Setting up a business or company in Labuan
Are you thinking about setting up a company in Labuan?
Here is some information that you may want to know before you get started.
- First of all, the applicant must be aware of:
- Legislative framework of Labuan International Business and Financial Centre (IBFC)
- duties and powers of a Labuan company and its members under the Labuan Companies Act 1990 (LCA)
- The applicant must appoint a licensed Labuan Trust company (Indah Trust Limited is a licensed Trust company in Labuan), to conduct and perform due diligence on the applicant.
- Company name reservations are subjected to the following conditions:
- While the applicant is allowed to choose any name but will be subjected to Labuan Financial Services Authority (FSA)’s approval.
- The company name shall contain any word or abbreviation in the national language of any country with an accurate and certified rendition of the name in the English language provided.
- For company name reservation, the application fee is RM50.
- Duration for the approval process by the Registrar is 24 hours. Once approved, the company name will be reserved for a period of three months.
- Documents and payments required for registering a Labuan company are:
- Memorandum and Articles of Association of proposed company
- statutory declaration of compliance by the trust company
- consent to act as a director(s) and their respective completed forms
- Labuan company formation cost
There are some business activities that require licensing and the applicant should get approval to conduct such activities before incorporating a Labuan company.
More information such as the advantages, company structures and other frequently asked questions can be found in Labuan company formation