Incorporation and Registration Procedures for a Labuan Company
The process of registering a Labuan company can be generalized into these few steps and processes.
Firstly, it is important for anyone who wants to register and form their a company in Labuan offshore to know that a Labuan company formation can only be done by a licensed Labuan trust company as an agent.
Next. it is important for us, Indah Trust Limited (a licensed Labuan trust company) to first understand the client’s objectives, business activities and share capital requirements in order for us to recommend the right strategy and license required. We will also need to understand the client’s choice of desired company names for us to check on the availability for the registration of the Labuan company.
Company Name Reservation for Labuan Company
Upon formal engagement with Indah Trust Limited for our services, we will proceed with the company name search with the company registrar of Labuan, the Labuan International Business and Finance Centre (Labuan IBFC). We will assist to reserve the desired choice and several other options that the client prefers. If the desired Labuan company name is available, we will proceed to file for name reservation.
Preparation of Documents
Indah Trust Limited will assist to prepare the necessary documents such as:
- Articles of Association
- Declaration of Compliance
- Director consent form
- Shareholder consent form
Incorporation of your Labuan Company
Once the forms and documents are signed and returned to Indah Trust Limited, we will submit it to the Labuan IBFC to finish off with the registration of the new Labuan company. Upon successful registration, we will send to the client, a copy of the certificate of Incorporation.
Opening a Tax File
After forming a Labuan Company, the next stage will be to register the client’s company for tax filing purpose by completing and submitting the necessary information to the Inland Revenue Board.
Opening a Corporate Bank Account and Activating Online Banking
After the above is completed, to proceed to open a local Malaysian corporate bank account with client’s preferred choice of bank, local or international. Once it is the corporate bank account is opened, the client can proceed to deposit the initial share capital of the company into the corporate bank account.
This will be followed by activating online banking facilities for the company’s directors.
Additional Support Services
Indah Trust Limited is ready to assist with additional support services. Assistance is that often requested includes securing employees’ visa, finding a location for an office premise and registering for intellectual properties such as trademarks and brand names.
Accompanying documentation required for Labuan company incorporation application
- Memorandum and Articles of Association of the proposed company
- Statutory declaration of compliance by the trust company
- Consent to act as a director or directors
- Individual forms filled up by each respective directors
- Payment of relevant incorporation fee
Company Name Reservation
- While clients are allowed to choose any company name but the Labuan FSA holds the discretion to disapprove and reject any names that it deems it to be undesirable or unsuitable
- Company name approval by the Registrar is done within 24 hours but the name will be reserved for the applicant for a valid period of 3 months.
Upon clearance of the due diligence process conducted by the Labuan FSA and followed by submission of complete documentation and payment of fees, a Labuan company can be approved for incorporation/registration within 24 hours.
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