Latest Changes on Labuan Work Permit
Labuan FSA has announced the latest changes in 2 years’ work permit for Labuan Company license entity and non-license entity and further amendment on the changes with effective April 2019.
The changes will take effect immediately for the new Labuan work permit application and renewal application as follows:
Latest Changes on Labuan Work Permit for New Application
4 major changes are:
a. The minimum monthly income to declare is RM 10,000 (this income is taxable and the tax rate depends on residency status ranging from 0-28%)
b. Business Plan outlining the following, but not limited to, the Objectives of the Business, Product & Services offered, Target Market, Organization Chart and minimum 3 years’ financial projections
c. The Labuan Company has to have an operational office address in Labuan prior to the application for the work permit. (different address from the resident secretary) Click here for Complete List of Labuan Work Permit Application
d. Each expatriate is required to submit two reference letters of good standing. Depends on the profile of the expatriate, this is not limited to Letter of Good Conduct from the Police Department.
Latest Changes on Labuan Work Permit – For Renewal of 2 years’ Visa
All Labuan work permit holders due for renewal must submit their applications at least 6 months prior to the expiry of the current work permit along with:
1. Income Tax Form EA for the recent year for the expatriate
2. Latest Personal Tax submission copy along with tax payment receipt for the expatriate
4. Latest 3 months’ payslips with proof of payment in bank statements of minimum RM 10,000 per month
5. Latest Financial Reports of the Labuan company
6. Latest Business Plan with financial projections for the next 3 years
7. Latest Invoices or Business Contracts
8. Renewed Tenancy Contract for office addresses in Labuan and Marketing Office (if applicable)
Note: Labuan FSA may require additional information/documents or may request for an interview with the candidate.
The above changes do not affect the dependent application of spouse, children, and parents. Please do plan 6 months ahead for your work permit renewal to meet the necessary requirements to obtain successful approval.
Please email us At firstname.lastname@example.org should you need further information. We ‘simplify the complexities’ of your business!