Hey people,
Yesterday, Labuan International Business and Financial Centre (Labuan IBFC) hosted a media tutorial session at Le Meridien Hotel, Kuala Lumpur.
It is basically a sharing session to "educate" and "inform" the media of who they are and what they do.
For those who do not know, Labuan is an island located in Sabah, and most financial folks would associate Labuan as an offshore financial services, --- which they partly are, but more than just that.
In the peninsular Malaysia for instance, we have Kuala Lumpur as the country's financial center, but for East Malaysia, Labuan (or rather, Labuan IBFC) is touted as the financial center over there. Some associated Labuan with other offshore financial services center such as Cayman Island in the Bristish Virgins Island.
In the peninsular Malaysia, Sabah and Sarawak (should I say, mainland?), nearly 99% of financial services are regulated by the central bank, or fondly known in Malaysia language as Bank Negara Malaysia (BNM).
Because Labuan is an island (and though it is located in Malaysia), it has its own financial authority that regulate all financial services there. The authority is known as Labuan Financial Services Authory which is known as LFSA.
Labuan IBFC was established on Oct 1, 1990 with a purpose to develop the economy of Labuan and its vicinity area. It is basically the marketing arm of LFSA.
There are many foreign companies and banks that are in Labuan and you probably don't normally hear their names in peninsular Malaysia. That may be due to either lack of promotional activity or secrecy in operations.
Nevertheless, many companies were established and incorporated due to (a) lesser restrictions and (b) better incentives and benefits.
Below is a presentation document that was provided by Labuan IBFC. Please go through the slides to understand more, and if you have doubts, please contact them directly.
You may download the presentation file here.
Some relevant website that you may go into include:
Yesterday, Labuan International Business and Financial Centre (Labuan IBFC) hosted a media tutorial session at Le Meridien Hotel, Kuala Lumpur.
It is basically a sharing session to "educate" and "inform" the media of who they are and what they do.
For those who do not know, Labuan is an island located in Sabah, and most financial folks would associate Labuan as an offshore financial services, --- which they partly are, but more than just that.
In the peninsular Malaysia for instance, we have Kuala Lumpur as the country's financial center, but for East Malaysia, Labuan (or rather, Labuan IBFC) is touted as the financial center over there. Some associated Labuan with other offshore financial services center such as Cayman Island in the Bristish Virgins Island.
In the peninsular Malaysia, Sabah and Sarawak (should I say, mainland?), nearly 99% of financial services are regulated by the central bank, or fondly known in Malaysia language as Bank Negara Malaysia (BNM).
Because Labuan is an island (and though it is located in Malaysia), it has its own financial authority that regulate all financial services there. The authority is known as Labuan Financial Services Authory which is known as LFSA.
Labuan IBFC was established on Oct 1, 1990 with a purpose to develop the economy of Labuan and its vicinity area. It is basically the marketing arm of LFSA.
There are many foreign companies and banks that are in Labuan and you probably don't normally hear their names in peninsular Malaysia. That may be due to either lack of promotional activity or secrecy in operations.
Nevertheless, many companies were established and incorporated due to (a) lesser restrictions and (b) better incentives and benefits.
Below is a presentation document that was provided by Labuan IBFC. Please go through the slides to understand more, and if you have doubts, please contact them directly.
You may download the presentation file here.
Some relevant website that you may go into include:
- Labuan IBFC - www.labuanibfc.com
- Labuan FSA - ww.lfsa.gov.my
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