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Labuan company formation

Basic facts regarding Labuan

Labuan is a federal territory in East Malaysia. It is an island off the coast of the state of Sabah. Labuan's capital is Victoria and is best known as an offshore financial centre offering international financial and business services via Labuan IBFC since 1990 as well as being an offshore support hub for deepwater oil and gas activities in the region.

Offshore business in Labuan

As of October 2009, Labuan had 7,322 registered offshore companies.

Main features of Labuan entities

Bearer instruments are strictly prohibited in Labuan. Offshore companies must be established through a trust company, which is required by law to establish true beneficial owners and submit STRs. There is no requirement to publish the true identity of the beneficial owner of international corporations; however, LOFSA requires every organization operating in Labuan to disclose information on its beneficial owner(s), as part of its offshore company licensing procedures. LOFSA maintains financial information on licensed entities, releasing it either with th e consent of those entities or upon investigation.

Offshore banking in Labuan

As of October 2009, Labuan had 48 offshore banks.

[sources: United States Department of State Bureau for International Narcotics and Law Enforcement Affairs]

Offshore companies formation