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Country:                     Labuan Region:                       AsiaPacific Currency:                   Any currency of choice except Malaysian Ringgit (MYR) Languages:     English, Malay, Chinese, Tamil Time Zone:     UTC +8 Phone Code:    +6087 Communications: Very Good Although Labuan is part of Malaysia, it has its own offshore regime. Labuan companies can make use of Malaysia's extensive double tax treaty network, and as a result the island has become a preferred conduit for FDI to a number of ASEAN countries. A stock exchange aimed primarily at the listing of Islamic financial debt issues has had considerable successes. Offshore companies engaged in trade pay...

JURISDICTION 2018

By Robert W. Wood  The U.S. and China enjoy increasingly strong connections. Yet virtually no Chinese family or business relishes dealing with the Internal Revenue Service (IRS). American tax laws are famously complex, and dealing with the IRS can be like quicksand. Of course, whether they like it or not, U.S. citizens and green card holders (U.S. permanent residents) must deal with the IRS.  They must file their tax returns with the IRS on a worldwide basis, even if they are resident and paying taxes elsewhere.  There was a time when the only Chinese persons worrying about such issues were...

EXPERT INSIGHTS 2020

By: Simon FilmerDeputy Group Managing Director, OIL China has experienced extraordinary growth over the last 20 years, becoming the second largest economy in the world – with some metrics granting China number one status ahead of the United States.  While the Chinese economy has undoubtedly slowed in the last two years, it still proceeds at levels that would be the envy of many Western nations.  Under the leadership of Xi Jinping, China is adopting a new growth model, one that involves opening up further to the rest of the world.  This model encourages private investment, with a greater focus on...

EXPERT INSIGHTS 2020

What are the advantages of the jurisdiction for Chinese investors? What makes Labuan different from other jurisdictions for Chinese investors? Labuan is part of Malaysia and therefore closer than many other jurisdictions. It is in the same time zone, has many native Chinese speakers and is part of a larger economy. It also has tax treaties with China, Hong Kong and Taiwan. What types of companies can be opened? The preferred company type is a company limited by shares, the Labuan Company. Protected Cell Companies, Limited Partnerships, Foundations and Trusts are also provided for. What are the requirements for company...

CORPORATE & FIDUCIARY JURISDICTION 2014

Executive Summary:The Government sees Labuan's future in terms of its financial sector, and in 1990 created the Labuan Offshore Financial Services Agency (although 'Offshore' has since been dropped from the title) alongside a batch of 'offshore' laws. Labuan companies can make use of Malaysia's extensive double tax treaty network, and as a result the island has become a preferred conduit for FDI to a number of ASEAN countries. A stock exchange was established in 2000, aiming particularly at the listing of Islamic financial debt issues, and has had considerable successes.Malaysian taxes are moderately high, although on a territorial basis, but...

CORPORATE & FIDUCIARY JURISDICTION 2014

By John Swann John has worked in the corporate services industry for over 30 years, and has been at Jordans since 1986, in which time he has run Jordans operations in Gibraltar and the BVI. Now based in the UK, John has responsibility for overall business development, with a focus on Asia, and specifically China. International business in Asia and particularly in China has for many years been synonymous with offshore services. The BVI, Cayman Islands and Samoa are household names and along with Hong Kong are major routes for inbound and outbound investment. These international financial centres have their...

EXPERT INSIGHTS 2020

Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for? What types of business activity is most suitable for incorporating in your jurisdiction? As widely known, Hong Kong is one of the six international financial centers with strong reputation and high credibility. It remains the first place in the 2019 Global Economic Freedom Index. The business scope of Hong Kong companies is very wide with few restrictions. Today, trading and service companies are the most (widely/commonly) established companies in...

CORPORATE & FIDUCIARY JURISDICTION 2019

By Dr. Lee Chih-Jen The fifth report on the Competitiveness Index (Xinhua-Dow Jones IFCD Index) was released in 2014, four years after the first was jointly released by Xinhua Press and Chicago Merchandise Exchange Group (CME). This index reflects the competitiveness of 45 cities around the world as international financial centers. The latest report revealed that Shanghai ranked fifth (from sixth in 2013, side-by-side with Hong Kong), competing with cities like New York and London, which were ranked first and second in previous years. The report points out that Hong Kong is still among the highest-ranking cities in certain categories,...

EXPERT INSIGHTS 2020