Banking License in Labuan

Updated on Friday 23rd September 2016

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Labuan, a special region of Malaysia which addresses mainly to offshore companies and which provides an attractive taxation system, offers several types of banking licenses available for both local and foreign investors who want to establish a bank in this location. Moreover, it is important to know that Labuan companies incorporated by foreigners can have 100% foreign ownership. This means that the investors can have full control over the company’s assets and its investment policies and our team of company incorporation specialists in Malaysia can offer their assistance for the registration of a banking business, which also requires a special license
 

Legislation referring to Labuan companies 


Investors who are interested in company formation in Labuan can register a banking business if they follow the requirements specified in the Labuan Financial and Securities Act 2010. The Act stipulates the type of activities that can be performed through a Labuan bank, such as credit services, consultancy for investment matters, foreign exchange transactions or investments following the rules of Islam. 

The main institution which offers banking licenses to Labuan banks is the Labuan Financial Services Authority. In order to establish a bank in Labuan, Malaysia, the investors will have to register the company under the provisions of the Labuan Companies Act 1990 and our team of company incorporation representatives in Malaysia can offer legal advice on the incorporation procedures. 


Labuan licenses for banking companies  


In order to open a company in Labuan in the banking industry the investor will need to obtain one of the following banking licenses

•    Labuan Bank;
•    Labuan Investment Bank

A Labuan Investment Bank license provides similar rights as the Labuan Bank license, with the difference that the banker is not allowed to receive deposits on a bank account, such as a current account or a deposit account. 

In order to register a bank in Labuan, the businessman should meet several criteria, such as having a good credit rating, awarded by a reputable rating agency.

Businessmen interested in receiving more details on the banking licenses available in Labuan are invited to contact our team of company formation consultants in Malaysia

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