Signed Agreement will Allow Macau Service Sector to Expand Businesses on the Chinese Mainland
Law firms that have partners coming from Hong Kong, Macau and Guangdong province are soon to be allowed to expand their businesses in Shenzhen, Zhuhai and Guangzhou based on a new service trade agreement that was signed between central and Macau governments. The said agreement will be effective in June of next year and as of the moment law firms are only allowed within the free trade zone areas.
The legal trade service sector is one of the numbers of services that is said to benefit from the new service trade agreement. Also covered by the agreement are medical service providers from Macau, which are allowed to practice nationwide in the Chinese mainland. Starting in June next year companies coming from Macau gets to be treated equally with mainland companies when offering services such veterinary, sports and passenger transportation services. Before Macau providers in the four services are not allowed to work in the Chinese mainland. Around 153 sectors of tertiary services will be benefiting form the agreement or about 95.6 percent of the 160 sectors that were listed in the World trade organization free trade pact.
The agreement will have twelve restrictive measures that were cut from deals that were signed previously and 28 requirements are further eased to accommodate Macau service providers. Chinese national that have permanent residency in Macau are allowed to register as individual business operators in the mainland in the six new areas.