GENERAL

Status: Federal Territory in Malaysia
Location: South East Asia
Area: 92km2
Population: 60,000
Business languages: English & Bahasa Malaysia (Malay)
Currency: Ringgit Malaysia (RM)
Time zone: GMT + 8
Business hours:
Government: Mon-Fri 8am to 4:15pm; Saturday 8am to 12:45pm. No work on first Saturday of the month, public holidays and Sundays.
Business: Mon - Fri 9am to 5pm. Some open half day on Saturday. No work on public holidays and Sundays.
Climate: Equatorial climate year round.
Average temperature of 30°c

IMPORTANT CONTACTS

Labuan Offshore Financial Services Authority (LOFSA)
Level 17
Main Office Tower, Financial Park Labuan
Jalan Merdeka
87000 Federal Territory of Labuan
Malaysia
Tel: + 6087 408 188
Fax: + 6087 413 328
email: lofsa@tm.net.my
Web: www.lofsa.gov.my

EXPAT EMPLOYMENT DETAILS

Visa and work permit required.

COMMUNICATIONS

Telecommunications services and facilities ranging from cable, telex, fax, data and information access, video conferencing, cellular mobile phones, INSTELSAT Business Services Satellite, teleports and fibre optic communications highway. Upgraded airport within major international air route and good highway network.

POLITICAL AND ECONOMIC STABILITY

Country governed by the same democratically elected political party since independence in 1957. A stable economic environment, and the development of Labuan as an IOFC is a long term national agenda supported by strong Government commitment. The Government has big developmental plans for Labuan, to ensure that it is able to effectively perform its role as an international offshore financial centre. In this respect numerous infrastructure projects have been carried out in Labuan since its establishment as an IOFC in 1990.

KEY ACTIVITIES

International investors can tap into the numerous offshore service facilities offered:

offshore banking and investment banking business, insurance and insurance-related activities, trusts business, mutual funds and fund management, investment holding companies, leasing, venture capital, money broking, company management services, corporate treasury operations, capital market activities and Islamic financial products.

ADVANTAGES OF LABUAN

  • Fast growing economic opportunities in the Asia Pacific region.
  • Equidistant to major Asian financial centres, for example Hong Kong, Singapore, Bangkok, Manila, Jakarta, Brunei and Kuala Lumpur.
  • Stable economic environment of Malaysia.
  • Speedy incorporation/registration of companies.
  • Favourable time zone (GMT+8) - same time zone as Hong Kong and Singapore, while capturing worldwide business around the clock.
  • Low operating cost.

The content of this factfile is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances

This factfile also appears in the 'International Offshore and Financial Centres Handbook 1999/2000'. For further information about this highly informative guide to offshore centres, or to order your copy, please phone +44 (0) 207 820 7733 or send an email to iofch@mondaq.com