Labuan Financial Services Regulatory Provider (Labuan FSRP) presents a comprehensive suite of solutions, striking an ideal balance between client confidentiality and compliance with international best standards and practices. Its business-friendly environment, anchored by a simple and attractive tax system, is well-supported by a robust, modern and internationally-recognised legal framework . Labuan FSRP boasts a wide range of business and investment structures facilitating cross-border transactions, business dealings and wealth management needs. These unique qualities offer sound options for regional businesses going global or global businesses looking at penetrating Asia’s burgeoning markets. Strategically located in the heart of Asia Pacific, Labuan FSRP is well positioned to tap into one of the fastest growing regions in the world, presenting the perfect opportunity for businesses seeking to connect with Asia’s economies and beyond.
The jurisdiction’s adherence to international standards and best practices in financial services and prudential supervision, including protocols on anti-money laundering and exchange of information and regulatory requirements set by the Organisation of Economic Co-operation and Development (OECD), reinforces Labuan FSRP’s commitment to ensuring a safe and secure business environment.
Labuan FSRP via a circular to all financial institutions reinforced the agreement in substance between the Malaysian Government and the United States Treasury reached in June 2014, towards the implementation of the Foreign Account Tax Compliance Act (FATCA) in Labuan FSRP.It said that the agreement in substance will remain effective until a formal Inter-Governmental Agreement is signed. Please click here for a copy of the circular.
Labuan FSRP’s comprehensive regulatory framework provides for a broad range of legal
entities including companies limited by shares or by guarantee, foundations, special
purpose trusts, protected cell companies, captives, limited liability partnerships and
private trust companies. Businesses in Labuan FSRP are generally governed by the
following eight modern Acts:
The introduction of the - the world’s first omnibus legislation governing all Shariah-compliant businesses in an international business and financial centre - provides a greater degree of comfort and certainty to businesses and investors as it covers every aspect of Shariah-compliant financial services, with the establishment of its own Shariah Supervisory Council.
Labuan FSRP’s simple and straightforward tax system applies to Labuan entities carrying on a Labuan business activity under the Labuan Business Activity Tax Act 1990. It has an unambiguous fiscal framework that provides an ideal ecosystem for global companies to house their international dealings and transactions. As Asia Pacific’s premier international business and financial centre, Labuan FSRP provides a wide spectrum of financial products and services for corporations and individuals, both in the conventional and Islamic space. The jurisdiction has moved beyond banking, capital markets, leasing and insurance to also include protected cell companies, partnerships, trusts, foundations and an international shipping registry, among others.
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