High Risk Jurisdiction Country for Labuan Company

As a Trust Company, we are required to join hands in combating money laundering and prevent terrorism funding. We work to protect the 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. Our efforts will ensure great success of Labuan as a clean jurisdiction where businesses prefer to operate from.

As such, certain high-risk jurisdictions and nationalities set by Labuan Authority will require a special and additional condition 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:

  • Albania
  • Bahamas
  • Barbados
  • Botswana
  • Cambodia
  • Ghana
  • Iceland
  • Jamaica
  • Mauritius
  • Mongolia
  • Myanmar
  • Nicaragua
  • Pakistan
  • Panama
  • Syria
  • Uganda
  • Yemen
  • Zimbabwe

How to Register Your Company Successfully?

For the high-risk jurisdictions and nationality to set up a Labuan Company, an enhanced due diligence process will be required including a thorough background check and KYC (Know-Your-Client) process. The Labuan Authority would interview the key personnel of the proposed company prior to the company registration process. We will guide the candidate through 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.

Below are steps to Register a Labuan Company for High Risk Nationalities:

Step 1: We need to perform enhanced due diligence (EDD) onto all proposed key personnel (director and shareholder) with a list of documents required.
Step 2: Submit propose company registration to Labuan Authority and arrange an interview
Step 3: If the interview is successful, the 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 the 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

The opening of Bank Account can be challenging for these high-risk nationalities. Bank’s approvals are subjected to their latest compliance policies and such policies varies from time to time. Please be informed we cannot give any assurance to be able to open any bank account.

Tricor Trustco offers One Labuan Platform for your convenience to subscribe to all Labuan services! Call us today at +603-2783 9191 (Labuan Division) for an appointment for 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.

Name

Email

Nationality

Product/Services You Intend to Sell

Target Market
Malaysia OnlyWorldwide

Capital Amount

Company Structure (present or intended)
100% Foreign-OwnedJoint-Venture with Malaysian

Do You Intend to Set Up Physical Office/Shop in Malaysia?
YesNo

Do You or Your company Require Expatriate Visas?
YesNo

Other Info You Need Us To Know

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