Kuala Lumpur, 18 August 2016 – Labuan International Business and Financial Centre (Labuan IBFC) calls on Malaysian businesses that are regionalising to tap on the midshore jurisdiction’s conducive operating environment and well-regulated business regime in order to access the growing ASEAN marketplace. This was highlighted in conjunction with the launch of Labuan IBFC-MICCI Malaysian Roadshow for 2016 in Kuala Lumpur today.

 

“Labuan IBFC is an ideal conduit point for businesses into ASEAN, and in light of the economic integration through ASEAN Economic Community, it serves as an attractive solution for Malaysian or international business owners planning to internationalise or expand into the region."

 

“We believe that Labuan IBFC stands out as the ideal midshore jurisdiction with our balanced supervisory and regulatory framework – regulated by one-stop regulator Labuan Financial Services Authority (Labuan FSA),” said Danial Mah Abdullah, CEO of Labuan IBFC Incorporated Sdn Bhd.

 

He added: “Currently there are about 12,900 Labuan companies. Many are set up by Malaysians or Malaysian-based businesses to conduct international or regional business with foreign countries. We believe that as Malaysian-based businesses grow its non-Malaysian businesses, this number will continue to increase.”

 

According to the Labuan FSA’s 2015 Annual Report, the jurisdiction incorporated 836 new companies last year. Over 70% of the companies originated from Asia. Its wealth management solutions remained one of its fastest growing sectors with an increase of 28%, bringing the total of number of Labuan foundations to 166.

 

Its other businesses such as leasing also fared very well with oil and gas and aviation sectors contributing 73% and 25.2% of the total assets leased (USD51.8 billion) respectively.

 

During the roadshow launch, Danial said, “We are pleased and honoured to have Malaysian International Chamber of Commerce & Industry (MICCI) as a partner and we are definitely excited to see the response received from its members.”

 

He went on to explain, “I believe that both parties will gain when it comes to a collaboration such as this and with MICCI’s assistance, it paves way for us to connect to the right target market, specifically business owners and operators keen to internationalise or regionalise their businesses.”

 

MICCI President Datuk Wira Jallilah Baba said, “We encourage the members of MICCI to take advantage of this programme, especially to companies that export their products and services.”

 

The Labuan IBFC-MICCI Malaysian Roadshow 2016 will kick start in KL Hilton Hotel on September 20, and the roadshow will move on to four other locations across the country.

 

It aims to target local business owners looking to internationalise or regionalise their businesses by offering Labuan IBFC’s diverse services and solutions in a well-regulated yet cost-efficient and business-friendly environment.

 

The roadshow will consist of a series of half-day masterclasses with a focus on introducing the midshore jurisdiction and its offerings, ending with a panel discussion.