How to Set Up Offshore Bank Account for Labuan Company

How to Set Up Offshore Bank Account for Labuan Company

It is increasingly popular among expatriates in Malaysia and Malaysians to choosing an offshore banking facility to manage their finances. Therefore, it is worth exploring how banking offshore can save you money! Offshore banking account works in a relatively simple and straightforward manner as opposed to many of the onshore standard banking practices and services you would expect.

How to Set Up Offshore Bank Account for Labuan Company is a guide especially for new entrepreneurs who are about to get started with his own Labuan entity.

Labuan offshore jurisdiction offers a great choice and a wide range of bankers for your offshore banking needs. There are close to 55 top bankers currently operate in Labuan Financial Services Centre. An offshore bank account is meant for international transactions of money on a big scale. Most offshore banking transaction is done through a phone call, fax and email, internet banking is rare! Labuan offshore bank account. Labuan bankers are subjected to Labuan FSA regulatory compliance and the possibility of Malaysia Ministry of Finance scrutiny.

[Find Out: What is the tax benefit of a Labuan Company]

3 reasons why entrepreneurs prefer banking away at home:

  • Your local account may be easily frozen due to your mishandling!
  • Secured and free from political and social uncertainty in your country!
  • No capital flow control restriction!

With a common reporting system (CRS) implemented by OECD, there will be no more privacy in terms of your fund size kept in the bank. It is a new norm now bankers would require all signatories and shareholders to provide their Income Tax Number for opening the bank account for their Labuan company.

The requirement to set-up an offshore bank account for Labuan Company often involve screening the company profile with a minimum of an initial deposit of per currency per account from USD5,000 to USD50,000 required by the offshore bankers from Labuan, Singapore, and other jurisdictions.

Key information of Labuan Off shore bank account:

  • Most bankers offer all major foreign currencies, except Ringgit account
  • Initial opening account amount range from USD5,000 to USD20,000 per currency
  • Some bankers may require face to face meeting to open account
  • Only selected bankers offer limited internet banking facilities
  • Most bankers offer Fixed Deposit placement with interest rates
  • Only current account with all remittance via TT
  • Most bankers able to offer trade facilities such as Banker Guarantee, LC, etc
  • High level of privacy and data protection
  • Subject to Labuan FSA and Ministry of Finance's control

Key information of Labuan Off shore bank account:

All Labuan Company are eligible to open both onshore as well as offshore bank accounts in Malaysia. Onshore banking is bankers situated within Malaysia with retails outlets to serve you with ATM, Debit Cards as well as internet banking. All off-shore bankers are located in Labuan, where they operate to serve you from their management office. Most transactions are done through emails or call in. Malaysia onshore bankers offer RM as well as foreign currencies with a lower initial deposit, usually range from RM1,000 to RM5,000 for each currency account while off-shore bankers are allowed to operate in all foreign currencies except RM.

We offer customized service for opening the Labuan and other offshore bank account opening as follows:

  1. Banker profile match to recommend right offshore banker to meet your needs
  2. Verify all documents to meet bankers’ due diligence to facilitate the opening of an account
  3. Act as your liaison person with the banker and manage the opening of a bank account
  4. Arrange the opening of internet banking facilities.

 

Processing to open a bank account will be 3 to 4 weeks for approval. All offshore bankers have their own preference list of nationalities approve for the opening of a bank account for Labuan Company. The Know-Your-Customer (KYC) compliance list varies from one bank to another subject to their internal policies. Most high-risk jurisdiction and sanction list under the FATCA and OECD will be denied from account opening, check if you are one of them!

Feel free to speak to us about your banking needs, we are happy to assist you. Call us at +603-2783 9191 (Labuan Division) or email: Tricor.klmo@my.tricorglobal.com. Send us your business objectives to advise the right Labuan entity to meet your goals!

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

My contact number in Malaysia:

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