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{"id":987927,"date":"2024-02-27T14:53:02","date_gmt":"2024-02-27T14:53:02","guid":{"rendered":"https:\/\/labuanbusinessadvisory.com\/?page_id=987927"},"modified":"2024-02-27T14:53:02","modified_gmt":"2024-02-27T14:53:02","slug":"guide-to-setting-up-a-labuan-general-insurance-business","status":"publish","type":"page","link":"https:\/\/labuanbusinessadvisory.com\/labuan-licenses\/labuan-insurance-licenses\/guide-to-setting-up-a-labuan-general-insurance-business\/","title":{"rendered":"Guide to Setting up a Labuan General Insurance Business"},"content":{"rendered":"
\n

\n\t\tNavigating Labuan’s Insurance Landscape: Understanding General Insurance\n\t<\/h2>\n\t

In accordance with Labuan’s regulatory framework, a Labuan general insurance business is distinctly characterised as insurance activities falling outside the realm of life insurance. This segment encompasses diverse coverage areas, such as accident, medical, surgical, and hospital expenses insurance. Widely recognised as non-life insurance, Labuan general insurance encompasses a spectrum of risk mitigation services tailored to safeguard against a myriad of non-life contingencies. This nuanced definition underscores the comprehensive scope and varied dimensions encapsulated within Labuan’s dynamic insurance sector.<\/p>\n

\n\tSee Also\n\t<\/h4>\n\t\n\t\t\t\t\tComparison of Labuan with Other Jurisdictions\n\t<\/a>\n\t\n\t\t\t\t\tFAQs on Labuan Insurance Licenses\n\t<\/a>\n

\n\t\tWhy Choose Labuan\n\t<\/h2>\n\t

Strategic location to tap into the Asia Pacific market<\/p>\n\t

Shared time zone with major Asian cities for seamless interaction<\/p>\n\t

Excellent infrastructure and regulations within the Labuan IBFC<\/p>\n\t

OECD whitelist jurisdiction status<\/p>\n\t

Recognised by prominent exchanges for entity listing (such as Hong Kong, Singapore, Malaysia, Australia, and Dubai Exchanges)<\/p>\n\t

100% foreign ownership with a minimum requirement of 1 shareholder and 2 directors<\/p>\n\t

Low corporate tax rate of 3%<\/p>\n\t

Absence of withholding tax, stamp duty, GST, import duty, sales or service tax, capital gains tax, inheritance tax<\/p>\n\t

Void of tax on dividends to shareholders<\/p>\n\t

Void of tax on director fees for foreign directors<\/p>\n

\n\t\tLicensing & Operational Requirements\n\t<\/h2>\n\t\t\tOperational Requirements of a Labuan General Insurance Business\t\t\n\t\t\t\t