1. to establish and participate in any body corporate for the purpose of promoting research and training and enhancing the development of Labuan as an International Offshore Financial Centre;
  2. to strengthen the supervisory power of LOFSA over financial institutions in Labuan;

  3. to create and maintain, with the approval of the Minister of Finance, a "Staff Welfare Fund" out of the funds of LOFSA for the benefit of members of its staff and their dependants;

  4. to collect or receive any information from the offshore players or any other person;

  5. to appoint any of its officers or employees to examine offshore financial institutions and to appoint investigating officers if the need arises;

  6. to impose fees, with the approval of the Minister of Finance, relating to offshore financial services for services rendered by LOFSA; and

  7. to appoint any of its qualified officers or employees to appear in court on its behalf in civil proceedings.
   
   
 

LOFSA has recently issued the following guidelines :

  1. Guidelines on the establishment of fund management companies in Labuan.

  2. Guidelines on mutual funds in Labuan.

  3. Guidelines for striking off offshore companies pursuant to Section 151 of the Offshore Companies Act, 1990.


   
  The Income Tax (Exemption)(No. 2) Order, 1998 which came into force on October 25, 1997, exempts a non-resident person from tax in respect of income arising from the use of any moveable property by an offshore company licensed under the Offshore Banking Act, 1990 or approved by LOFSA to carry out leasing business in Labuan.
   



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