LICENSING
Helping your business to secure Financial
Related Licenses in onshore and offshore
jurisdiction worldwide.
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:
- Letting and sub-letting property on hire for purpose of the use of such property by the hirer, regardless the letting is with or without an option to purchase the property, including charters of ship.
- Property includes any plant, machinery, equipment or other chattel attached or to be attached to the earth, and charters of ships means bareboat charters only and does not include the transportation of passengers, cargo by sea or the charter of ships on voyage or time charter basis.
- Leasing businesses could be transacted via conventional means or in accordance with Shariah principles.
An applicant is required to submit the following:
- Business plan detailing the operations of the applicant and the nature of the leasing transactions, including whether they would be conducted with residents or non-residents.
- Group corporate shareholding structure
- Diagram of leasing transaction
- Composition of board of directors
- Any other information
The applicant must pay an annual license fee of MYR60,000 on or before 15 January of each year and for each subsequent leasing transaction MYR20,000.
Must have sufficient and positive capital or working funds which commensurate with the Labuan leasing business at all times. Labuan FSA may exercise its discretion to require a Labuan leasing company to inject additional capital, considering its business profile as well as nature, scale complexity and diversity of their business activities.
Considerations shall include but not limited to the following factors:
- Volume of the business
- Value of the asset leased; and
- Leasing arrangements, i.e. operating or finance lease.
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