CEO'S MESSAGE
Dear Friends of Labuan,
As I write this, the team and I have been working from home for close to two months and unfortunately, we are still waiting on a clear indication as to when we may return to our offices. Notwithstanding, our market development outreach via webinars, closed group and one-on-one virtual meetings carries on unabated. We are also proud to launch our new corporate video, so please take a look here and let us know what you think.
The latest evolution of the international tax landscape has been growing momentum with adoption by the G7, G20 and the OECD - potentially introducing the global adoption of a minimum tax rate. These changes may bring about short-term uncertainty, but I truly believe "in every crisis lies opportunity". With IFCs being the global "plumbing" of finance, trade, risk and asset intermediation, the essential role of centres as global clearing houses of finance, do not rely solely on taxation as an enabler, will continue even during these shape-shifting times.
As a midshore wholesale financial centre, we have benefited from being a substance-enabling jurisdiction, allowing us to enjoy the "flight to quality" over the last few years. This growth in wholesale licensed intermediaries using Labuan as a regional hub continued in the first half of 2021, and we are cautiously optimistic this growth will follow through for the rest of the year.
Our next few webinars will focus on our protected cell company structure, highlighting the multifaceted use of these corporate vehicle, specifically in "democratising" self-insurance and the opportunities that arise from using PCCs as an umbrella fund or even to house single/multiple family offices. Both webinars will be 'live' so please do join us, click through to www.labuanibfc.com for more info.
Take care all, and stay safe!
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