Malaysia (Labuan)

Population:

80,000

Currency:

Malaysian ringgit; US$1 = 3.77 ringgit (mid-2005)

Language:

Bahasa Melayu and English

Time zone:

GMT plus 8

Centre's expertise:

Islamic financial products

General requirements

Type of entity

Offshore company, foreign offshore company, offshore trust, limited partnership

Type of law

Common Law

Shelf company available

No

Time to establish a new company

Within 3 days

Taxation

Approximately US$5,500 (20,000 ringgit) or 3% of the audited profit for trading activities. No tax for pure 100% investment holding company

Double taxation agreements

Generally yes

Forex restrictions

None

Language & name restrictions on companies

Must be in Roman characters

Share capital

Permitted currencies

In any currency except those of Malaysia or Israel

Minimum paid up

At least one share

Usual authorized capital

US$12,000

Directors and personnel

Minimum number

1

Local required

No, but a resident director is recommended to ensure tax resident status

Company secretary & qualifications

An approved officer oa an approved corporation of a Labuan trust co.

Shareholders and AGM

Minimum number

1

Disclosure requirements

Yes

Publicly accessible records

No

Obligations for annual meetings

Yes, to adopt financial statement

Location of AGM

No restriction and can be by circular resolution

Accounts

Requirement to prepare

Yes and must sufficiently explain the transactions undertaken and the financial position of the company

Audit requirements

No, unless for licensed entity for payment of tax based on 3% of the audited profit.

Account filing obligations

Only audited accounts adopted by the members need to be filed. Notice of a resolution to adopt annual accounts by members together with annual is required to be filed annually

Publicly accessible accounts

No

Other

Requirements to file annual return

Yes and must be lodged no later than 30 days prior to the anniversary of the date of incorporation.

Change in domicile permitted

Yes

Need to registered office

Yes

Number of companies set up in last year

555 (2004)

Total number of companies on register

2,701 (end 2004)