HIGH RISK JURISDICTION COUNTRY For LABUAN COMPANY
As a Trust Company, we are required to joint hand in combating money laundry and terrorism funding to protect international financial system and to comply with the International standard on compliance with Organisation for Economic Co-operation and Development (OECD) and Financial Action Task Force(FATF) bodies for the success of Labuan Jurisdiction. At such, high risk jurisdictions and nationalities set by Labuan Authority will have a special rules before they are allowed to register any Labuan entity. Here is the current list of high risk jurisdiction or nationalities released by FATF as to date is as follows:North Korea
HIGH RISK JURISDICTION COUNTRY For LABUAN COMPANY – How to Register Your Company Successfully?
For the high-risk jurisdictions and nationality to set up a Labuan Company, an enhanced due diligence process step will be required including a thorough background check and KYC. Labuan Authority would like to interview the key personnel of the proposed company prior to the company registration process. We will guide the candidate for the documentation as each profile would require a different format for the presentation. The “High-Risk Jurisdiction Country” list for Labuan Company set-up may change from time to time by the Labuan Authority.
Here are the four (4) stages for the registration of the Labuan company for high-risk nationalities :
Step 1: CP Trust to perform enhanced due diligence onto all proposed key personnel (director and shareholder)
Step 2: Submit propose company registration to Labuan Authority and arrange an interview
Step 3: If the interview is successful, Labuan Authority will approve the company registration and issue Company Registration Certificate
Step 4: Engage office space in Labuan for tax proofing purposes due to Common Reporting System by OECD
Step 5: The final company documents will be handover during the introduction meeting
Step 6: Arrange banker for bank account opening for your Labuan company
We simply “simplify the complexities” for your Labuan Company set-up. Call us today at +603-2161 0354 for an appointment for an advice on how to set-up your Labuan entity successfully if you are one of the high-risk jurisdictions! Alternatively, feel free to drop us an email for your enquiry.