In Labuan, offshore and foreign offshore companies can be incorporated, registered, and administered under the Labuan Companies Act of 1990.
Labuan companies are permitted to do business in Malaysian currency with a Malaysian resident and to conduct petroleum activities in Malaysia as of March 20, 1997, under the Labuan Companies (Amendment) Act 1996.
The sponsors of the companies are the ones who are obligated to provide the Registrar of Companies with information on their shareholders.
Approval will be needed for any changes made to the shareholdings of banks or Labuan insurance companies.
Labuan Companies (Amendment) Act 2012
On August 1, 2012, an order marked "PU (B) 260/2012" was gazetted to notify the public that the Labuan Companies (Amendment) Act 2012 went into effect on the same day.
The Labuan Companies (Amendment) Act 2012 amends the Labuan Companies Act 1990 in the following areas:
s 18(1)(c) to remove a requirement in a Labuan company’s memorandum
s 111(2) to require the lodgement of accounts resolution
s 121(5) on the determination of the amount and due date of the annual fee payable by a foreign Labuan company
s 130O(4)(a) on changes to business permitted to be carried on by a Labuan-protected cell company
s 130V(1) on rules applicable to the reduction of share/cell capital of a Labuan-protected cell Company
s 151(1A) inserted to impose an administrative penalty on late payment of annual fees by a Labuan company.
Labuan Companies (Amendment) Regulations 2014
The Labuan Companies (Amendment) Regulations 2014 amends the Third Schedule to the Labuan Companies Regulations 2010 by inserting a new item 68, which imposes an annual fee of USD2,500/RM7,500 for each marketing office that has been established by a Labuan company in Malaysia outside Labuan upon approval by the Labuan Financial Services Authority.
The Regulations came into operation on 18 November 2014.
Labuan Companies (Amendment) Regulations 2022
IN exercise of the powers conferred by subsection 146(1) of the Labuan Companies Act 1990 [Act 441], the Minister, on the recommendation of the Authority, makes these Regulations, which come into operation on 1 January 2023.
Under these Regulations, the Labuan Companies Regulations 2010 [P.U. (A) 414/2010] are amended by substituting for the Third Schedule the following schedule:
These regulations can be found here:-
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