监管模式既保障了市场开放，又通过行业特殊规则维护了经济秩序。

Macao implements a non discriminatory access policy for foreign investment, and except for specific industries such as gambling and finance, foreign investment and local capital enjoy equal legal status. This principle is clearly reflected in the Macao Commercial Code and the Commercial Registration Code, which means that mainland companies can invest in Macao through the establishment of subsidiaries, joint ventures, or mergers and acquisitions without additional approval. For example, investments in industries such as manufacturing and technology services only need to complete commercial registration to operate, while the financial industry needs to apply for a license from the Macao Monetary Authority (AMCM), and the gambling industry needs to be approved by the Chief Executive and comply with the "Legal System for Casino Lucky Gaming Operations" - this differentiated regulatory model not only ensures market openness, but also maintains economic order through special industry rules.

内地公司在澳门设立公司的流程便捷且规范：首先需向商业及动产登记局（CRBC）提交3个包含“有限公司”（Lda.）或“股份有限公司”（S.A.）字样的备选名称，核准有效期为60天；随后，公司章程、股东身份证明等文件需经澳门公证署认证，外资文件需办理海牙认证或使领馆公证；提交公证文件后，CRBC会在5-10个工作日内颁发《商业登记证明》，且注册资本最低25,000澳门元，无需实缴；最后需向财政局（DSF）申请纳税人编号，完成所得补充税（企业所得税）及职业税登记。

The process for mainland companies to establish a company in Macao is convenient and standardized: firstly, they need to submit three alternative names containing the words "Limited Company" (Lda.) or "Limited Liability Company" (S.A.) to the Commercial and Real Estate Registration Bureau (CRBC), with a validity period of 60 days for approval; Subsequently, the company's articles of association, shareholder identification documents, and other documents need to be authenticated by the Macao Notary Public Office, while foreign investment documents need to be authenticated by The Hague or notarized by the embassy or consulate; After submitting the notarized documents, CRBC will issue a Business Registration Certificate within 5-10 working days, with a minimum registered capital of MOP 25000 and no need for actual payment; Finally, it is necessary to apply for a taxpayer number from the Department of Finance (DSF) and complete the registration of supplementary income tax (corporate income tax) and occupational tax.

此外，澳门《投资居留法律制度》规定，投资金额超过100万澳门元（如不动产、有形资产等）的投资者可申请居留权，其管理团队及直系亲属亦可随行，而内地与澳门签署的《CEPA投资协议》则明确了国民待遇、最惠国待遇及争端解决机制，为内地企业在澳门的投资提供了国际法层面的保护，进一步增强了投资吸引力。

In addition, Macao's "Legal System for Investment Residency" stipulates that investors with an investment amount exceeding MOP 1 million (such as real estate, tangible assets, etc.) can apply for residency rights, and their management team and immediate family members can also accompany them. The "CEPA Investment Agreement" signed between the mainland and Macao clarifies national treatment, most favored nation treatment, and dispute resolution mechanisms, providing international legal protection for mainland enterprises' investments in Macao and further enhancing investment attractiveness.

（议事亭前地 摄影：李哲凡）

内地企业在澳门的投资形式丰富多样，每种路径都有其独特的合规要点。直接投资中，全资子公司适合长期战略布局，但需指定一名本地居民或持居留许可人士担任法定代表人；合资企业则通过与澳门本地企业合作降低政策风险，此时需在合资协议中明确股权比例、利润分配及决策机制，例如珠海某科技公司与澳门大学孵化企业成立的合资公司，便充分利用澳门的科研资源与内地市场渠道，开发人工智能教育产品，并成功享受横琴合作区“双15%”企业所得税优惠，展现了合资模式的协同优势。

Mainland enterprises have diverse investment forms in Macao, and each path has its own unique compliance points. In direct investment, wholly-owned subsidiaries are suitable for long-term strategic layout, but a local resident or holder of a residence permit must be designated as the legal representative; Joint ventures reduce policy risks by collaborating with local enterprises in Macao. At this point, it is necessary to clarify the equity ratio, profit distribution, and decision-making mechanism in the joint venture agreement. For example, a joint venture between a technology company in Zhuhai and an incubation enterprise of the University of Macao fully utilized Macao's scientific research resources and mainland market channels to develop artificial intelligence education products, and successfully enjoyed the "Double 15%" corporate income tax preferential treatment in the Hengqin Cooperation Zone, demonstrating the synergistic advantages of the joint venture model.

与直接投资相比，股权并购作为另一种重要方式，其流程更为复杂，需要兼顾尽职调查、交易结构设计与监管审批等多个环节。尽职调查阶段需全面审查目标公司的资产权属、债务状况、合同履约情况及诉讼风险，如内地某能源企业收购澳门电力公司时，就重点核查了其输配电网络的特许经营权及环保合规性，确保投资标的无潜在法律瑕疵；交易文件起草时，股权收购协议需明确交易对价、支付方式（如分期支付）、过渡期安排及违约责任，澳门博彩控股以7.24亿元收购信德集团珠海物业时，便约定分七期支付款项，并设定了延期付款利息条款，通过精细化条款规避支付风险；审批与登记环节中，若并购导致市场份额超过30%，需向澳门经济局申报反垄断审查，同时需向CRBC提交股权转让合同、股东会决议等文件，10个工作日内即可完成股权变更登记。

Compared with direct investment, equity mergers and acquisitions, as another important way, have a more complex process that requires consideration of multiple aspects such as due diligence, transaction structure design, and regulatory approval. During the due diligence stage, a comprehensive review of the target company's asset ownership, debt status, contract performance, and litigation risks is required. For example, when a mainland energy company acquired Macao Power Company, it focused on verifying the franchise rights and environmental compliance of its transmission and distribution network to ensure that the investment target has no potential legal defects; When drafting the transaction documents, the equity acquisition agreement needs to specify the transaction consideration, payment method (such as installment payment), transitional period arrangement, and breach of contract liability. When Macao Gaming Holdings acquired the Zhuhai property of Shun Tak Holdings Limited for 724 million yuan, it agreed to pay in seven installments and set a deferred payment interest clause to avoid payment risks through refined clauses; In the approval and registration process, if the merger results in a market share exceeding 30%, it is necessary to apply for anti-monopoly review to the Macao Economic Bureau, and submit documents such as the equity transfer contract and shareholder meeting resolution to CRBC. The equity change registration can be completed within 10 working days.

值得注意的是，特殊行业的并购存在额外限制：金融行业中，收购澳门银行需经AMCM审批，实缴资本不低于1,000万澳门元，并符合资本充足率要求，工商银行通过收购诚兴银行79.93%股权并整合分行资源成立工银澳门的案例，便重点解决了两地监管规则差异及系统对接问题；博彩行业则对外资持股比例限制在30%以内，且需通过行政长官的“适当性”审查，这些规则旨在维护行业稳定与公共利益。

It is worth noting that there are additional restrictions on mergers and acquisitions in special industries: in the financial industry, the acquisition of a Macao bank requires approval from AMCM, with a paid in capital of not less than MOP 10 million and meeting the capital adequacy requirement. The case of Industrial and Commercial Bank of China acquiring 79.93% equity of Seng Heng Bank and integrating branch resources to establish ICBC Macao focuses on solving the differences in regulatory rules and system integration between the two places; The gambling industry is limited to 30% foreign ownership and requires a "suitability" review by the Chief Executive. These rules aim to maintain industry stability and public interest.

（摄影：李哲凡）

澳门的低税率优势及跨境税务安排为内地企业提供了广阔的税务规划空间，合理利用这些政策可显著降低综合成本。澳门的主要税种及税率体现了轻税原则：所得补充税实行累进税率，年利润≤60万澳门元豁免，超过部分按12% 征收，远低于内地25% 的企业所得税税率；印花税方面，股权转让税率为0.1%，不动产交易税率为3%-6%（视价值而定）；职业税则对雇员收入≤14.4万澳门元部分免税，超过部分按7%-12%征收，这些税率设计极大减轻了企业运营负担。

The low tax rate advantage and cross-border tax arrangements in Macao provide vast tax planning space for mainland enterprises, and the rational use of these policies can significantly reduce overall costs. The main tax categories and rates in Macao reflect the principle of light taxation: the supplementary income tax adopts a progressive tax rate, exempting annual profits ≤ MOP 600000, and imposing a 12% tax on excess profits, which is much lower than the 25% corporate income tax rate in mainland China; In terms of stamp duty, the tax rate for equity transfer is 0.1%, and the tax rate for real estate transactions is 3% -6% (depending on value); The occupational tax system exempts employees whose income is less than or equal to MOP 144000 from taxes, and imposes a tax rate of 7% -12% on the excess. These tax rates greatly reduce the operational burden on enterprises.

在CEPA框架下，税务优惠进一步延伸：澳门原产货物出口内地可享受零关税，如澳门制造的食品、纺织品等，降低了跨境贸易成本；服务贸易领域，澳门服务提供者在内地可享受更低准入门槛，如建筑工程企业可通过CEPA资质认证承接内地项目，拓展业务范围的同时减少合规成本。

Under the CEPA framework, tax incentives have been further extended: Macao origin goods exported to the mainland can enjoy zero tariffs, such as food and textiles manufactured in Macao, reducing cross-border trade costs; In the field of trade in services, Macao service providers can enjoy lower entry barriers in mainland China. For example, construction companies can undertake mainland projects through CEPA qualification certification, expanding their business scope while reducing compliance costs.

跨境税务优化路径更是为企业提供了灵活选择：利用横琴合作区政策，企业在横琴注册并实质运营可享受15%企业所得税优惠，其通过澳门子公司开展的境外业务利润可通过股息分配回流并适用较低预提税；依据《内地与澳门避免双重征税安排》，股息、利息及特许权使用费的预提税税率可降至5%-10%，避免了同一笔收入在两地重复征税；通过澳门公司设立跨境双向人民币资金池，还能实现境内外资金统一调配，降低融资成本，提升资金使用效率。

The cross-border tax optimization path provides flexible choices for enterprises: by utilizing the policies of the Hengqin Cooperation Zone, enterprises registered and operating in Hengqin can enjoy a 15% corporate income tax discount, and their overseas business profits carried out through the Macao subsidiary can be returned through dividend distribution and subject to lower withholding tax; According to the Double Taxation Avoidance Arrangement between Mainland China and Macao, the withholding tax rate for dividends, interest, and royalties can be reduced to 5% -10%, avoiding duplicate taxation of the same income in both regions; By establishing a cross-border two-way RMB fund pool through a Macao company, it is also possible to achieve unified allocation of domestic and foreign funds, reduce financing costs, and improve the efficiency of fund utilization.

（澳门伦敦人 摄影：李哲凡）

三峡国际收购澳门电力21.2%股权的交易，旨在切入澳门绿色能源市场，助力澳门“碳中和”目标。过程中面临的法律挑战主要体现在反垄断审查与跨境监管协调两方面：为通过反垄断审查，企业需证明交易不会导致市场垄断，最终通过详细的市场份额分析及竞争影响评估获得批准；而跨境监管协调则涉及内地发改委、澳门经济局及香港联交所的多维度合规要求，需同步满足不同监管主体的审批标准。税务策略上，企业利用澳门与内地的税务安排，将股息收益以较低税率汇回内地，同时通过横琴合作区的跨境人民币贷款降低融资成本，实现了税务与融资的双重优化。

The transaction of China Three Gorges International Corporation acquiring 21.2% equity of Macao Electric Power aims to enter Macao's green energy market and contribute to Macao's "carbon neutrality" goal. The legal challenges faced during the process mainly manifest in two aspects: anti-monopoly review and cross-border regulatory coordination. In order to pass the anti-monopoly review, enterprises need to prove that the transaction will not lead to market monopoly, and ultimately obtain approval through detailed market share analysis and competitive impact assessment; Cross border regulatory coordination involves multidimensional compliance requirements from the Mainland Development and Reform Commission, Macao Economic Bureau, and Hong Kong Stock Exchange, which need to simultaneously meet the approval standards of different regulatory entities. In terms of tax strategy, enterprises utilize the tax arrangements between Macao and mainland China to repatriate dividend income at a lower tax rate, while reducing financing costs through cross-border RMB loans in the Hengqin Cooperation Zone, achieving dual optimization of taxation and financing.

澳门博彩控股收购信德集团珠海物业的案例中，交易结构为以7.24亿元收购横琴写字楼及零售物业，拟改建为三星级酒店，分七期支付款项。法律要点聚焦于不动产交易合规与用途变更审批：不动产交易需同步办理内地不动产权属变更登记及澳门公司股权变更手续，涉及两地法律适用及文件公证，需确保所有文件符合两地法律要求；将商业物业转为酒店用途则需向珠海横琴管委会申请规划调整，通过充分论证项目的合规性与社会价值获得审批。税务效益方面，通过澳门公司持有物业，可利用澳门的低税率环境进行租金收入优化，同时享受横琴合作区对酒店业的专项补贴，显著提升了投资回报率。

In the case of Macao Gaming Holdings acquiring the Zhuhai property of Shun Tak Group, the transaction structure is to acquire the Hengqin office building and retail property for 724 million yuan, with plans to convert it into a three-star hotel, and pay in seven installments. The legal focus is on compliance and approval of changes in the use of real estate transactions: Real estate transactions require simultaneous registration of changes in the ownership of real estate in mainland China and changes in the equity of Macao companies, involving the application of laws in both regions and document notarization. It is necessary to ensure that all documents comply with the legal requirements of both regions; To convert commercial property into hotel use, it is necessary to apply for planning adjustments from the Zhuhai Hengqin Management Committee, and obtain approval through sufficient demonstration of the project's compliance and social value. In terms of tax benefits, by holding properties through Macao companies, rental income can be optimized using Macao's low tax environment, while enjoying special subsidies from the Hengqin Cooperation Zone for the hotel industry, significantly improving investment return.

对于计划投资澳门的内地企业，在风险防控与战略布局上需把握关键要点。法律合规方面，尽职调查的深度与广度至关重要，除常规财务、法律审查外，需重点关注澳门《竞争法》对市场份额的限制及行业特定监管要求，避免因忽视特殊规则而导致合规风险。

For mainland enterprises planning to invest in Macao, key points need to be grasped in risk prevention and strategic layout. In terms of legal compliance, the depth and breadth of due diligence are crucial. In addition to routine financial and legal reviews, special attention should be paid to the market share restrictions and industry-specific regulatory requirements of Macao's Competition Law to avoid compliance risks caused by ignoring special rules.

合同条款的精细化设计同样关键，在股权转让协议中设置陈述与保证条款、过渡期义务及赔偿机制，可有效降低交易风险；争议解决机制的选择需谨慎，优先选择澳门法院或香港国际仲裁中心（HKIAC）解决纠纷，利用其成熟的司法体系与跨境执行能力，避免跨境司法执行障碍。

For mainland enterprises planning to invest in Macao, key points need to be grasped in risk prevention and strategic layout. In terms of legal compliance, the depth and breadth of due diligence are crucial. In addition to routine financial and legal reviews, special attention should be paid to the market share restrictions and industry-specific regulatory requirements of Macao's Competition Law to avoid compliance risks caused by ignoring special rules.

战略布局上，应结合澳门“1+4”产业定位（以中医药、金融、科技、文旅为重点），通过并购本地企业获取技术、牌照及客户资源，实现快速切入目标市场；人才本地化策略需重视，雇佣澳门本地员工比例不低于50%，既符合《劳动关系法》要求，又能更好地融入本地市场；同时要积极申请澳门“中小企业援助计划”“科技创新资助” 等补贴，降低初期运营成本，提升投资成功率。

In terms of strategic layout, it should be combined with Macao's "1+4" industrial positioning (with a focus on traditional Chinese medicine, finance, technology, and cultural tourism), and acquire technology, licenses, and customer resources through mergers and acquisitions of local enterprises to achieve rapid entry into target markets; The localization strategy of talents needs to be taken seriously, and the proportion of hiring local employees in Macao should not be less than 50%, which not only meets the requirements of the Labor Relations Law but also better integrates into the local market; At the same time, we should actively apply for subsidies such as Macao's "Small and Medium sized Enterprise Assistance Program" and "Science and Technology Innovation Support" to reduce initial operating costs and improve investment success rates.

随着横琴粤澳深度合作区建设的不断推进，内地与澳门在金融、科技、跨境要素流动等领域的政策协同将进一步深化，为内地企业提供更广阔的发展空间。内地企业需密切关注政策动态，结合自身业务需求制定灵活的投资策略，在法律框架内实现商业价值与风险防控的平衡，充分利用澳门的独特优势，实现国际化战略的有效落地。

With the continuous promotion of the construction of the Hengqin Guangdong Macao Deep Cooperation Zone, policy coordination between the mainland and Macao in areas such as finance, technology, and cross-border factor flow will be further deepened, providing broader development space for mainland enterprises. Mainland enterprises need to closely monitor policy developments, develop flexible investment strategies based on their own business needs, achieve a balance between commercial value and risk prevention within the legal framework, fully utilize Macao's unique advantages, and effectively implement internationalization strategies.

若企业或个人欲对澳门进行投资，本律所有多位经验丰富的涉外律师可提供全程法律服务，诚邀有意者前来咨询。

If a company or individual wishes to invest in Macao, our experienced foreign-related lawyers can provide full legal services. We sincerely invite interested parties to consult us.