Hong Kong, 27 May 2016 – Labuan International Business and Financial Centre (Labuan IBFC), Asia Pacific’s midshore commercial hub, held the Hong Kong leg of its ASEAN Roadshow today. Speaking at the conference, Danial Mah Abdullah, CEO of Labuan IBFC, said: “The Panama Papers have heightened demands for greater transparency and effective exchange of information across all international financial centres. We welcome this development.”

 

Danial continued: “Business activities in Labuan have always been conducted under a strong set of rules and regulations, including the licensing of financial institutions. In fact, the international focus on traditional offshore financial centres has allowed Labuan to stand out as one of the centres that abides by international standards and best practices in governance and transparency. As part of Malaysia, we are committed to global standards and requirements on transparency and exchange of information, but at the same time providing a business friendly operating environment.”

 

The event, “Labuan IBFC - A Natural Choice for Growing ASEAN Businesses and Private Clients”, was attended by leading local and international businesses, and focused on the benefits of incorporating a Labuan-based company, to manage multi-jurisdictional commercial interests and mitigate corporate risk. A panel discussion was held on the question of, “How can Asian home grown businesses and families develop into regional powerhouses?”, with panellists from PwC, Withers Worldwide and Iyer Practice Advisers, covering critical issues such as taxation, legal frameworks and corporate governance structures.

 

Danial added: “Southeast Asia is the world’s most economically vibrant region. Fuelled by economic integration through the ASEAN Economic Community, the rising prominence of high net worth individuals and its proximity to major markets, the region is increasingly becoming a catalyst for growth."

 

“Hong Kong companies are now looking for efficient and legitimate ways to capitalise on this growth and expand across the region. This roadshow is designed to help these firms to examine how Labuan IBFC, with its central location in Asia, more than 25-year track record, robust regulatory oversight, and simple and competitive tax system, stands out as an ideal midshore jurisdiction in which to locate their regional operations and manage private wealth.”

 

Labuan IBFC welcomes all aspects of business and financial activity ranging from banking and insurance to international tax, trust and foundation laws, and is already home to more than 55 international banks, 200 licensed insurance related entities; and 38 trust companies. In 2014, it reported strong performance across all its financial sectors, including banking, insurance, leasing, wealth management and Islamic finance, with 12.3 percent increase in new company registrations compared to the previous year. Over 70% of companies registered in Labuan IBFC originate from Asia.