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Offshore Companies

Labuan is the main island of the Malaysian Federal Territory of Labuan. Labuan’s capital is Victoria and is best known as an offshore financial centre offering international financial and business services via Labuan International Business and Financial Centre (IBFC) since 1990 as well as being an offshore support hub for deepwater oil and gas activities in the region. It is also a tourist destination for nearby Bruneians and scuba divers. The name Labuan derives from the Malay word labuan meaning anchorage. The Federal Territory of Labuan comprises Labuan Island (75 km2) and 6 other smaller islands, which have a combined total area of 91 km2. The islands lie 8 km of the coast of Borneo, adjacent to the Malaysian state of Sabah and the independent state of Brunei Darussalam, on the northern edge of Brunei Bay facing the South China Sea.

Key Corporate Features

  1. Director
    • At least 1 Director, whether an individual or a company.
    • No restriction on the nationality of the Director.
  2. Shareholder
    • At least 1 Shareholder, whether an individual or a company.
    • No restriction on the nationality of the Shareholder.
  3. Share Capital
    • Minimum paid-up capital is USD1.
    • Standard authorized capital is USD50,000.
  4. Taxation
    • Offshore companies that are trading pay 3% on net audited profits or the sum of RM20,000.
    • Labuan, being a region of Malaysia, is party to over 63 double tax treaties.
  5. Reporting Requirement
    • The accounts need to be audited if the company wishes to pay a tax of 3% on the net profit.
    • An annual return has to be filed with the authorities.
  6. Time Taken to Incorporate
    • About 4 days