Labuan - Malaysia's Own Offshore Financial Services Jurisdiction
I can say only one out of every ten Malaysians knows that Labuan Island was gazetted as Malaysian's Offshore Financial Services Jurisdiction in 1990. LOFSA is the authority that manages the offshore financial services. Anyone can open an offshore company with one of Labuan's 19 Trust Company. EC Trust is highly recommended for its expertise in worldwide tax laws. The offshore company's trading profit is taxed at 3% per year and no tax if the company is an investment holding entity.
LOFSA is currently promoting Islamic Offshore Financial Product to support Bank Negara's target to be the region's top Islamic Financial Product Jurisdiction.
The other attraction of Labuan is its rich history with the Allies during World War 2 that liberated the island from Japanese Occupation. A War Memorial (below) was built to remember those who have died during the said war. A Labuan Landing Day is celebrated every 10 years to remember the last day of the occupation.
LOFSA is currently promoting Islamic Offshore Financial Product to support Bank Negara's target to be the region's top Islamic Financial Product Jurisdiction.
The other attraction of Labuan is its rich history with the Allies during World War 2 that liberated the island from Japanese Occupation. A War Memorial (below) was built to remember those who have died during the said war. A Labuan Landing Day is celebrated every 10 years to remember the last day of the occupation.
Labuan Island is a nice place to work and relax. It is a duty free island and any items that is highly taxed can be bought at its cost price. Any serious shopper can take a 20 minutes flight to Kota Kinabalu, Sabah. Email me if you want to know more about Labuan Island.
posted by Rentap @ Monday, August 15, 2005
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