Labuan

Geographic location:
South East Asia
Population:
60,000
Native Language:
Malaysia/English
Currency:
Malaysia Ringgit
Political Status:
Parliamentary Democracy
Legal System:
Common Law

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OFFSHORE COMPANY - LABUAN
The Federal Territory of Labuan comprises of seven small islands located off the northeast coast of Borneo not far from Brunei. Labuan is a politically stable part of Malaysia and responsibility for its administration falls directly under the Prime Minister’s Department. In November 1989, the Government of Malaysia declared Labuan an International Offshore Financial Centre and in 1990 the Offshore Companies Act was enacted. The Malaysian government has committed substantial resources to the development of Labuan and as a result Labuan is fast becoming one the leading offshore centres of Asia. It is located on the major shipping and air routes of the Asian region. The combination of a well-developed financial and professional infrastructure and an advanced economy make Labuan an extremely attractive environment for the establishment of offshore companies.

Offshore Non-Trading
An Offshore Non Trading company is governed by the Offshore Companies Act 1990. By virtue of the Companies Act this corporate vehicle is offered total confidentiality and anonymity. It may not carry on business with a resident of Malaysia except as permitted by the offshore Banking Act 1990 and may not carry on the business of banking and insurance. A non-trading offshore company can be used for holding investments or property. There is no taxation where the company is only involved in an offshore non-trading activity. Labuan has many tax treaties and a non-trading company is not subject to any exchange or currency controls.