Compliance Labuan Company For Trading and Investment Holding

Compliance Labuan Company for Trading and Investment Holding

Like all other companies in Malaysia, all Labuan companies also required to perform regular compliance to maintain active status at all times. For any Labuan Company, we can assist you to comply with the three (3) major Labuan authorities annually, as follows:

Update your profile with Labuan FSA with all your Labuan Company statutory records subject to annual fee payment updated
Update your company and personal profile and tax filing record with Labuan Inland Revenue Board, Malaysia
Update your company and personal profile with Labuan Immigration Department, Malaysia, if your Labuan Company has issued working visas to your Directors or Expatriates.

It is also advisable to operate your company bank account well and with integrity, in order to comply with Malaysia’s banking rules and regulations. Bankers reserve the right to have your account blacklisted or closed. This is especially the case, when your checking account issued dishonoured cheques.

Compliance Labuan Company – The Difference between Management Account and Audited Account

For reporting purposes, Management and Audit Accounts, usually comprise of a full set of the financial reports on Trading, Profit & Loss and Balance Sheet. Please note that management accounting reports which had not been audited, can submit a Management Account for submission instead. All Labuan business entities are required to submit to us their company accounts, based on your activities for compliance purposes. The accounts need to be submitted and declared, for financial year ended by 31st Dec as follows:

1. For trading companies, the submission shall include an audited account for every financial year. The auditing is required whether the company made a profit or loss during the year. To start the audit process, we can help you to appoint an auditor from the list of Labuan approved auditors. Please allow 30 to 60 days for the auditor to complete the auditing process. Auditor will submit to us a copy of the audit report along with the relevant tax documents to submit to the Labuan Inland Revenue Board and Labuan FSA.

2. For a company that is dormant or an investment holding in business nature, only a management account will be submitted to us, no submission to Inland Revenue Department and Labuan FSA is required. Click here to understand what needed to be done for compliance of a Labuan dormant company.

Non-compliance can cause these events to happen:

1. Labuan Financial Authority may query and/or strike-off your Labuan company if the company records not updated or annual fee not paid
2. Labuan work permit visa holder and family may faced auto-termination at the Immigration check-points at KLIA, all other airports and ground immigration checkpoints
3. For reactivation of the struck off company, Labuan FSA reserves the sole discretion for approval. Penalty will be charged accordingly with the possibility blacklisting the name of all members in the company depends on type of offense.

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Feel free to call us +603-2783 9191 (Labuan Division) for an appointment or email us at contact@labuanbusiness.com to assist you on all compliance issues and clarifications for your Labuan Company. We “simplify the complexities”. Decided to set up a Labuan company, feel free to drop us an inquiry today!