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Decree-Law no. 15/97/M

of 5 of May

(Unofficial translation, for reference only)

Cash Remittance Companies

In recent times there have been companies established for express delivery of small amount of cash between countries and territories, by providing services, namely, to the emigrant communities and to tourists, with positive impact on their local economy. Considering that this type of companies has a tendency also to be developed in this Territory, it is important to regulate their incorporation and activity, by creating control mechanisms which protect the interests of their clients.

Under these terms:

After hearing the Consultative Council;

Under the powers conferred in article 13, paragraph 1, of the Macau Organic Statutes, the Acting Governor of Macau hereby decrees that the following should be implemented as law in Macau:


General provisions

Article 1


This present decree-law regulates the incorporation and activity of companies of express delivery of cash, thereafter designated as SEV.

Article 2


The SEV are commercial companies which have an objective to promote the express delivery of cash, in the territory of Macau or abroad, by order of third parties, after receiving from the latter the respective equivalent amount.

The SEV are not allowed to carry on any commercial activity other than those stated in this present decree-law.

Article 3

(Allowed operations)

Besides the operations that are their companies’ objectives, the SEV are only allowed to execute the foreign exchange operations strictly needed for the same objectives.

Article 4

(Prohibited operations)

Without prejudice to the preceding article, the SEV are prohibited to carry on any activity different from their memorandum and articles of association and, namely:

To grant any loan or advance;

To receive any refundable values, as deposit or otherwise, with or without stated interest.

The realization of the operations stated in the preceding paragraph shall cause, besides other legal sanctions, the revocation of the authorization.

Article 5

(Maximum limits)

The daily maximum limits, per client, on the operations allowed for the SEV are set by notice of Autoridade Monetária e Cambial de Macau, thereafter designated as AMCM.


Access to the activity

Article 6


The incorporation of SEV depends on the prior authorization of the Governor, to be granted by executive order.

The file applying for authorization to incorporate a SEV is delivered to AMCM, who is in charge to give advice on the application.

In the executive order referred to in paragraph 1, specific conditions can be set for each authorization, within the limits of the law.

Article 7


The SEV should be incorporated as public limited company (sociedade anónima) or limited company (sociedade por quotas).

The shares of SEV are nominal or registered to the bearer.

Article 8

(Share capital)

The SEV shall not be incorporated or thereafter carry on business if its share capital is less than two million patacas.

At the time of incorporation, the share capital must be fully subscribed and paid in cash in the act of incorporation.

An amount equivalent to, at least, half of the minimum share capital must be deposited with a bank authorized to operate in Macau, to the order of AMCM and this amount should not be used by the company, namely as collateral for obtaining any credit facilities.

Article 9

(Assignment or transfer)

The assignment or transfer of equity participation, in any way, depends on prior approval of AMCM.

Article 10

(Usage of denomination)

It is prohibited for other persons or entities which are neither SEV nor credit institutions from including in its sole proprietorship name or in the company name in the course of its activity the words or expressions which imply the carrying on of the activity of express delivery of cash.

Article 11

(Other offices)

The opening of other offices, other than the main office, by SEV needs prior authorization of AMCM.

It is forbidden for SEV to open branches or representative offices outside Macau.

Article 12

(Entities with head office abroad)

It is forbidden for entities with head office abroad to open branches or representative offices in this Territory to carry on the activity stated by this decree-law.



Article 13

(Management board)

The management board of the SEV should have, at least, one executive member resident in this Territory.

Article 14

(Office premises)

The SEV should carry on their activities in premises adequate to their objectives and with easy access by the public.

The premises referred to in the preceding paragraph must be used exclusively for the respective company’s objective.

Article 15

(Information to public)

The SEV should put up, in their respective premises and in conditions that can be seen by the public easily, the practiced exchange rates, commissions and other charges, as well as their basis of calculation.

The exchange rates quoted should include, compulsorily, the exchange rates of Pataca in relation to the currencies of countries or territories that the SEV execute the operations.

Article 16

(Compulsory registers)

The SEV are obliged to record all operations that they carry out within the scope of their activities.

A document must always be issued to acknowledge receipt of cash delivered by the applicant of the operation, and the forecasted period of time for delivery of the equivalent amount to the beneficiary must be mentioned in the same document.

In case the operation could not be made within the stated tenor, the applicant has the right to demand its cancellation and to be refunded, immediately and fully, the respective amount previously made available.

The SEV should record the data related to the identification document and address of the applicant, as well as the identification and address of the beneficiary of the values.

The SEV should maintain a complaints book available for their clients, with the availability of that book well advertised within their premises.

Article 17


The SEV should have in credit institutions operating in this Territory one or more bank accounts for the fund movements related with their activities.

The cash remittances from or to Macau and related with the activity of the SEV are to be made through credit institutions.

Article 18

(Contracts with entities abroad)

Whenever the SEV deals with abroad, they should sign a contract with the entities there, who are also authorized to carry on, in their respective countries or territories, the necessary operations for the fulfillment of SEV objective.

The SEV should maintain in file, with translation to any one of the official languages, a copy of the contracts that, for the implementation of their objectives, they sign with entities abroad authorized to carry on the same activity.


Final provisions

Article 19

(Supervision fee)

The SEV are subject to an annual supervision fee which shall not exceed three per cent of the amount required for their company’s minimum legal share capital.

Article 20

(Net worth)

The value of net worth of the SEV should not be less than the required minimum legal share capital.

When the value of net worth is less than the amount of minimum share capital, that situation should be rectified within six months.

Article 21

(Termination of authorization)

The authorization granted for the incorporation of SEV terminates if:

The applicants renounce it, expressly;

The company is not incorporated within six months counted from the effective date of the respective authorization or does not start her activity within the same tenor;

The company suspends her activity, with closure to the public, for a tenor over six months;

When the value of net worth is less than the minimum share capital and has not been rectified within six months.

The tenor referred to in b), c) and d) of the preceding paragraph could be extended by the entity who has granted the authorization, once or more times, on well explained application from the interested parties.

Article 22


The SEV are regulated by the provisions of this decree-law and, subsidiarily, by those of Financial System Act of Macau, approved by Decree-Law no. 32/93/M, of 5 July, with amendments, in relation to supervision and supervision fee (articles 4 to 14), authorization, registration and shareholders (articles 22 and 34 to 45), management (articles 47 to 52), amendments to the memorandum and articles of association (article 114) and offenses (Title IV).

Approved on 16 April 1997.

Publish it.

The Acting Governor,

Vitor Rodrigues Pessoa

[Published in the Macau Government Gazette no. 18, I series, page 553-557, of 5 May 1997, in Portuguese and Chinese.]

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