Macau Aviation Law
Macau Opens Its Skies – Key Take-Aways of Law no. 4/2025 for Prospective Airlines
Law no. 4/2025 ends Macau’s exclusive-concession era and introduces an individual licensing framework. Any carrier that intends to operate public passenger services must now secure a license (licença de actividade) valid for a maximum term of twenty years, and can be renewed subject to observance of certain conditions.
Corporate form and shareholder stability
Only a sociedade anónima incorporated in Macau, with its principal centre of business in the territory, can hold the licence. For the first three years the share capital is locked: no transfer, pledge or voting-rights assignment is permitted. Thereafter, any such act requires prior consent from the Chief Executive. In addition, a minimum paid-up capital—soon to be fixed by executive order—must be fully subscribed in cash, and a performance bond (caução) must be lodged within thirty days of the licence award.
Tender by default – but a direct award remains possible
Licences will normally be allocated through a public tender conducted under a forthcoming regulation. The law, however, allows the Chief Executive, for duly justified public-interest reasons, to grant a licence by direct award, dispensing with the tender altogether. Prospective airlines should therefore prepare both for a competitive bid and for the possibility that slots are filled by direct approach.
Details still to come by executive order
Four quantitative elements remain outstanding:
- the minimum paid-up capital (Art. 16.º n.º 2 alínea 3));
- the total number of licences (Art. 35.º n.º 2);
- the public-tender regulation (Art. 36.º n.º 1); and
- the bond amount (Art. 44.º n.º 2).
Incumbent’s position
The current concessionaire, Air Macau, has ninety days from the transitional clause’s entry into force (until 5 October 2025) to declare whether it will seek a licence and to submit a five-year business plan. A timely filing converts into the standard twenty-year licence.
What happens next
Most operative provisions, including the licensing regime, take effect on 1 February 2026. The intervening months give prospective carriers a clear window to establish their Macau company, raise capital, design ownership structures that respect the transfer lock-up, and prepare the technical dossier required by the AACM. Close monitoring of the forthcoming executive orders will position early movers to compete successfully in Macau’s liberalised skies.