A Labuan bank license is sought by an existing foreign banking insitution in order to engage in all aspects of offshore banking, to further clarify, the bank will be permitted to offer banking services to non Labuan residents and non local Labuan Companies.
Under Labuan Banking Law a Labuan bank license is only valid provided the applicant pays an annual fee of RM 80,000.
To qualify for a Labuan bank license the banking institution must have a minimum capital requirement as stipulated by the Labuan Offshore Financial Services Authority. This stipulated monetary amount is RM 10,000,000.
How to get a Labuan Offshore Bank License
The application for an offshore Labuan bank license is made to the Labuan Offshore Financial Services Authority (LOFSA), which is now more commonly known as Labuan (FSA). The Labuan FSA will receive and analyse all bank license applications and then issue the relevant license provided the existing foreign banking insitution that satisfies the criteria for the capital start up required and the intention of the bank business plan.
Certain requirements for obtaining an offshore Labuan bank license include the registration of an offshore company in Labuan. An additional requirement of a Labuan bank is to submit a report on their offshore bank accounts to the central bank annually.
Obtain a Labuan Bank License with SimplyOffshore
SimplyOffshore can help you with all of your offshore Labuan bank license needs. When applying for a Labuan bank license the procedures are relatively complex, and using a professional consultancy to help you with your Labuan bank licensing needs can speed up the procedure, and ensure that you will end up getting the most out of your offshore Labuan bank license.
To find out more about how we can help you with obtaining your Labuan bank license, please visit our Offshore Banking License website or complete our Offshore Bank License Application form here.
