How Labuan International Company can operate successfully in Malaysia
MORE Flexibilities at low cost!
Operate your business comfortably knowing that you have made a wise choice! Here is what you should know on how to have a Labuan International Company operate successfully in Malaysia.
For lifestyle or individual entrepreneurs, an affordable office space solution for your billing or correspondence purposes is easily available in Labuan. If you require mail management service and redirect mails to you, do let us know to provide you a package that fit your needs. We provide complete business center solutions to assist you.
You may bring your business to next level by establishing your Marketing Office in Kuala Lumpur and/or Iskandar Malaysia. The Labuan Company’s marketing office application can be initiated once you have set up your management office in Labuan. Management office of Labuan Company may be a functional office for administrative and accounting activities.
For Marketing Office application for Labuan Company, simply provide us three (3) years business plan with a propose of maximum 4 persons. After approval, you may employ local Malaysians and engage office rental of any size in an enclosed with space clearly marked with your company entrance. Approval processing will take approximately 30 to 45 days by Labuan FSA.
How Can Labuan International Company can operate successfully in Malaysia- Types of banking facilities
There are two types of banks you can operate for your Labuan International Company in Malaysia, that is offshore bank and onshore bankers. The offshore bankers are banks that operate in Labuan are licensed by Labuan FSA to facilitate international trades including Labuan companies for their international trades in foreign currencies, excluding Malaysia ringgit.
Most Labuan International Company operate onshore banking in order to have ringgit account to defray local expenses. There is no difference between two types of accounts except the on shore banking may subject to scrutiny by Central Bank of Malaysia for incoming or outgoing of fund of huge sum with requirement of reporting of purpose of fund. The off shore banking enjoys full privacy and volume transactions often huge with control by the banker and Labuan FSA will step in if found suspicious of money laundering and terrorism funding activities.
Not all bankers would open the bank account for Labuan Company easily, the opening account is still subject to banker’s KYC compliance policy, which may change from time to time. Offshore banking place a higher requirement on the criteria to open account which include a business plan with initial opening account of USD 20,000 to 25,000 per currency, varies according to banks. Most Labuan bankers do not have internet online banking facilities. Well known offshore bankers currently in Labuan are: Barclay, Kuwait Finance House, Nomura, JP Morgan, Cimb, Maybank, HSBC, etc.
For onshore bank (within Malaysia) account opening offers lower requirements with initial deposit of minimum of USD 1,000 for foreign currency account and RM 1,000 for Ringgit account. Most onshore bankers offer full internet banking facility with some able to issue debit cards.
All opening account process would require face to face interview by the banker as part of their due diligence process. No debit or credit card available for offshore bankers. Trade facilities are available such as Letter of Credit, Banker Acceptance approval subject to sole discretion of the banker.
How Labuan International Company can operate successfully in Malaysia – Be Business Smart with Labuan!
Maximise your return with the right jurisdiction for your international trade, do consider Labuan company for your business especially when you are trading with ASIA businessese. Call on us to assist you in Labuan International Company formation, our services include setting up the bank account for the company and internet banking as well your personal. L We “simplify the complexities” of your Labuan Company’s investment. Let us know your needs by email us your enquiry today!