Labuan International Business and Financial Centre (Labuan IBFC), Asia Pacific’s midshore international business and financial centre, held the final leg of its ASEAN roadshow in Hong Kong today to mark Labuan IBFC’s 25th anniversary in serving the needs of businesses and individuals in the region.
In 2014, Labuan IBFC reported strong performance across all financial sectors, including banking, insurance, leasing, wealth management and Islamic finance, with 12.3% increase in new company registrations compared to the previous year. In fact, 70% of companies registered in Labuan IBFC originate from Asia, with 57% from Southeast Asia, mainly Indonesia, Malaysia, Singapore and Thailand.
“Labuan IBFC has its strengths in terms of its proximity to strategic Asian markets and sound regulatory framework, with simple as well as competitive tax system. With our balanced supervisory and regulatory framework coupled with our strategic location in the heart of Asia Pacific, we believe Labuan IBFC stands out as the ideal ‘midshore’ jurisdiction from which to base regional business operations for both trading and investment purposes,” said Danial Mah Abdullah, Chief Executive Officer at Labuan IBFC.
He added that Labuan IBFC can tap on and complement Hong Kong’s position as the gateway to China by providing business solutions including business process outsourcing and effective legal structures through which entrepreneurs can effectively structure their businesses operations.
It’s worth noting that 70% of companies in Labuan IBFC originated from Asia (of which 57% are from Southeast Asia, mainly Indonesia, Malaysia, Singapore and Thailand), leveraging on Labuan IBFC’s strategic position in the region.
The event included a key presentation by David Chong, Chairman and President of Portcullis Group. Mr Chong shared with the audience the benefits of utilising Labuan IBFC as a key intermediation point in all outward and inward bound business and investments.
The event also included a panel session titled “Succession, Legacy and Preservation: Challenges and Opportunities” and was aimed at wealth management industry experts looking to better understand the solutions offered by Labuan IBFC for high net worth individuals (HNWIs) in Asia.
The panel focused on the new wealth management environment in light of more stringent global regulatory requirements in banking and financial intermediation, evolving wealth management strategies, changing family legacy mind-sets and experiences as well as cultural differences in Asia.
In the wealth management sector, Labuan IBFC foundations are increasingly used as wealth preservation solutions. There was an almost 40% increase in the number of Labuan IBFC foundations established in 2014 compared to the previous year, with 73% of them originating from Asia.
While wealth management is one of the core offerings of Labuan IBFC, the business and financial centre also carries out all aspects of business and financial activity ranging from banking and insurance to Islamic financial services.
The half-day event was well attended by corporate leaders and senior representatives from the wealth management, legal, accounting and fiduciary industries.
The Labuan IBFC ASEAN Roadshow 2015 kicked off in Kuala Lumpur on 27 May, followed by Manila, Jakarta, Bangkok and Singapore with the final leg in Hong Kong today. The roadshow has so far attracted more than 300 delegates as well as 26 speakers and panellists ranging from regulators to industry practitioners.