Labuan 

The Federal Territory of Labuan is part of Malaysia and comprises sever small islands. Labuan lies off the north-west coast of Borneo and is 8km away from the Malaysian state of Sabah. Labuan is located on the major shipping and air routes of the Asian Region. The island covers an area of approximately 92 sq km and has a population of about 78.000.  

The nation is economically strong and politically stable. Labuan has been developing as an international financial centre during the last twenty-five years. Under the guidance of LOFSA (the Labuan Offshore Financial Services Authority), the Malaysian authorities have invested heavily into the development of Labuan’s physical infrastructure and economic expansion.

The Malaysian legal system is based on the English model, wish special laws enacted and applicable to the offshore industry. Launched in 2010 Labuan has its own legislation and tax regime to enhance the competitiveness of the Labuan International Business and Financial Centre (IBFC). The IBFC offers a wide range of financial products and services and is a modern comprehensive solution striking the ideal balance between client confidentiality and stringent compliance as business transactions and practices are conducted in accordance with the international standards and practices.

Labuan offers a business friendly environment, a simple and attractive tax system, modern and internationally recognised legal framework which is enforced by its regulator, the Labuan Financial Services Authority (FSA). As a well-regulated jurisdiction, Labuan IBFC remains compliant to all international protocols on exchange of information. The island is not on any black list by international organisations or other countries.

Key Corporate Features

General

 
Type of entity: Non-trading/ Trading   
Type of law: Common  
Shelf Companies Available: No  
Time to establish a new company: 8 days   
Minimum government fees (excluding taxation): RM1500  
Corporate taxation:  Non-trading: Nil/ Trading: 3% or RM20.000  
Double taxation treaty access: Non-trading: No/ Trading: Yes   

Share capital or equivalent

 
Standard currency: US$  
Permitted currencies: Any excep[t RM  
Minimum paid up: US$1  
Usually authorized capital: US$1 - US$1.400  

Directors or Managers

 
Minimum number: One  
Local required: No  
Publicly accessible records: No  
Location of meetings: Anywhere  

Members

 
Minimum number: One  
Publicly accessible records: Yes  
Location of meetings: Anywhere  

Company Secretary

 
Required: Yes  
Local or qualified: Local  

Accounts

 
Requirement to prepare: Yes  
Audit requirements: No  
Requirement to file accounts: No  
Publicly accessible accounts: No  

Other

 
Requirement to file annual return: Yes  
Change in domicile permitted: Yes  

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