Company Formation Survey 2008


	Home ANGUILLA ANTIGUA ARUBA BAHAMAS BARBADOS BELIZE BERMUDA BRITISH VIRGIN ISLANDS BRUNEI CAYMAN ISLANDS COOK ISLANDS CYPRUS ENGLAND & WALES GIBRALTAR GUERNSEY HONG KONG HUNGARY IRELAND ISLE OF MAN JERSEY LABUAN LIBERIA LUXEMBOURG MADEIRA MALTA MARSHALL ISLANDS MAURITIUS NEVIS PANAMA ST. KITTS ST. LUCIA ST. VINCENT AND THE GRENADINES SAMOA SÃO TOMÉ E PRÍNCIPE SEYCHELLES SINGAPORE SWEDEN SWITZERLAND TURKS & CAICOS VANUATU


		1. Company law	Offshore Companies Act 1990 (OCA).
		2. Types of company: (a) type of company preferred for international transactions:	Companies limited by shares or guarantee incorporated under the OCA or foreign offshore companies registered under the OCA.


		(a) type of company preferred for international transactions:	Companies limited by shares.
		(b) shareless companies:	Not permitted.
		3. Capital requirements:	At least one issued share of any denomination for non-licensed entities. For licensed entities (e.g. banks, insurance companies, funds), capital requirements depend on type of licence.
		4. Costs to incorporate, excluding government fees:	RM2,000 and above.
		5. Fees paid to authorities to incorporate:	Offshore Companies: Approx. RM1,200 to RM5,200 depending on the authorised capital; Foreign Offshore Company: Approx. RM6,500.
		6. Annual fees paid to authorities:	Offshore Companies: RM2,600; Foreign Offshore Companies: RM5,300.
		7. Taxation rates applied to companies generally: (a) the taxation of companies in 2 (a)	For offshore trading activities, taxed at either 3% of audited profits or fixed sum of RM20,000; for investment holding companies, tax exempted.
			Same as above.
		8. Method of incorporation:	Incorporation documents filed with the Registrar through a Labuan trust company.
		9. Who may incorporate - specify what, if any, local representatives/ professionals required?	Only a registered Labuan trust company may incorporate and provide the services of a Resident Secretary.
		(a) are ready made companies available?	Subject to individual trust company's practice.
		10. Length of time to incorporate:	Within 2-3 working days.
		11. Minimum members:	One member, who can either be a corporate entity or individual.
		12. Registered office:	Must be the principal office of a registered Labuan trust company.
		(a) Can the registered office be a bank/ lawyer/ accountant's office (brass plate)?	Not permitted.
		13. Directors and secretary:	Minimum one director (either corporate entity or individual); the Resident Secretary must be an officer provided by a registered Labuan trust company but additional secretaries may be appointed.
		(a) Must a director/ secretary be resident?	Director or appointed secretaries need not be resident.
		(b) Are Corporate Directors allowed?	Yes.
		14. Appointee directors/ secretary possible?	Yes.
		15. Amount of fees payable to appointee directors/ secretary:	Fees vary from trust company to trust company.
		16. Meetings:	At least one general members' meeting to accept the accounts but this could be done by circulating a members' resolution.
		17. Annual return:	Must be submitted annually 30 days prior to anniversary date of incorporation.
		(a) Must financial statements of a company be audited?	Mandatory for licensed entities. Optional for non-licensed entities but if the entity elects to pay tax at 3% of audited profits, then the financial statements must be audited.
		18. Is disclosure of profits required by filing balance sheets with annual returns?	Financial statements not required to be filed with annual returns but filed within one month of adoption of the same by the shareholders. Filings of financials dependent on whether audited or unaudited financials are adopted by the Company. If audited financials adopted, then a copy of the audited financials is filed.
		19. Are there any exchange control or other financial restraints imposed upon a company?	No exchange controls on foreign currency transactions. Offshore entities are not permitted to carry out transactions in RM except for defraying administrative expenses and making permitted investments in Malaysian securities. Certain licensed companies are permitted to deal in RM subject to licence conditions.
		20. Companies formed in the last year:	619.
		21. Number of companies on the company register altogether:	6,297.
		22. How, if any, is migration into and out of the jurisdiction achieved?	Provided for in the OCA.
S I T E M A P BACK TO TOP		23. Is migration out of your country provided for?	Provided for in the OCA.
		24. Any amendments to company law over the last 12 months:	No.
		25. Anticipated amendments to company law over the next 12 months:	Yes.
			Compiled by Noblehouse International Trust Ltd