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 what you should know how a Labuan International Company can operate your office successfully in Malaysia.
For lifestyle or individual entrepreneurs, you may use the registered address for your billing or correpondence purposes, If you require mail manage service for receiving and redirect mails to you, do let us know to provide you a package that fit your needs.
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 is permissible once you have set up your management office in Labuan. Management office of Labuan Company may be a functional office of adminstrative and accounts departments.
For Marketing Office application for Labuan Company, simply provide us 3 years Business Plan and organisation chart for the personnel of maximum 4 persons. After approval, you may employ local Malaysians and engage office rental of any size with space clearly marked in an enclosed area. Approval processing will take approximately 30 to 45 days.
How 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 off shore bank and on shore. The off shore bankers are banks that operate in Labuan which is licensed by Labuan Authority to facilitate international companies including Labuan companies for their international trades of foreign currencies, excluding Malaysia ringgit.
Most Labuan International Company operate an on shore banking to have ringgit account to defray expenses. There is no difference between two types of accounts except the on shore banking may subject to scrutiny of 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 can be huge without questioning by authorities unless it is 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 their own policies which may change from time to time. Off shore banking place a higher requirement on the criteria to open account which include a business profile,plan with initial opening account of USD 20,000 to 25,000, varies according to banks. Most of the bankers do not have Internet online banking facilities. Some of the well known off shore bankers in Labuan are: Barclay, Credit Suisse, Nomura, JP Morgan, Cimb, Maybank, HSBC, etc.
For on-shore bank (within Malaysia) account opening, it offers lower requirements with initial deposit of minimum of USD 1,000 for foreign currencies account and RM 1,000 for Ringgit account. Most on-shore bankers offer Internet banking facility.
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 both types of 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 thru Labuan!
Maximise your return with the right jurisdiction for your international trade , chose Labuan off shore company set-up. Call on us to assist you incorporating your Labuan International Company, our service includes setting up the bank account for the company, Internet banking as well your personal. Let us know your needs by email us at firstname.lastname@example.org. We “simplify the complexities” of your Labuan Company’s operation.