If you are looking for new business opportunities abroad, we recommend you considering not only countries but also their regions. For example, the Labuan region in Malaysia.
Labuan is a federal territory with an independent tax and business law systems. It is situate between Malaysia, the Sultanate of Brunei and the Philippines, so you will easily set up a business in these areas.
Today Labuan is recognize as an offshore zone and financial center of Asia. Its main advantages are connect with low taxation and the absence of undue attention from leading states.
This region is ideal if you plan to get a banking license. There are 2 types of licenses:
They cover the same activity, but with slight differences. For example, by the investment license, you can not receive a deposit.
The procedure for obtaining a license is quite simple. The Labuan Financial and Securities Act 2010 regulate it. It is quite complete and includes all possible nuances that arise in the process of registering a new business.
The issuance of licenses and control over their further use is the responsibility of the Labuan Financial Services Authority. For business, it is very convenient since all data is stored in one instance and you always know whom to contact if you have problems or need government support.
To get a license you will need a standard package of documents, as well as confirmation of your credit rating and solvency.
It will be better to enter the market in case you already have experience in banking. It will help you to understand the nuances of doing business in Asia, as well as make you a profitable partner for the investors.
A full list of documents with comments can be obtain from the FSA or our specialists. It is always better to submit more documents than required. Especially it concerns those documents that can confirm your solvency, credit rating and your personal experience in banking.
Some documents may be in an arbitrary form, for example, information about your previous experience. However, consult with a specialist before submitting documents. Let him check how correct your documents are. Otherwise, you may lose the chance to get a license.
The term of issuing a license takes up to four months, it is necessary to renew each year. For detailed advice on obtaining a banking license, please contact our specialist.
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