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posted 3 years ago
On March 31, 2022, the Dewan Nagara, Malaysia’s upper house of parliament, passed the Labuan Companies (Amendment) Bill (2022) (the “Bill”). The Bill updates the Labuan Companies Act (1990) (Act 441) (the “Act”), which provides rules for the incorporation, registration and administration of domestic and foreign Labuan companies.
Labuan is a territory of Malaysia known for its offshore financial industry. Due to the territory’s low tax environment and business-friendly regulations, Labuan is a popular destination for foreign investors in Southeast Asia to base their operations.
The Bill has four main purposes: to update procedures relating to the qualification of a director, ascertaining beneficial ownership, and striking off a Labuan company, and to increase penalties for offences. Businesses registered in Labuan should review the Bill and update their registration in line with the Bill’s new provisions to avoid exposure to heightened penalties for noncompliance.
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