According to the current Commercial Code of Macao, the incorporation of a limited company must involve at least two shareholders. If there is only one shareholder, the corporate body can establish a company as a one-person company. Alternatively, the foreign legal person can operate its business(es) by setting up a permanent office in Macao (that is, the company’s domicile and the main administrative organ are not located in Macao, but the company operates business(es) in Macao for a long period of time; the branch company is a branch affiliate to the parent company or is a relatively independent business unit, which generally does not have a separate legal personality and does not have a separate legal status).