Why Do Business in Macau?
Venturing into international markets seems like a logical next step for many growing businesses. The expansion presents additional prospects that stretch far beyond those offered within the borders of the domestic market; especially with its proximity to primary trading partners Hong Kong, China, Japan, EU, Australia, United States, and Japan. Macau is a Special Administrative Region of China, which shares several structural similarities with its neighbor Hong Kong.
Macau is a free trade port with low taxation and sustains a high level of autonomy except for foreign affairs and defense. Macau also has its own currency, laws, and border control systems in place. The region does not utilize common law, but they use code law based on the Portuguese law system.
Other areas of growth within Macau include the insurance industry, finance, construction, real estate, and retail. Exports from Macau include toys, electronics, footwear, garments, and textiles. The gaming sector, in particular, has a significant impact on the economy.
Expanding to Macau from the US
For businesses looking to establish a market entry strategy in pursuing business in Macau, the United States Commercial Service Office in Hong Kong offers tailored market research and business facilitation services within Macau. The American Chamber of Commerce located in Macau can also provide United States businesses new to the Macau region with orientation. Various forms of support are only offered to members, including a form of entry to some of Macau’s top trade shows.
A key motive for any company to expand to other regions or nations outside of their domestic market is to grow. Introducing products and services to new markets, looking to benefit from the knowledge or specialties of new staff prospects, and gaining an education about the international marketplace are other reasons as well.
Before launching a business in a new market, the first aim for a company should be to establish a reliable mode of communication with consumers and any other business contacts that may play a role in the business’ establishment and future success. Global Call Forwarding sets up Macau virtual phone numbers for all types of organizations, small to large. Using numbers from Global Call Forwarding is simple, and purchasing Macau virtual phone numbers is fairly straightforward.
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