Malaysia's Labuan IBFC Sees 8-10 Percent Rise In Offshore Firms

KUALA LUMPUR, Sept 20 (Bernama) -- The Labuan International Business and Financial Centre (Labuan IBFC) expects to see a 8-10 per cent increase in the number of companies set up in the offshore international business and financial centre this year. Speaking to reporters here Tuesday, Chief Executive Officer of Labuan IBFC Incorporated Sdn Bhd Danial Mah Abdullah said the vibrant outlook is due not only to the attractiveness of the centre but also to the region's positive economic prospects. "At a time when some other centres are recording negative growth rates, Labuan IBFC recorded an increase of over seven per cent in the number of companies," he said after a talk titled "Going or Gone Regional? Structuring Your Business Expansion Via Labuan IBFC" in the first leg of its Malaysian Roadshow 2016. Labuan IBFC provides access to Malaysia's network of more than 80 double taxation agreements and boasts Asia's widest range of business and investment structures for cross-border transactions, international business dealings and wealth management needs. Danial said Labuan IBFC is also working towards diversifying its growth sectors to sustain the development of the midshore jurisdiction. "For example we are developing the Labuan captive business to position Labuan IBFC as a preferred Asian centre for captive and self-risk management solutions," he said. Currently Labuan IBFC is home to 13,000 companies, 209 insurance companies, 54 banks and 374 leasing companies establishing a financial infrastructure, with 75 per cent from the region and about 20 per cent being Malaysian-owned. Meanwhile, MICCI President Wira Jallilah Baba said the chamber is encouraging its members to take advantage of the trade and investment opportunities in Labuan IBFC, especially for companies that export their products and services. "Through MICCI, 50 per cent of our members are multinational companies and these are foreign companies that are mainly involved in the logistics, industrial and manufacturing sectors," she said. The Labuan IBFC-MICCI Malaysian Roadshow 2016 begins here Tuesday and will move on to other states across the country -- Penang, Johor and Sabah. 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. --BERNAMA