Dealing with Malaysia Residents for Labuan Company
Labuan Company is permissible to deal with Malaysia Residents whether is the personal or company for its business activities.
Malaysia residents defined as follows:
* Malaysia registered companies and entities
* Malaysian individuals
* Malaysia permanent residents
8 business activities which do not require to report to Labuan FSA:
1. Labuan company which wholly own Malaysia domestic entities
2. Labuan company carries on any licensed activity with a resident under the Labuan Financial Services and Securities Act 2010 or the Labuan Islamic Financial Services and Securities Act 2010 Dealing with Malaysia Residents for Labuan Company
3. Labuan company makes or maintains deposits with a person carrying on a business within Malaysia
4. Labuan company makes or maintains professional contact with any counsel, attorney, accountant, bookkeeper, Labuan Trust company or a corporation wholly owned by a Labuan Trust company made available by the Labuan Trust company to act or be appointed as a resident director or a resident secretary of a Labuan company, management company, investment adviser or other similar person carrying on business with Malaysia
5. Labuan company prepares or maintains books and records within Malaysia
6. Labuan company holds within Malaysia meetings of its directors or members
7. Labuan company acquires or holds any lease of any property for the purpose of its operations or as accommodation for its officers or employees
8. A resident of Malaysia holds shares in that Labuan company.
Except of the above, other transactions would require reporting to Labuan FSA for such activities within 10 working days from the date of contract or invoice of non -Ringgit transactions including acquisition of Malaysia real estates with Sales and Purchase Agreement.
For lodgement to Labuan FSA for Dealing with Malaysia Resident for Labuan Company, the following documents required:
1. Original copy of fully filled Dealing with Malaysia Resident Form
2. A copy of the contract/invoice of the transaction Dealing with Malaysia Residents for Labuan Company
3. A copy of the Malaysia company information search from Company Commission Malaysia (CCM) or for individual- a copy of Malaysia ID/Passport.
Please note that uncompleted Dealing with Malaysia Resident Form will be rejected, hence it is advisable to provide the required information as detail as possible. There will be a lodgement processing fee for our service. Please note that Labuan FSA will penalise for late submission, the fee payable minimum RM300 onwards. All transactions dealing with the Malaysia residents will be subjected to auditing by licensed auditor your financial year accounts, even though it is loss. If there is profit, the Company will be taxed at a rate of 24% .
The above service is only available for our existing clients, email us at contact @labuanbusiness.com to assist you when you have Dealing with Malaysia Resident transaction. We “simplify the complexities”