Some Latest Changes in the Labuan Visa for New Application

Undoubtedly, the Labuan has emerged as the most lucrative jurisdiction that offers flexibility to foreign investors in setting up their international business with flying colours. And for which to flourish, the Labuan jurisdiction leaves no possibility in making it true by offering 100% foreign ownership and flexible tax regime. In addition to these factors, the Labuan also has been found as one of the most peaceful and not an unstable country that confirms feasible cost of living not only for the foreign business entrepreneurs but for their families as well. So in order to tap into the rapid economic of the Labuan, you need to apply for a Labuan visa and then you are eligible to register your Labuan Company. The application process formalities can be commenced from your home country and once all it’s done, you and your family can fly to Labuan and fulfil other Labuan visa formalities and opening of bank account. But here in this article we have discussed some major changes done by Labuan FSA for 2 years work permit for Labuan company license entity and non-license entity. The changes are bound to happen for any new Labuan visa application.
- The paid up capital of RM 250000 is prescribed to be deposited in the company’s bank account, no matter how many directors or managerial position holders are involved in it. Also, you need to show up the proof of the bank statements reflecting the deposit amount.
- The business plan should outline about the objectives and goals of the business, what type of products and services are offered by your company, what are your target market and customers, organizational chart and other such details. You can also show other details related to the company’s business plan besides the ones mentioned.
- Another major thing is that the Labuan Company should have an operational office address in the Labuan to commence its business proceedings. But this address should not be the same holding by the resident secretary; the operational office should be different.
These are the major changes done by the Labuan FSA for the Labuan visa for new applicants. To learn more about other latest changes, go through the online resources and gain insights into other major changes.
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