Set up a corporate account in Labuan for your Labuan company. It is possible to open it remotely, and there are many reasons to apply.
Labuan is an ultra-low tax zone, a gateway to the Asia-Pacific, an offshore International Banking and Financial Centre, which was, until recently, also officially referred to as an offshore jurisdiction.
To enhance the reputation and credibility of the tax regime in Labuan, the mentioning of the country’s offshore role is omitted nowadays, and some amendments to the Labuan tax laws were introduced in 2019 as part of Malaysia’s fight against offshore tax evasion. As for the current situation, international experts agree that Labuan remains an attractive serious jurisdiction for incorporation of companies and banking.
Labuan’s attractiveness as a reputable jurisdiction with high regard for economic liberty could be attributed to the following benefits:
- access to the Asia-Pacific and Australian markets
- attractive tax rates for businesses
- many banks and a developed market for financial services
- ease of remote opening of an account, with no need to travel to Malaysia and Labuan.
Labuan is a Malaysian island enjoying a special economic status, where foreigners are encouraged to open companies and corporate bank accounts. There are over a dozen commercial banks and even more offshore banks in this jurisdiction, although they do not call themselves so any longer.
Current accounts can only be opened with commercial banks, including both local and foreign credit institutions.
Besides, there is also Labuan Islamic banking – banks receiving deposits on a current account, deposit account, savings account, or any other account in compliance with Shariah principles.
Interestingly, some banks render both conventional, and Islamic banking services to the same group of companies.
You can open an account in a Labuan bank remotely. A Power of Attorney will need to be issued for this purpose.
Almost all commercial banks in Labuan provide the following services:
- open accounts in one of the major foreign currencies
- accept deposits
- make short-term loans and long-term loans
- render escrow services
- execute treasury services
- issue plastic bank cards of international systems
- offer services of safe deposit boxes, other services.
We advise you to deal only with banks offering access to accounts via the Internet Bank, so you can manage and use your money remotely. And we can recommend you such banks.
Please note: banks in Labuan, although operating in the “offshore zone” have to comply with the law and the KYC regulations, just like banks elsewhere in the world. They verify clients’ identities, demand to disclose the true beneficiary and submit valid documents.
The procedure for opening an account in Labuan has become more difficult compared to 10 years ago.
Accounts are available for both Labuan and foreign companies. It is easier to open an account for a company registered in Labuan.
If for any reason you are interested in opening an account for a company incorporated in other parts of the world, please contact info@offshore-pro.info.
Documents required for opening a corporate bank account in Labuan
The account opening procedure will take some time, as you will need to submit a portfolio of the required documents. It includes the following steps:
- Fill in the bank forms
- Receive confirmation of your company registration
- Describe your business activities and provide sufficient details
- Prepare a detailed file about the beneficiaries, including the following documents:
- certified copies of passports of the Beneficiary and CEO
- proof of address of the Beneficiary and of the CEO (most often a certified copy of the utility bill is requested)
- in some cases, a document proving the legal origin of the funds may be requested
- CV
- professional testimonial from your lawyer, accountant, banker with whom you already cooperate
- A certified copy of the Certificate of Incorporation
- Certified copies of the Memorandum and the Charter
- Certificate of Good Standing
- Description of the reason why you need an account in Labuan.
Some banks will interview you. The good news is that you don’t have to go in person, because you can do it remotely via Skype or other messengers.
Many banks will also ask you to put a deposit in your account and keep a minimum balance. For example, at Maybank Labuan this amount is 10000 USD.
The cost of opening a corporate bank account in Labuan
The basic fee for opening one account starts from 1400 EUR. It is also necessary to submit your information letter. If you are not sure how to do it, we will help you.
Please refer to the table below for services and fees in EUR:
| Filling in the information letter | 300 |
| Appointment of an authorized signatory (a fee per one signatory) | 60 |
| Replacement of the authorized signatory (a fee per one account) | 400 |
Before you purchase the account opening service, we recommend you to sign up for a free consultation on selecting a bank account: info@offshore-pro.info. The consultation will help you discover a wide range of opportunities that are available to you all over the world. Considering the specifics of your company, we will offer you specific options for banks in Labuan or other jurisdictions.
Please find more details about the free consultation on selecting a bank account.
How to open a corporate bank account in Labuan remotely?
First, please contact info@offshore-pro.info and inform us about your wish to open an account in Labuan.
Then, provide information about yourself and your company to be sure that we can render the service you need.
Furthermore, you will need to specify the list of services requested by you and pay the fees. The fee for opening an account in Labuan starts from 1400 EUR.
After the payment, please provide a full set of documents and we will start the account opening. It will take at least 2 weeks to open an account.
Finally, as soon as you get full access to your account, you can make your first transactions.
Are there any more questions? You are welcome to refer them to the consultants of the portal and request professional help in opening accounts worldwide: info@offshore-pro.info.
