The Office of Labuan Offshore Financial Services (Malaysia) has developed a new strategy to attract more international investors and improve its status worldwide offshore jurisdictions with low tax
competitor jurisdictions such as the British Virgin Islands, Cayman Islands and Mauritius.
Speaking at a conference on ways of development of investment in Asia (International Offshore Financial Center Labuan) in Kuala Lumpur last week, Director-General Datuk Azizan Rahman stated that his agency is looking for ways to improve the tax structure Labuan, with particular emphasis on the conclusion of contracts avoidance of double taxation. Malaysia has high hopes for the future of Labuan, more than 3 billion ringgit (US $ 845 million), the Malaysian government over the past decade has invested in infrastructure development to promote Labuan offshore activities. More than 120 million ringgit logged in the future investment in offshore centers, under the Ninth Malaysian Plan.
Currently, more than 5500 companies registered in the Labuan International Financial Center. Today offers a full range of offshore financial services including offshore banking and investment services, insurance and related services, investment management, trusts and funds, leasing services and services for the Muslim financial system. In the jurisdiction of registered 55 international offshore banks, 119 insurance and insurance-related companies, 79 leasing companies, 28 funds and 20 trust companies.
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