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FINANCIAL LAW - Offshore Banking Law
Related Topics : Banking Law . Offshore Banking Law . Broker Disputes . Commodities Law . Investment Terms . Raising Capital . Securities Law . Buying On Hire Purchase . Exchange Control Rules . Danaharta Act

Offshore Financial Services

The Labuan Offshore Financial Services Authority (LOFSA) is the regulatory body set up to spearhead and coordinate efforts to promote and develop Labuan as an International Offshore Financial Centre (IOFC).

LOFSA is expected to streamline the government machinery in supervising the offshore financial services industry and undertake research and development works as well as to draw up plans for further growth and efficiency of the Labuan IOFC.

LOFSA administers major offshore operations in the area of banking, insurance, securities, trust and fund management, and incorporation/registration of companies.

To date more than 1600 offshore companies had set up operations in Labuan. These include trust companies, offshore banks and insurance and insurance related companies.

Incentives offered under this legislation include the following:-

Minimum Tax Abatement of Tax for Professional Services Abatement of Tax for Business Relating to or Letting of a Qualified Asset Abatement of Tax for Employment Exemptions from Tax
Please refer to Exchange Control Rules for Offshore Banking Law on Exchange Control Rules

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