The Organisation for Economic Co¬operation and Development (OECD) has last week listed Malaysia in the “White List”. The White List refers to a list of jurisdictions deemed to have substantially implemented OECD standards for transparency and exchange of information between.
Recent enactment of 8 new Acts brings with it positive changes in the way the jurisdiction operates whilst greatly enhancing its product and services offering. To better understand the implications of this legislative refresh, please download the Acts via the links below: Amended Acts Labuan Financial Services Authority Act 1996 Labuan Business Activity Tax Act 1990 Labuan Companies Act 1990 Labuan Trusts Act 1996 New Acts Labuan Financial Services And Securities Act 2010.. Read More
As the financial world churns with turbulence, Islamic financial services are increasingly being regarded as a viable alternative to conventional finance. Indeed, these products are gaining popularity among both Muslims and non-Muslims. Islamic finance advocates real asset financing and investment, which departs from money lending and highly speculative financial activities. Importantly, Islamic finance detaches itself from the conventional interest-based pricing mechanism. The specific benefits of conducting Islamic finance activities in Labuan are many,.. Read More
One of the significant changes embedded in the amended Labuan Business Activity Tax Act 1990 (LBATA) which came into effect on February 11th 2010 is the introduction of advance tax ruling. Under the provision, any person can apply to the Director General of the Inland Revenue Board for an advance ruling on the tax treatment of an arrangement or transaction if that activity involves a Labuan entity. This means that you know exactly.. Read More
Can Malaysian residents obtain loans from Labuan banks? Yes, they can subject to the guidelines issued by Bank Negara Malaysia (BNM), as follows: For an aggregate loan amount not exceeding MYR1 million, no approval by, or notification of, BNM is necessary For an aggregate amount exceeding MYR1 million but not exceeding MYR5 million, the applicant is required to inform BNM within 2 weeks from Letter of Offer For an aggregate loan amount exceeding.. Read More
Kuala Lumpur, Labuan IBFC Inc Sdn Bhd, the Malaysian Government agency authorised to market Labuan as the premier international business and financial centre in Asia Pacific, is proud to welcome Datuk Ali Kadir to its board of directors. “On behalf of the Board of Directors, I would like to welcome Datuk Ali to our ranks. With his wealth of experience and in depth knowledge of the domestic and international financial services industry, Datuk.. Read More
A captive insurance company is set up by its parent to underwrite the risks of that parent company, its associated, affiliated and / or subsidiary companies and, in some cases, risks associated with the companies’ dealings with their customers. Traditionally, captive insurance companies have been set up in offshore jurisdictions to ensure cost effective access to global reinsurance markets and to maximize investment potential for corporate funds retained within the captive. Despite international.. Read More
Leasing is the business in which one company may obtain the use of certain fixed or movable assets for which it pays a series of contractual, tax deductible payments. It is the words “tax deductible” that we find added value in respect of the offshore version of such contracts. Labuan IBFC offers you significant benefits in this regard. For example, no stamp duty is imposed on leasing transactions; nor is there any withholding.. Read More
As much as half of the world’s capital is estimated to flow through international business and financial centres, making banking activity the most important in these centres. Labuan International Business and Financial Centre has grown to become the home in Asia Pacific for 60 banks, including 15 investment banks, 11 of which are conventional and 4 operate under Shariah principles up to the end of 2008. Banks licensed to operate in Labuan can.. Read More
LOFSA wishes to announce the resignation of Martin Crawford as the Chief Executive Officer (CEO) of Labuan IBFC Incorporated Sdn Bhd, the marketing agency of Labuan International Business and Financial Centre (Labuan IBFC), with effect from 23 October 2009.