Labuan A New Popular Jurisdiction

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labyanThe Labuan regulator of the International Business and Financial Centre (IBFC) has recently announced that the IBFC has successfully incorporated more than 10,000 companies during the third quarter of this year. The figure as announced from the regulator, the Labuan Financial Service Authority (FSA) – is a new record for Labuan in correspondence with previous quarters. Labuan is a jurisdiction where the FSA grants licenses to conduct financial services in or from the Labuan IFC. The licenses include: • Banking, • Islamic Financial Services, • Insurance, and • Insurance Related Business Furthermore, Labuan trust companies that are approved by the FSA are licensed to provide and support the conduct of international business in the Labuan IBFC can provide the following services: • Trust, • Secretarial, and • Fiduciary Services Even though Labuan attracts interest from the US and Europe, 70% of the Labuan companies arises from Asia. Labuan’s aim as an international business jurisdiction is to facilitate cross-border trade and investment in the regional emerging market. As Labuan is competing with one of the busiest and regulated jurisdictions – Singapore – it confirmed that the FSA will strive to enhance its legislative framework to be on par with international standards. Recently Labuan FSA has agreed upon memorandums of understandings on cooperation with three international home-host regulators. The aim is to strengthen cross border coordination in the supervision of financial institutions in the Labuan IBFC.