Latest Changes on Labuan Work Permit
Labuan FSA has announced the latest changes in two (2) years’ work permits 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:
- The minimum monthly income to declare is RM10,000 (this income is taxable and the tax rate depends on residency status ranging from 0-28%)
- 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
- The Labuan Company has to have an operational office in Labuan prior to the application for the work permit.
- Each expatriate is required to submit two reference letters of good standing. Depends on the profile of the expatriate, this is not limited to a 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:
- Income Tax Form EA for the recent year for the expatriate
- Latest Personal Tax submission copy along with tax payment receipt for the expatriate
- Latest 3 months’ payslips with proof of payment in bank statements of minimum RM10,000 per month
- Latest Financial Reports of the Labuan company
- Latest Business Plan with financial projections for the next 3 years
- Latest Invoices or Business Contracts
- Renewed Tenancy Contract for office addresses in Labuan and Marketing Office (if applicable)
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 Tricor.firstname.lastname@example.org should you need further information. Let us know of your objectives in Labuan to advise you the right entity to set up.
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