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Several Certified Legal Documents Required to Incorporate a Company in Labuan for Residents and Foreigners
Are you a foreigner and have plans to incorporate a company in Labuan? Now, the Malaysian government offers you a low tax advantage and ownership of 100 percent through Labuan Company. Through the establishment of the Financial Services Authority (LFSA), you can now incorporate associated financial licenses.
How to Register a Company
With that in mind, you begin by reserving a company name under the LFSA which must be desirable and contains an abbreviation thereof in the national dialect of any nation with a perfect and authorized rendition of the name in English. You’ll be required to pay a nominal fee of RM50 where approval is done within 24 hours by the Registrar and the name reservation to remain for 3 months.
Documents Required for Company Registration
Should you choose to incorporate a company in Labuan, you must ensure that you prepare the basic documents. But first, you must outline your business objectives in brief and after that prepare your identity card and passport. The registration process of Labuan Company may take a week or less to complete. According to law, you’ll be needed to prove your fitness as a person which means providing two reference letters from certified professional such as an auditor or lawyer explaining your personality and conduct. Again, you’ll need to submit a Letter of Good Conduct from the police department alongside any other significant government agencies. Besides that, the law will require you to provide a valid home address with at least ONE of the following items within three months: original utility bill, bank statement, credit card statement or original bank reference.
Remember, in case your nationality drops within the High-Risk Jurisdiction a more thorough review will be conducted for due diligence purposes.
In preparing to incorporate a company in Labuan, you’ll also need to have your Memorandum and Articles of Association ready, compliance declaration and shareholders and directors consent. Again, to be entitled to conduct business in Labuan, you must have a work permit. Now, for you to be issued with a work permit, you must be holding some of the following professional positions such as Executive Officer, Professional Accountant, Technical expert among others. Likewise, you must also apply for a work visa (work & entry visa).
According to the Labuanian laws, you can’t operate a company without having a corporate bank account. Therefore, you must ensure that you select the right banking institution that will suit your needs. It’s no doubt that before you plan to incorporate a company in Labuan, you must have thought of having a physical address. This calls for you to finalize with the registration of an address that will prove your existence.
The good news is that if you decide to invest in Labuan Non-trading Company, you’re likely to enjoy a low tax rate of 3 percent and for investment holding company of zero rates. The minimum paid-up capital is US$1 and only needs one director and one shareholder with no trading license required to operate within the Labuan jurisdiction.
For more information and assistance on setting up a company in Labuan, please contact us, 3E Accounting will provide you with the best service.
