How Labuan International Company can operate successfully in Malaysia
More flexibilities at a 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 emails to you, do let us know to provide you a package that fits your needs. We provide complete business center solutions to assist you.
You may bring your business to the next level by establishing your Marketing Office outside Labuan, in another location in Malaysia. The Labuan Company’s marketing office application can be initiated once you have set up your operational office in Labuan.
For the Labuan Marketing Office application for Labuan Company, the few documents required are the three (3) years of business plan with a proposed location, which can be anywhere in Malaysia and organization chart. Upon approval by Labuan FSA, you may employ local Malaysians and engage office rental of any size in an enclosed space clearly marked with your company entrance. Approval processing time will be approximately 30 to 45 days.
How Can Labuan International Company can operate successfully in Malaysia- Types of banking facilities
There are two types of bank accounts you can open for your Labuan International Company in Malaysia. They are an 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 also operates an onshore banking in order to be able to have a ringgit account to defray local expenses. There is no difference between two types of accounts except onshore banking may subject to scrutiny by Central Bank of Malaysia. Inflows and outflows of large funds through the account shall require reporting and declaration of the purpose of the fund to the central bank.
The offshore banking enjoys full privacy and volume or transaction amount often can be big. Unlike the onshore bank account, the fund inflows and outflows in large quantities will be monitored and control by the banker. 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 has a higher requirement on the criteria to open an account which includes a business plan with an initial opening account of USD 20,000 to 25,000 per currency, which 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 an initial deposit of a minimum of USD 1,000 for foreign currency account and RM 1,000 for Ringgit account. Most onshore bankers offer a full internet banking facility with some able to issue debit cards.
All account opening processes will require a face to face interviews 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 the sole discretion of the banker.
How Labuan International Company can operate successfully in Malaysia – Be Business Smart with Labuan
Maximize your return with the right jurisdiction for your international trade, do consider Labuan company for your business especially when you are trading with ASIA businesses! There are three (3) major licensing solutions offered in Labuan Jurisdiction:
*FINTECH and BLOCKCHAIN SOLUTIONS
*WEALTH MANAGEMENT SOLUTIONS
Call on us at +603-2783 9191 (Labuan Division) to discuss on your objective in your Labuan investment. We assist you in Labuan International Company formation, our services include setting up the bank account for the company and internet banking. Send us your needs by emailing us your inquiry today!
Trade Without Barriers
Tap into ASEAN Market Through Labuan
Labuan Blockchain and Crypto
Labuan Wealth Planning
Labuan Tax Matters
We are offshore and onshore business advisory expert to assist you in your business set up in Malaysia!
Get advantage being our clients to have free to access for complete advise from us on latest regulations, updates and requirements for your business and residency opportunities in Malaysia anytime, anywhere!
For everything about business investment in Malaysia for foreigners as well as onshore business business expertise, check out our complete information at www.MalaysiaBizAdvisory.com