Labuan region offers an up to date and internationally-acknowledged legal framework that provides precise legal provisions and industry guidelines enforced by the Labuan FSA (Financial Services Authority).
A licensed Labuan banking institution is subject to the provisions under the Labuan Financial Services and Securities Act from 2010 and the Exchange Control Act of 1953.A licensed Labuan investment bank, may be allowed to deal in Malaysian Ringgit as well as with Malaysian residents.
Documents required when applying for a banking license in Labuan:
- Business plan for the first 3 years
- Company statutory documents (Notarized Memorandum and Articles of Association)
- Detailed corporate profile (name, qualifications and experience of the directors and responsible officers)
- Audited accounts of the company for the last three years
- Letter of Guarantee from the head office and Letter of Awareness from the regulatory authority
- The controller or director must have prior written approval of Labuan FSA and should have the necessary experience and expertise in a similar undertaking
If you would like assistance in forming a new offshore bank please contact Starting Offshore’s consultants, today.
The timeframe for obtaining a banking license in the Labuan jurisdiction is relatively short, of 4-6 months.