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1. Labuan Offshore Limited Partnership Regulations 1999
The Labuan Offshore Limited Partnership Regulations 1999
specified the type of forms to be used and the manner in which these forms are to
be filled with the Labuan Offshore Financial Services Authority (LOFSA) for the purposes
of the Labuan Offshore Limited Partnership Act 1997.
The Regulations also specified the fees to be paid on lodgement of documents with
LOFSA. The fees payable to LOFSA are as follows:-
| |
RM
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| Registration fee |
1,000
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| Certificate of registration |
50
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| Fee for renewal of registration |
50
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| Fee for filing notice of changes to partnership
agreement |
50
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| Fee for filing notice of change of the address
of the registered office |
50
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| Fee for filing an application to register
an assignment |
50
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| Fee for filing notice of dissolution |
50
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| Fee for filing an appliation to restore the
name of the partnership which has been struck off |
100
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| Annual fee to be paid by the offshore limited
partnership |
1,000
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2. Labuan Offshore Securities Industry Regulations
1999
The Labuan Offshore Securities Industry Regulations 1999
specified the type of forms to be used and the manner in which these forms are to
be filed in respect of any application or matter under the Labuan Offshore Securities
Industry Act 1998 and the fees to be paid in respect of lodgement of documents with
LOFSA.
The following are the fees payable to LOFSA:-
| |
RM
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| Fee for granting consent |
1,000
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| Registration fee for public fund |
2,000
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| Fee for processing application as a manager
of a public fund |
100
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| Fee for processing application as an administrator |
100
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| Fee for filing certificate of compliance |
100
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| Fee for filing notice of change for information
under subsection 21(2) |
100
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| Fee for exercising power under section 53 |
100
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| Annual fee for :- |
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1,000
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2,000
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10,000 (outside Labuan)
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5,000 (in Labuan)
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5,000 (outside Labuan)
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2,000 (in Labuan)
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3. Tax Incentives and Other Measures - Labuan
The Governor of Bank Negara Malaysia who is also the Chairman
of LOFSA had announced on 6th October, 1999 that the following tax incentives will
be gazetted soon :-
- The current tax exemption of 65% of the statutory income of a
person from a source consisting of the rendering of legal, accounting, financial
or secretarial services, including that of a trust company as defined in the Labuan
Trust Companies Act, 1990 will be extended for another 5 years from the years of
assessment 2000 (current year basis) to 2004.
- The present 50% tax rebate given against the gross income of a
non-Malaysian citizen from an employment exercised in Labuan in a managerial capacity
with an offshore company will be extended for another 5 years from the years of assessment
2000 (current year basis) to 2004.
- 50% of the housing and regional allowances given to residents
working in the public sector and offshore companies in Labuan will be exempted from
tax for the years of assessment 1998 to 2001.
- The second tier dividends declared out of dividends received from
an offshore company by a domestic company will be exempted from tax.
- 50% of the income of a non-resident manager working for a Labuan
trust company will be exempted from tax for the years of assessment 1998 to 2001.
- Stamp duty for the transfer of shares and preparation and filing
of Memorandum and Articles of Association by an offshore company will be waived.
Other incentives / measures introduced include:-
- To give offshore banks limited access to the ringgit loan market
which would provide companies with an additional avenue of refinancing and provide
some business opportunities to offshore banks.
- The authorities will lift the restriction on eligibility of participation
by offshore banks at Labuan, previously limited to just the top 200 banks in the
world
- To launch a virtual global exchange known as the Labuan International
Financial Exchange which will provide listing and trading facilities for financial
and non-financial products including mutual funds, bonds, derivatives, insurance
linked products and possibly intellectual properties.
- To develop a global network of Islamic money markets to cater
to the needs of financial institutions worldwide seeking global financing.
- To invest in a gateway in the World Wide Web in which players
will be connected with nodes provided to facilitate innovations and interfacing with
customers by offshore players.
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