Application Process of a Labuan Banking License
- Maintain a minimum capital adequacy of MYR 10 million at all times.
- Establish an operational office in Labuan, with a minimum workforce of 3 employees and an annual operating expenditure of at least MYR 200,000.
- All business transactions must be done from and through Labuan.
- Appointment of a director or principal officer (PO) must meet the fit and proper criteria and receive prior approval from LFSA.
- A licensed Labuan banking business may be allowed to deal with Malaysian residents and conduct transactions in Ringgit currency, subject to the provisions outlined in the Labuan Financial Services and Securities Act 2010 and the Exchange Control Act 1953.
- Compliance with statutory obligations as prescribed by the Labuan Financial Services and Securities Act.
- Compliance with prudential and reporting requirements stipulated by LFSA.
- Adherence to any other requirements issued by LFSA periodically.
- Consultation on eligibility and procedural guidance tailored to your profile.
- Profiling, due diligence and guidance on documentation preparation.
- Preparation of Business Plan, Financial Forecast and Operation Manuals.
- Submission and supervision of the application process until approval.
- Acting as your liaison and contact point with LFSA, arranging for interviews (if any).
- Tracking the license approval and handling all queries from LFSA.
- Advisory services on the appropriate company structure post-approval.
- Assistance in setting up onshore and offshore bank accounts.
- Assistance in establishing operational and marketing or co-located offices.
- Staff provision and office space rental.
- Internal audit and compliance advisory.