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Incorporation in Labuan

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Type of company: Labuan offshore company which in most cases must be companies limited by shares.
Regulator or Registrar: Labuan Financial Services Authority, a division of the Central Bank of Malaysia.
Time to incorporate: In most cases including reservation of name, an LOC can be incorporated within 2-3 days. A name once reserved is valid for three months.
Government's Registration fee: From the minimum of US$300.00 to the maximum of US$1500.00 depending on the size of authorised capital chosen. Most company pays the minimum authorized capital fee.
Shelf company availability: Not generally available.
Taxation: Trading companies pay 3% tax or app. US$6000.00 which ever is elected on a given tax year. Investment holding companies is not subjected to tax.
Minimum annual government fee: US$770.00 regardless of capital structure, payable every year the latest one month before the anniversary of the company.
Disclosure of beneficial owner: Labuan adopts money laundering legislation under which all licensed service providers are required to know the identity of their customers before accepting a transaction. Not to do so would be an offence under the legislation. Therefore disclosure of beneficial ownership will be made to trust company, bank, insurers, etc. but not to the Authority.
Bearer shares: Not permitted. All shares must be in registered form.
Standard minimum paid up: None but our standard company comes with a standard paid up of U$1.00.
Standard authorised capital: Normally 13,000 no par value shares.
Permitted currency of capital: Any currency except Malaysian Ringgit although in most cases the US$ is prevalent.
Minimum number of shareholders: One and there is no residency or nationality requirement.
Minimum number of directors: One and there is no residency or nationality requirement.
Corporate directors: Yes.
Local directors: Optional.
Company secretary: Yes and if more than one is appointed at least one must be a resident secretary. Only an officer of a registered agent can be appointed as a resident secretary.
Public record of directors & shareholders: No.
Location of directors and shareholders meeting: Anywhere.
Banking: more than 50 offshore banks are operating in Labuan and close to a dozen local banks are available.
Telephone board meeting: Yes.
Access to Double Tax Treaty: With careful planning, Labuan companies may enjoy the benefits of Malaysia's extensive Double Tax Treaties.
Requirement to file account: Only for licensed companies and companies electing to pay 3% tax. Nevertheless there is still requirement to keep accounts that will sufficiently show the financial position of the company.
Requirement to file annual return: Yes and it is simple.
Local registered office address: A Labuan company must have at all time a registered office in Labuan. Such an office being the principal office of a trust company.

 
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