Macau
Since becoming a Special Administrative Region of China in 1999, Macau; a former Portuguese colony, has become the world’s largest casino market. Recording profits of 28.3 billion USD in 2015, 5 times greater than that of Las Vegas.
Due to Macau’s large gaming industry and relaxed tax laws, Macau has become a significant base for wealthy investors. Since 2001, Macau has operated an open door policy towards Chinese citizens and liberalised the gaming industry to the record exceptional commercial development.
Throughout this period of unprecedented expansion, Macau has seen a yearly average growth of 14% in GDP over the past ten years, making Macau the World’s fastest-growing economy. It’s GDP per capita in 2014 was the 4th biggest in the world and the 2nd biggest in the World with regard to Purchasing Power Parity. Macau has also one of the highest life expectancy, a 200% mobile penetration rate, an unemployment rate of only 1.9% and a high credit rate.
- 1st fastest-growing economy in the past 10 years
- 200% mobile penetration rate
- high credit rate
- unemployment rate of only 1.9%
- one of the highest life expectancy
Salvatore Ferragamo’s chief executive Michael Norsa said:
“We had been predicting Brazil and India were the rising stars, but they do not represent more business than Macau does for most companies.”
Big luxury brands will have at least one boutique in Macau as one of their top ten selling boutiques in the world.
The luxury goods market in Macau was recorded to be 1.7 Billion USD (2015) whilst other lucrative markets have followed suit (See fig.1.1). As a result international companies have raced to protect their Intellectual Property rights in Macau. Since Chinese and Hong Kong protection does not extend to Macau, a Macau registration is essential in order to assure success in booming Macau.
In the past year we have seen record filings of distinguished trademarks and patents that infringe IPR belonging to both International and Chinese companies. There is the risk that various companies could use Macau as a stepping stone to manufacture/assemble/export from Macau. With this in mind; we strongly recommend the extension of patents and the filing of trademarks in Macau to protect your IP rights.
If Asia is a key market for your business, know that Macau is a key market in Asia.
