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A guide to labuan ibfc company incorporations fund management

A GUIDE TO LABUAN IBFC The Labuan International Business and Financial Centre Labuan IBFC was established more than years ago to complement ? The activities of the domestic ?nancial market in Kuala Lumpur and ? The development of economic activities in Labuan a federal territory in Malaysia The Labuan Financial Services Authority Labuan FSA is the one-stop regulator for the jurisdiction while its wholly-owned subsidiary Labuan IBFC Inc Sdn Bhd promotes and markets Labuan IBFC as the preferred international business and ?nancial centre in Asia Paci ?c Labuan IBFC o ?ers a wide range of structures and solutions The diagram below illustrates the main areas of focus Company Incorporations OFFERED WITHIN A CONVENTIONAL OR ISLAMIC FRAMEWORK Fund Management Insurance Insurance Reinsurance Captive Takaful and Retakaful Private Wealth Management CTHE LABUAN LEGISLATION Four Acts were enacted in by the Malaysian Parliament and comprehensive amendments were made to four existing Acts during the same year As a result Labuan IBFC is now governed by the following legislations ? Labuan Companies Act ? Labuan Business Activity Tax Act ? Labuan Trusts Act ? Labuan Foundations Act ? Labuan Limited Partnerships and Limited Liability Partnerships Act ? Labuan Financial Services and Securities Act ? Labuan Islamic Financial Services and Securities Act ? Labuan Financial Services Authority Act THE LABUAN TAX FRAMEWORK The tax laws relating to Labuan entities are set out in the Labuan Business Activity Tax Act LBATA According to Section of LBATA tax shall be charged at a rate of a year on the net audited pro ?ts of a Labuan entity carrying on a trading activity In the instance of a Labuan entity carrying on a non-trading activity no tax will be applied for that assessment year A Labuan non-trading activity is de ?ned as activity relating to the holding of investments in securities stocks shares loans deposits or any other properties situated in Labuan and held by a Labuan entity on its own behalf while a Labuan trading activity includes banking insurance trading management licensing shipping operations or any other activity The concessionary tax treatment o ?ered by LBATA is also complemented by Statutory Orders exempting Labuan companies from taxation withholding taxes and stamp duty as well as partial exemption from salary taxes in certain cases Foreign exchange control rules foreign ownership limitations capital gains tax estate or inheritance taxes and indirect taxes which may apply in Malaysia do not apply to Labuan companies or structures Should a Labuan company or structure prefer not to be taxed under LBATA it may make an irrevocable election to be taxed under the Income Tax Act ITA The Malaysian Inland Revenue Board has issued guidelines on the tax treatment including compliance requirements for Labuan entities that elect to be taxed under the ITA The advance ruling provisions provided by the Inland Revenue Board is also available to Labuan entities under LBATA CDescription Labuan Non-Trading Activity Holding of investments in securities stock shares loans deposits or any other properties situated in Labuan and held