NEW COMMERCIAL LEGISLATION

The Macau Legislative Assembly has passed Law 16/2009, which from October 2009 onward, changes and amends a number of provisions of the Macau Commercial Code (“CC”).

• the possibility of single shareholder companies being held by corporate entities, a type of company which was previously admissible only for individual shareholders;
• the possibility of companies keeping their corporate books in computer file form;
• new procedures and requirements allowing shareholders to resolve on corporate matters without conducting a general shareholders meeting;
• a new thirty day due date for payment of profits to shareholders