Labuan was basically under rule of Brunei sultan and it was also proclaimed as duty free port when it got handed over by Raja MudaHasim in the year 1846 to British empire. Rajah James was also appointed as 1st governor of the Labuan in the year 1847 and administration of island was then handed to North Borneo Chartered Company in the year 1890. It was then reverted back to the Government of British in the year 1904 and island was also placed under total administration of the Straits Settlements in 1907. Similarly, there are various reasons for setting up the Labuan offshore company.
Why do you need to set up an offshore company Labuan?
Operating through offshore companies allows all for conducting the bank transactions, business and even personal or financial affairs with maximum amount of tax and privacy level. Most of the international businessmen also look at 3 major key issues when it comes on setting up a Labuan company, if it turns as the right thing for them. it includes key issues as,
- Tax efficiency: this is one of the major reason as why many of the offshore jurisdiction exist which is for maximizing the tax efficiency for all businesses of international cross border. The Labuan jurisdiction is also one which offers the best in tax terms and when it comes on flexibility for selecting the tax rate.
- Protection for all future liabilities: placing the assets into offshore company and the incorporated legal structure also offer strong protection layer from the future liabilities from more stable policies.
- Privacy guaranteed: holding bank accounts and the asset in offshore company, rather than in name maximizes well the protection and privacy. With the common standard of reporting implemented by the OECD, you must check out what solutions are for such a Labuan offshore company.
For setting up such a company, all details are also not in the public record, hence the privacy is offered by statue for company officer, beneficial owners and even for the shareholders. There are many reasons for setting it up as it also offers 100 per cent ownership, the low taxes of around 3 per cent or even the pay flat fees. Read more information about them online and if you are planning to set up this company, then go for it today without giving a second thought. Go for it.