Below is our guide on the remote opening of a corporate bank account in Labuan. We recommend and can help businesses open accounts with the Maybank bank that would be particularly suitable for trading companies and holdings in Asia.
Labuan (the Federal Territory of Labuan) is an international financial hub, a jurisdiction attracting and encouraging investments from around the world. Labuan Liberty Port is a duty-free port with relaxed customs procedures, no turnover tax, no excise duties, and many other benefits.
Labuan trading companies pay the annual corporate tax of 3% or RM20k. No taxes are charged for non-trading activities, including investment holding income.
Labuan has double taxation agreements with over 40 states.
Maybank in Labuan
Maybank is Malaysia’s largest financial services group and the leading banking group in South East Asia. It was founded as a Malaysian universal bank in 1960.
In 1990 it launched its operation in Labuan, having incorporated Maybank International (L) Ltd (MILL), a wholly-owned subsidiary in Malaysia. In June 2013, the bank set up Maybank International Labuan Branch (MILB).
Maybank in Labuan is subject to the Labuan Financial Services and Securities Act 2010.
The bank’s liabilities are fully guaranteed by the parent company.
The Maybank branch in Labuan renders a comprehensive range of financial services, from conventional banking to Islamic banking, from traditional loans to short-term loans issued on Shariah principles.
Why should you choose Maybank?
- Maybank is recognized as Malaysia’s regional financial services leader.
- It is ranked among the top five banks in South Asia with total assets of USD165 billion.
- Maybank has branches and offices in 20 countries.
- It provides services to 22 million customers.
- Every year Maybank participates in reputable Asian, European and global contests and has earned a long-standing recognition and many prestigious annual awards as the best retail bank in the region, the leading issuer of bank cards, the outstanding provider of internet-based services, the most successful financial brand, the best employer, and a winner in many other categories.
- The bank has chosen the mission of humanizing financial services across Asia, providing convenient access to financial services, fair conditions and tariffs, always acting in the best interests of clients.
Services offered by Maybank to corporate clients
The Maybank branch in Labuan provides the following services:
- deposits in foreign currencies
- term deposits, for the period from one day to 6 months
- term loans, short-term and revolving loans
- letters of credit, income checks, bank guarantees
- treasury services: FOREX, interest rate exchange, currency swaps
- Islamic banking solutions.
Maybank cards
The bank issues the following bank cards for its corporate clients in Labuan:
- American Express
- MasterCard
- Visa
- MAS American Express.
Maybank e-banking
Maybank e-banking services via the internet guarantee speed and convenience. There are user-friendly applications for computers and mobile devices.
Online banking solutions have been designed to enable customers to conduct transactions anywhere, transfer employees’ salaries, invest, put funds on term deposits, perform other operations.
How to open a corporate account with Maybank in Labuan?
To open a corporate account with the Maybank branch in Labuan, you will need to take the following steps:
- Prepare copies of the required documents and fill in the application form
- Register incorporation of your company and get the permission to open a bank account in Labuan (this normally takes less than 1 week)
Please note the eligible criteria: corporate bank accounts in Labuan can only be opened for companies incorporated in Labuan (as a Labuan entity). Your company’s operational substance is mandatory (i.e. a registered Labuan office, 2-4 local full-time employees, the minimum annual operating expenditure in Labuan). Please write to our experts at info@offshore-pro.info to enquire about the new relevant provisions of the Labuan Business Activity Tax (Amendment) Act 2020.
- The Bank expects detailed answers to all questions, including the detailed outline of the company’s activities; the reason why this form of business was chosen; the reasons for inviting nominal service (if any); information about the beneficiaries.
- Depending on your company profile, the procedure for opening an account will take up to one month.
- After receiving the confirmation from the bank, you will need to transfer a deposit of 10,000 USD to your account.
Please note that only corporate clients can remotely open a bank account in Labuan.
List of documents to open a corporate account with Maybank in Labuan
Each director (signatory) will need to submit the following documents:
- Notarized copy of the passport
- Proof of residence (usually a certified copy of a utility bill)
- Proof of legal origin of funds may be requested.
Company documents:
- Notarized copy of the Company incorporation certificate
- Notarized copies of the Memorandum and Articles of Association
- Certificate of Good standing.
Documents must be not older than 6 months and include the name of the company, its registration number, address, names of directors and shareholders, description of business activities.
A power of attorney will be required for remote account opening.
Please note: Some applicants could find it important to apply for the second passport in Labuan. For more information and services, you are welcome to write to our experts at info@offshore-pro.info.
The Bank may also request you to submit copies of your contracts or temporary agreements with partners. The Bank will assess the general prospects of your business, how stable and real it is. It will be asking about your business area, the geography of your customers, and payment methods. Be prepared for an open dialogue.
As mentioned above, the company needs to be physically located in Labuan. Labuan offers quite many specific advantages for businesses, as low taxes and favorable legislation allow them to develop without unnecessary complications.
The costs of opening a corporate account start from 1400 EUR, which is our fee for services of your account opening. Besides, as you will also need to fill in an information letter, you can either try to do it yourself or use our help at the fee of 300 EUR. Other costs may include:
| Appointment of an authorized signatory (a fee per one signatory) | 60 EUR |
| Replacement of the authorized signatory (a fee per one account) | 400 EUR |
Maybank will also ask you to deposit 10 000 USD after you receive the confirmation and details of your account.
Please find more bank account and company registration details by contacting our experts at info@offshore-pro.info.
