Helping your business to secure Financial
Related Licenses in onshore and offshore
BBS provides full range advisory and consultancy for international financial businesses and entrepreneurs in obtaining the relevant licenses to operate their business ventures effectively.
The activities permitted under the Labuan Financial Services and Securities Act 2010:
Providing credit facilities.
Consultancy and advisory services relating to corporate and investment matters or making investments on behalf of any person.
Undertaking foreign exchange transactions, interest rate swaps, dealings in derivative instruments or derivative financial instruments or any other similar risk management activities.
Labuan Islamic Investment banking activities.
Labuan financial business, or such other business as Labuan FSA may specify.
Labuan investment banks are not allowed to
accept deposits and may only carry on business
in any currency other than the Malaysian Ringgit, except as permitted by the relevant authorities.
Subject to provisions under the Labuan Financial Services and Securities Act 2010 and Exchange Control Act 1953, a licensed Labuan Investment Bank is allowed to deal with Malaysian residents
A Labuan Investment bank can be established as a branch/subsidiary and registered or be incorporated under the Labuan Companies Act 1990. These organizations applying may be accepted:
- An investment bank or group engaging in investment banking activities licensed by the regulatory authority in the country of origin.
- A licensed bank or an established financial institution or financial service provider supervised by a competent regulatory authority.
- Any licensed institution under the Banking and Financial Institutions Act 1989 with prior approval of Bank Negara Malaysia.
- Corporations with the necessary expertise and experience in the financial industry with at least three years’ good track record and regulated by an authority in their home country.
- For applicants which are branches/subsidiaries, a letter of undertaking from the head office/parent company to assume any liability arising from the operations of its branch/subsidiary in Labuan.
- A business plan for the first three years of operations.
- Audited annual accounts for the three years immediately preceding the application, where applicable.
- A letter of consent from the home regulatory authority, where applicable.
- Details of the composition of its Board of Directors and senior management.
- Prior written approval from Labuan FSA on the appointment of the person in control, director or Chief Executive Officer of the applicant, whom must also be deemed fit and proper persons.
- Proof of sound track record and/or the necessary experience and expertise in similar undertaking.
The applicant must pay an annual license fee of MYR100,000 on or before 15 January of each year.
The applicant must have a paid-up capital of MYR10 million (unimpaired by losses) or its equivalent in a foreign currency or if the applicant is a branch it must maintain networking funds equivalent to MYR10 million. In addition, Labuan FSA is to be informed of any changes in shareholding structure of capital and/or any erosion of paid-up capital.
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