15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Chief Executive's despacho, including banking and payment rails.
Get an investment license in Macao.
A small door, opened by the Chief Executive. Macao authorises financial institutions under Lei n.º 13/2023, the legal framework of the financial system, by despacho of the Chefe do Executivo on the opinion of the Autoridade Monetária de Macau (art. 23) - and arts 22-32 set no decision period. Lei n.º 11/2025, the investment fund law in force since 1 January 2026, replaced Decreto-Lei n.º 83/99/M, abolished the supervision fee on funds and put the sociedade gestora de fundos de investimento on a 5% complementary-tax rate against the standard 12% above MOP 600,000. At end-2025 the register held three fund management companies and three securities intermediaries, in a territory of 688,900 people with no stock exchange and no passport. The capital for each category sits in its own diploma; we confirm it with the AMCM before quoting.
Updated
A despacho, not a licence form - and a fund law rewritten for 2026.
Macao licenses finance under Lei n.º 13/2023, the Regime jurídico do sistema financeiro, in the Boletim Oficial of 14 August 2023. Art. 3(1) lists thirteen kinds of financial institution - the sociedade gestora de patrimónios is item 6, the sociedade gestora de fundos de investimento item 7; art. 3(2) sends items 2 to 12 to their own diplomas. Art. 4(2) names the activities - securities transactions, placement, asset management. Authorisation is a despacho of the Chief Executive, granted case by case on the AMCM's opinion (art. 23); the art. 26 file carries a feasibility study, governance, shareholders and managers. Arts 22-32 set no decision period. Under art. 43 the authorisation lapses after six months without constitution or twelve without starting business, extendable once by up to a year. Art. 25 prints capital for banks only - MOP 300 million, MOP 100 million for restricted banks; other categories take theirs from their own diplomas.
The fund side was rewritten for 2026. Lei n.º 11/2025, the Lei dos fundos de investimento, was approved on 14 July 2025, published in Boletim Oficial I n.º 30 of 28 July 2025 and in force from 1 January 2026 with a one-year transition; it replaces Decreto-Lei n.º 83/99/M and abolishes the supervision fee on funds. Art. 22 lets a sociedade gestora de fundos de investimento, a credit institution, a sociedade financeira or another authorised entity manage a fund. The management company's capital, set under the 2025 law, we confirm with the AMCM before quoting. The Financial Services Bureau taxes such companies at 5% complementary tax and exempts private-fund performance fees and investors' income from Macao-domiciled fund units; the standard table under Lei n.º 4/2005 runs from 3% to 12% above MOP 300,000, with MOP 600,000 exempt for 2025. At end-2025 the register held three fund management companies - two a year earlier - and three securities intermediaries.
Authorisation under Lei n.º 13/2023 by despacho of the Chief Executive on the AMCM's opinion (art. 23) - sociedades gestoras de fundos de investimento under Lei n.º 11/2025, in force since 1 January 2026, or asset managers and securities intermediaries. No decision period in arts 22-32; the capital per category comes from its own diploma.
Complementary tax 12% above MOP 300,000 with MOP 600,000 exempt, 5% for fund managers in Group A, Macao-domiciled fund income exempt, supervision fee MOP 50,000-5,000,000, three fund managers and three intermediaries at end-2025. Built from Macao.
The fund management company - or the asset manager and securities intermediary.
Two categories under the Macao regime: the sociedade gestora de fundos de investimento under Lei n.º 11/2025, taxed at 5%, and the sociedade gestora de patrimónios or securities intermediary under Lei n.º 13/2023 art. 3(1) and art. 4(2). Both are granted by despacho of the Chief Executive on the AMCM's opinion - we fix the category first, then take its capital from the diploma that governs it before drafting.
The 5% fund manager - or the asset manager and securities intermediary.
The sociedade gestora de fundos
Management of investment funds under Lei n.º 11/2025, in force since 1 January 2026 - item 7 of art. 3(1) of Lei n.º 13/2023, one of three such companies authorised at end-2025, taxed at 5% complementary tax as a Group A payer, with performance fees from private-fund management exempt and investors' income from Macao-domiciled fund units exempt. The supervision fee on funds is gone; the company's capital is set under the 2025 law and put to the AMCM in writing before the entity is formed.
Management of investment funds under Lei n.º 11/2025, in force since 1 January 2026 - item 7 of art. 3(1) of Lei n.º 13/2023, one of three such companies authorised at end-2025, taxed at 5% complementary tax as a Group A payer, with performance fees from private-fund management exempt and investors' income from Macao-domiciled fund units exempt. The supervision fee on funds is gone; the company's capital is set under the 2025 law and put to the AMCM in writing before the entity is formed.
- ✓Investment fund management - Lei n.º 11/2025, from 1 January 2026
- ✓5% complementary tax - Group A payers
- ✓Private-fund performance fees exempt
- ✓Three companies authorised at end-2025
- ✓Capital set under the 2025 law - confirmed
- ✓Supervision fee on funds abolished
The securities and asset-management house
Asset management as a sociedade gestora de patrimónios (art. 3(1) item 6) or securities business as an intermediária de valores mobiliários - the activities of art. 4(2): securities and derivatives transactions, participation in issues and placement, asset management - authorised case by case by despacho of the Chief Executive on the AMCM's opinion under art. 23. Three securities intermediaries and one sociedade financeira held authorisation at end-2025. The category's own diploma sets the capital; the standard complementary tax of 12% applies above MOP 600,000, and the annual supervision fee of art. 13 runs from MOP 50,000 to MOP 5,000,000.
Asset management or securities business under Lei n.º 13/2023 art. 3(1) and art. 4(2) - despacho of the Chief Executive, three intermediaries at end-2025, supervision fee MOP 50,000-5,000,000, standard 12% tax.
- ✓Sociedade gestora de patrimónios - art. 3(1) item 6
- ✓Securities intermediary - art. 4(2) activities
- ✓Despacho of the Chief Executive - art. 23
- ✓Three intermediaries authorised at end-2025
- ✓Supervision fee MOP 50,000-5,000,000 - art. 13
- ✓Standard 12% complementary tax
Authorisation in Macao is a despacho of the Chefe do Executivo on the AMCM's opinion. Lei n.º 13/2023 carries no application-fee article. The annual supervision fee of art. 13 is fixed by AMCM notice between MOP 50,000 and MOP 5,000,000, collected each June for the prior year, and the capital of each category sits in its own diploma - confirmed with the AMCM before any work begins.
Six reasons - and one warning about the register.
A 5% rate written into the tax law, a fund regime rewritten for 2026, and a register of three fund managers.
Sociedades gestoras de fundos de investimento regulated by Lei n.º 11/2025, as Group A complementary-tax payers, pay 5% against the standard 12% - and performance fees from managing private funds are exempt, per the Financial Services Bureau's benefits page.Lei n.º 11/2025, Group A.
Interest, distributions and disposal gains on units of funds domiciled in the Macao SAR are exempt from complementary tax - the investor-side relief that makes a Macao-domiciled fund saleable without a local tax leak.Macao-domiciled units, investor side.
Lei n.º 11/2025 replaced the 1999 decree, abolished the supervision fee on funds, dropped the minimum participant count and fundraising floor for setting one up, and gave existing funds and managers a year to transition - the first public fund was constituted and two private funds registered by November 2025.Replaces 83/99/M; fee abolished.
At end-2025 the AMCM's register held three fund management companies, up from two, three securities intermediaries, one sociedade financeira and 33 credit institutions - a market where a new licensee is noticed, in a territory of 688,900 people.Three managers, three intermediaries.
The AMCM examines the art. 26 file and gives its opinion; the Chief Executive signs the despacho under art. 23 - no securities commission, no self-regulatory layer, and an annual supervision fee of MOP 50,000 to 5,000,000 in place of a licence fee.AMCM opinion, one despacho.
No exchange, no passport, no investor-compensation scheme, no decision period in arts 22-32, and an authorisation that lapses after six months without constitution or twelve without business (art. 43) - Macao is bought for its tax page and built to its deadlines.No clock; art. 43 lapse.
How Macao differs from other routes.
The honest comparison: a 5% fund-manager rate and a register of three - against China's printed floors, Taiwan's two-step permit and Japan's ladder.
| Feature | Macao | Other jurisdictions |
|---|---|---|
| Regime | Lei n.º 13/2023 art. 23 · Chief Executive despacho | Securities Law China · SEA Taiwan · FIEA Japan |
| Capital | Per category under its own diploma · none printed in Lei 13/2023 | RMB 50M China · NT$20M-400M Taiwan · ¥50M Japan |
| Scope | Domestic · no exchange · no passport | Domestic pools with exchanges · no passport |
| Timeline | No statutory clock · art. 43 lapse 6 + 12 months | 6 months China · 2 + 1 months Taiwan |
| Country | License type | Taxation | Requirements |
|---|---|---|---|
Macao | AMCM fund manager · asset manager · securities intermediary | 12% · 5% fund managers | Capital per diploma · CE despacho · 3 fund managers |
China | CSRC securities company · AMAC private FM | 25% · 10% dividend WHT | RMB 50M-500M · RMB 10M private FM |
Taiwan | FSC / SFB securities firm · SITE · SICE | 20% enterprise income tax | NT$20M SICE · NT$200M broker · NT$300M SITE |
Japan | FSA - IM registration | ≈30% effective | ¥50M · QI route ¥10M |
Macao
China
Taiwan
JapanRequirements for the Macao authorisation.Requirements for the authorisation.
The 2023 framework sets the procedure and the 2025 law the fund regime; the capital comes from the category's own diploma. The list below is what the texts make certain.
Reflects Lei n.º 13/2023, Lei n.º 11/2025, the Financial Services Bureau's pages and the Anuário de Macau 2026.Lei 13/2023, Lei 11/2025, DSF, Anuário 2026.
From first call to the Chief Executive's despacho.
Sociedade gestora de fundos de investimento, or sociedade gestora de patrimónios and securities intermediary - fixed in writing against what you will actually do for clients.Fixed in writing.
Lei n.º 13/2023 and Lei n.º 11/2025 mapped to the category, the capital taken from its diploma, the art. 26 file assembled: feasibility study, governance, shareholders, managers.Art. 26 file assembled.
The authority's examination and opinion - no decision period in arts 22-32, no processing statistics; queries answered as they come.No clock; answered.
The Chief Executive's despacho under art. 23, granted case by case - the authorisation to constitute the institution.Art. 23, case by case.
Company constituted within six months and business started within twelve (art. 43), capital paid in, Group A tax registration, custody and banking live - operating from Macao.Six months; Group A.
Arts 22-32 of Lei n.º 13/2023 set no decision period and the AMCM publishes no processing statistics. The clock that does exist runs after the despacho: six months to constitute the company and twelve to start business under art. 43, extendable once by up to a year.
Run from our Macao office.

Fund manager under Lei n.º 11/2025 or asset manager and securities intermediary under Lei n.º 13/2023 - decided against the client book, in Portuguese and Chinese, before a word is drafted.Mapped to art. 3(1).
Capital for the category put to the authority in writing, the art. 13 supervision-fee band and the art. 26 checklist settled before the file is drafted.Capital in writing.
Application to the AMCM's checklist, the opinion prepared, the Chief Executive's despacho sought - one authority, one act.Art. 26, one act.
Group A registration, the 5% rate for a fund manager, custody and banking live inside the art. 43 deadlines - operating from Macao.5%, inside art. 43.







Taxation of investment firms in Macao.
The tax page is the argument: 5% for fund managers, a 3-12% table for everyone else, MOP 600,000 exempt before either applies.
Sociedades gestoras de fundos de investimento regulated by Lei n.º 11/2025 that are Group A complementary-tax payers pay 5%, per the Financial Services Bureau's 2026 benefits page; performance fees from managing private funds are exempt.Group A managers.
The Regulamento do Imposto Complementar de Rendimentos (Lei n.º 21/78/M) as amended by Lei n.º 4/2005: exempt to MOP 32,000, 3% to 65,000, 5% to 100,000, 7% to 200,000, 9% to 300,000 and 12% above.Lei 4/2005.
The exemption limit for the 2025 tax year, fixed by Lei n.º 13/2025, the 2026 budget law - profits below it pay nothing; art. 23 of Lei n.º 25/2024 had set the same MOP 600,000 for 2024.2025 exempt.
Interest, distributions and disposal gains earned by investors through funds domiciled in the Macao SAR are exempt; real-estate fund property is exempt from urban property contribution.Exempt if domiciled.
No VAT or GST layer and no dividend withholding appear on the DSF's pages; both points are confirmed per structure in your opinion.WHT per structure.
Corporate treasury centres pay 5% and income from Portuguese-speaking countries is exempt on the same benefits page; the supervision fee on funds themselves is abolished by Lei n.º 11/2025, while the institution's annual fee under art. 13 of Lei n.º 13/2023 (MOP 50,000-5,000,000) remains.MOP 50,000-5,000,000.
*Figures as of 2026 per the Financial Services Bureau's tax-benefits page, Lei n.º 4/2005, Lei n.º 13/2025 and Lei n.º 13/2023. Outcomes are modelled per structure.
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Builds the application itself: Macao company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
Active across our channels.
Launch your investment firm in Macao with expert support.
Full-service assistance - from the category and its capital to the art. 26 file, the Chief Executive's despacho, Group A tax registration and launch - run through our Macao office.
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The Macao investment licence, answered.
What authorisation does an investment firm need in Macao?+
Authorisation as a financial institution under Lei n.º 13/2023 - a sociedade gestora de fundos de investimento (art. 3(1) item 7, regulated by Lei n.º 11/2025) or a sociedade gestora de patrimónios (item 6) and securities intermediary - granted by despacho of the Chief Executive on the AMCM's opinion under art. 23. There is no securities commission.
What capital is required?+
Lei n.º 13/2023 art. 25 prints capital for banks only: MOP 300 million, or MOP 100 million for a restricted bank. Each other category takes its minimum from its own diploma - for a fund management company, Lei n.º 11/2025 - and we confirm the figure with the AMCM before the entity is formed and print it in the quote.
How long does authorisation take?+
Arts 22-32 of Lei n.º 13/2023 set no decision period and the AMCM publishes no processing statistics. The clock that exists runs afterwards: under art. 43 the authorisation lapses six months without constitution or twelve without starting business, extendable once by up to a year.
How are Macao investment firms taxed?+
Complementary tax on the Lei n.º 4/2005 table - 3% to 12%, with 12% above MOP 300,000 and MOP 600,000 exempt for 2025 under Lei n.º 13/2025 - or 5% for a fund management company under Lei n.º 11/2025 in Group A. Investors' income from Macao-domiciled funds is exempt, and no VAT layer appears on the DSF's pages.
Is there a stock exchange in Macao?+
No. No exchange operates in Macao, and the exchange project discussed in past years has produced no operating market. Trading business run from Macao is business on other markets, and the authorisation carries no exchange membership with it.
Is there a passport or regional recognition?+
None. Macao offers no EU-style passport, and the AMCM publishes no regional-recognition or sandbox regime. The authorisation is for business from Macao; cross-border reach is built client by client.
What happened to Decreto-Lei n.º 83/99/M?+
Lei n.º 11/2025 replaced it. The new investment fund law was approved on 14 July 2025, published on 28 July 2025 and in force from 1 January 2026, with a one-year transition for existing funds and managers; it abolished the supervision fee on funds and dropped the minimum participant count and fundraising floor for setting up a fund.
Is there an investor-compensation scheme?+
None for securities clients: Macao publishes no investor-compensation scheme, and its deposit-protection scheme covers bank deposits. Client-asset rules sit in the 2023 framework and the AMCM's checklist for the category.
Macao or China for a new firm?+
China prints its floors - RMB 50 million for a securities company, RMB 10 million for an AMAC-registered private fund manager - and a six-month clock, for 1,404.89 million people at 25% tax. Macao offers 5% for fund managers, a register of three and 688,900 people. Managing Chinese clients: Shanghai. Domiciling a fund at 5%: Macao.
Why Prifinance for Macao?+
We map the category to art. 3(1) of Lei n.º 13/2023 and Lei n.º 11/2025, confirm its capital with the AMCM before drafting, assemble the art. 26 file and carry it to the Chief Executive's despacho, then constitute the company and register it in Group A inside the art. 43 deadlines - run from our Macao office with Dubai behind it.
What authorisation?+
Despacho under Lei 13/2023.
Capital?+
Per category's diploma.
How long?+
No clock; art. 43 lapse.
Taxes?+
3-12%; 5% funds.
Exchange?+
None operates.
Passport?+
None.
Decree 83/99/M?+
Replaced by Lei 11/2025.
Compensation?+
None published.
Or China?+
Printed floors vs 5%.
Why you?+
Category, capital, despacho.
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Macao route fits your project and what it will cost.
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Autoridade Monetária de Macau or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.