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  Professional offshore incorporations and offshore banking services since 1996

 

Company Incorporation
Labuan

flgmy.jpg (4296 bytes)

We are pleased to provide a summary of the salient features of companies incorporated in Labuan, Malaysia.


[ BACKGROUND ] [ COMPANY FORMATION ]
[ SHARE CAPITAL, TAXATION, LICENCE FEES & COMPLIANCE ]
[ STRUCTURE OF MANAGEMENT ]


 

 FEE QUOTE FOR A LABUAN COMPANY

 

Initial (basic cost)

US$

Total incorporation cost inclusive of standard memorandum and articles of association, minimum capital duty, corporate equipment, filing, government and professional fees.

 Common seal, self inking stamps, registers, general disbursements

 Provision of Registered Office and Resident Secretary [Note 2].

Refundable disbursements deposit [Note 5]

 

2,800

 

200

 
1,000

   250

4,250

 

 

 

Nominee Director – Corporate

 1,000 pa

Opening of bank account in Singapore

500

Letter of Information – required by banks in Singapore

350

Certificate of Tax Residency including preparing board of directors meeting minutes

1,250

Nominee Director to sign the minutes (for tax residency purpose)

350

Nominee Director to sign bank account opening forms

150

Documents to be provided by Nominee Director for account opening

Depending on bank’s requirement

 

 (1)     Capital duty rates vary according to the nominal capital of the company. An additional duty of US$265 or US$1,060 will be added where the authorised capital exceeds US$13,160 or US$263,160 respectively.

 (2)     The fee is for a year or part thereof and is a basic charge with additional work being chargeable on a time cost basis.

 (3)     Kindly note that where applicable filing fees (nominal) will be charged by LOFSA in respect of the lodgement of certain statutory forms.

(4)     In addition to the above, out of pocket expenses e.g. telephone and fax will be chargeable.

(5)     It is our policy to collect US$250.00 before the commencement of our service to cover such out of pocket expenses that we may incur on behalf of the company. In the event that the company ceases operations or should you decide to terminate our services the balance (if any) of the US$250.00 deposit, less any outstanding out-of pocket expenses, will be refunded to you.

 Contact us to order

GENERAL INFORMATION ON INCORPORATION OF A LABUAN COMPANY

  

LOCATION

In the heart of Southeast Asia lies one of the world's most enchanting lands - Labuan. It is a veritable treasure trove of diverse cultures and hospitable people, exotic cuisine, fascinating festivals, quaint villages and modern skylines.

Labuan is an island that is located approximately 8km off the coast of the state of Sabah at the mouth of the Brunei Bay. It comprises of one main island and six smaller ones, thus covering an area of 92 sq. km. It is also centrally located in the middle of the Asia-Pacific region.

 Labuan's inhabitants are very cosmopolitan. They come from all walks of life and from various regions around the world, thus creating a diverse and stimulating society.

 

GOVERNMENT & LEGAL SYSTEM

TYPE OF LAW: The Malaysian legal system is based on the English model. Special laws applicable to the offshore industry in Labuan have been enacted. Arbitration is permitted. Disputes are heard in camera. Final appeal lies with the Supreme Court.

 PRINCIPAL CORPORATE LEGISLATION: On 6th November 1989, the Government of Malaysia declared the Federal Territory of Labuan as an International Offshore Financial Center. The following statutes apply:  

  • The Offshore Companies Act 1990

  • The Labuan Trust Companies Act 1990

  • The Offshore Banking Act 1990

  • The Offshore Insurance Act 1990

  • The Labuan Offshore Business Activity Tax Act 1990

  • The Labuan Offshore Trusts Act 1996

  • The Labuan Offshore Limited Partnerships Act 1997

  • The Labuan Offshore Security Industry Act 1997

In addition, the Labuan Offshore Financial Services Authority (LOFSA) has been established as the sole regulatory body for those statutes.

 



POLITICAL STRUCTURE

The Federal Territory Of Labuan is part of Malaysia and responsibility for its administration falls directly under the Prime Minister’s Department. Malaysia is a multi-racial and multi-religious nation consisting of 13 States (11 states in Peninsula Malaya and 2 states in the Borneo Island) and two Federal Territories (which are the capital, Kuala Lumpur, and Labuan. Parts of it were formerly under British control, but it obtained independence on 31 August 1957. On 16th September 1963, Malaysia was formed with the joining of Sabah, Sarawak and Singapore (Singapore left Malaysia in 1965). Malaysia is a member of the British Commonwealth.

 THE ECONOMY

The form of Government is a Constitutional Monarchy with the King as Head of State. The Nation is economically strong and politically stable. Labuan has modern office space and telecommunication facilities. More than 50 of the world’s top banks have branches in Labuan.

The Island of Labuan covers an area of approximately 92 sq. km, and has an estimated population of 50,000.

The official language is Bahasa Malaysia. However, English is widely spoken and many documents and publications are available in English.

CURRENCY: The Malaysian currency is the Ringgit. Apart from certain exceptions, offshore companies in Labuan are required to carry on business in a foreign currency.

EXCHANGE CONTROL: Labuan Offshore Companies are treated as non-resident for the purposes of the Exchange Control Act 1953.

 BUSINESS ENVIRONMENT

An offshore company in Labuan can take two forms. Potential offshore investors can either set up an offshore company or a foreign offshore company, either by incorporating or registering their companies to participate in the offshore activities and to enjoy the attractive tax treatment provided under the Labuan Offshore Business Activity Tax Act 1990.

The company must also employ the services of a trust company which is incorporated under the Companies Act 1965 and registered under the Labuan Trust Companies Act 1990 to discharge its statutory obligations 

 TAXATION

Offshore Companies that are trading pay 3% on net audited profits or the sum of RM 20,000. Offshore Companies that do not trade do not pay tax.


DOUBLE TAX AGREEMENTS

 Labuan, being a region of Malaysia, is party to over forty double tax agreements. The countries include: Albania, Australia, Austria, Bangladesh, Belgium, Canada, China, Czech Republic, Denmark, Finland, France, Germany, Hungary, India, Indonesia, Italy, Japan, Korea, Malta, Mauritius, Mongolia, Netherlands, New Zealand, Norway, Pakistan, Papua New Guinea, Philippines, Poland, Romania, Saudi Arabia, Soviet Union, Singapore, Sri Lanka, Sudan, Sweden, Switzerland, Thailand, Turkey, UAE, UK, Vietnam, Yugoslavia and Zimbabwe.

 FINANCIAL STATEMENT REQUIREMENTS

 A set of accounting records must be kept in Labuan. Non-trading (i.e. investment and holding companies) and trading companies which elect to pay tax of RM 20,000 p.a. are not required to file financial statements.


Such companies are exempt from appointing an auditor if they are not a licensed offshore bank or insurance company, did not invite the public to subscribe for shares or debentures or to deposit money with or lend money to the company and the members of the company have resolved that no auditor be appointed.


A trading company, which pays 3% of audited net profits, is required to appoint an auditor and file audited financial statements.


There is a filing fee of RM 50 for 'adoption of accounts' and if the accounts of the Labuan Company has been audited, then there is a filing fee of RM 50 for the 'lodgement of the said audited accounts'.

Note that a Labuan Company accounts need not be audited unless the company wishes to pay 3% of the net profit (as per the audited accounts).


TIME FRAME

The time frame for the incorporation of a Labuan Offshore Company is about 3 - 4 days.

Firstly, you will be required to complete our questionnaire for incorporation (as attached) and provide letters from two referees (see notes to questionnaire) for each of the director/shareholder.

 Upon receipt of the questionnaire for incorporation we will proceed to conduct a name search on the availability of the proposed name with the local authority. This will take about half a day to one day.

 The name will be reserved of a period of 3 months effective from the name approval date.

 If the name is available for use, the documents for incorporation will then be submitted. These are comprised of the following:-

 a.    Form 21 - Consent to Act as Director Form.

b.    Memorandum and Articles of Association

         - (our standard objects and articles clause shall apply here).

 Once the documents for incorporation have been submitted, the local authority will normally take about 2 days to issue the certificate of incorporation.

 The above time frame is based on using our agent’s nominees as promoters for purposes of incorporation of the company. Our agent’s elected nominees will subsequently resign as director and transfer the shares to your nominees after the company is duly incorporated.

 Should you elect to use your nominees for purposes of incorporation, the incorporation process would largely be dependent on how soon you return to us the documents for incorporation.

 INFORMATION/DOCUMENTS REQUIRED FOR INCORPORATION

 Please refer to the Incorporation Questionnaire and its accompanying Notes.

 


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Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.


Please go to our Uses of offshore Companies Page where you will find interesting information on the benefits of using offshore companies and trusts for business and personal use, links to information on other locations and details of our products and services.

 

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