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| Labuan Targets 50,000 Companies By 2012 |
by Mary Swire, Tax-News.com, Hong Kong
Friday, July 18, 2008
The Labuan Offshore Financial Services Authority (Lofsa) is aiming to have
50,000 companies registered in the financial centre by the year 2012, Malaysia's
Deputy Finance Minister Datuk Ahmad Husni Hanadzlah, announced recently.
Ahmad made the comment as he wound down a debate on the Labuan Offshore Financial
Services (Amendment) Bill 2008 in parliament on 24th June, explaining that Labuan
would reach its target by focusing on niche areas such as private equity and
Islamic finance, the Edge Daily reported.
According to Ahmad there were 6,425 offshore companies registered in the Labuan
Financial Centre as of March 2008. There were also 58 banks with total assets
of USD26.6bn, 132 insurers with more than USD60mn in capitalisation, 106 leasing
companies with USD16bn in leases, 22 fund management companies and 46 listed
instruments worth USD16.1bn.
The Labuan Financial Centre was recently rebranded and relaunched as the Labuan
International Business and Financial Centre (IBFC), a name which aims to be
more reflective of Labuan’s new focus. In May, a new company - Labuan
IBFC Incorporated Sdn Bhd, (Labuan IBFC Inc) - was established, fully-owned
by LOFSA, with the responsibly for promoting Labuan as an international financial
centre.
Having gone through a period of rationalisation, Labuan has ambitions to become
Asia’s "connected, convenient and cost-efficient offshore financial
centre."
Other recent developments include the publication of an Exposure Draft in February
to provide guidance on the requirements to be observed by all offshore trusts
created under the Labuan Offshore Trusts Act 1966 (LOTA) and managed under
Shariah principles. The Exposure Draft aims to ensure that Shariah compliant
offshore trusts created in the Labuan IBFC are based on necessary requirements
under LOTA and Shariah principles.
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