Now that HK and Singapore do not offer anymore the possibility to open bank account at distance Labuan has become the offshore jurisdiction of choice for those who need an offshore company with a bank account opened at distance in Asia. Do not hesitate to contact me for more information on this matter at [email protected]
Labuan Offshore Companies
There are two types of offshore companies in Labuan: trading companies; and non-trading, or holding, companies.
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The Non Trading Company
Non-trading companies are companies that engages “an activity relating to the holding of investments in securities, stock, shares, loans, deposits or any other properties by a Labuan entity on its own behalf”
A non-trading company shall not be taxed at all
If the proposed the LC carries out both trading and non-trading activities, i.e. consulting and holding company, the said company will be regarded as carrying out a Labuan Trading Business activity.
The Trading Company
Trading companies will be all companies that do not enter into the definition of non-trading company above. For example, consulting companies, trading companies etc.….
Trading companies will be subjected to taxation of 3% of their profits or may elect to pay 20,000 MYR tax per year (around 4880 USD)
A dormant trading company will not be subject to any tax
If you chose the option of being taxed at 3% of the profits the company accounts will need to be audited. If you chose the flat fees option, the company will not need to be audited
There is another type of Trading Company called the Chartered Companies. They are trading company that elect to be subjected to Malaysian corporate tax rates to benefit of Malaysian double tax treaties network
We can assist with opening of a bank account at distance. Note that at distance bank account in Labuan is only possible if you have a Labuan offshore company
Our fees to set up a Labuan offshore company are as follows:
|One-off incorporation fee [with paid up capital up to MYR 50,000]||2,400.00||–|
|Resident Secretary and Registered Office||1,900.00||1,900.00|
|Annual government fee||–||890.00|
|Optional = Opening of bank account (per application)
* LBTL reserves the right to charge for the services provided regardless whether the application is approved or rejected
Do not hesitate to contact us for more information at [email protected]