Labuan company makes or maintains professional contact with any counsel, attorney, accountant, bookkeeper, Labuan Trust company or a corporation wholly owned by a Labuan Trust company made available by the Labuan Trust company to act or be appointed as a resident director or a resident secretary of a Labuan company, management company, investment adviser or other similar person … What are the post licensing requirements for an LITC? A Labuan international commodity trading business is the trading of physical and related derivatives of petroleum and petroleum-related products including liquefied natural gas (LNG), minerals, agriculture products, refined raw materials, chemicals, based minerals and coal. Labuan International Commodity Trading Company (LITC) - Breakdown by Type of Comodities LITC must comply with the following conditions after the granting of its licence and commencement of its business: Client Charter and Related Guidelines and Circulars for Labuan Trust Companies, Labuan Foundations and Labuan Islamic Foundations. (A)375/2018 dated 31 December 2018 is not applicable to transactions between LITC and Malaysian residents. Only companies set up as Labuan International Trading Companies are accorded privileges under GIFT. For LITC that have already had its existing professional traders and wish to maintain them at its operational office outside Labuan, the LITC is required to hire additional 2 employees (any level) to be based in Labuan; and. In this regard, the Labuan money broker is expected to impose a maximum leverage limit of 100:1 on its clients’ trading transaction that would translate to a minimum of 1% margin deposit to enable the opening of a trade position. Employ at least three professional traders that fulfill the following requirements: The Principal officer or any person performing a senior management function who would be principally accountable for: making decisions that affect the whole, or a substantial part of the LITC business; implementing and enforcing policies and strategies approved by the LITC’s Board of Directors including Head of Department or any equivalent designated person; or. With the issuance of Circular on revised substantial activity requirements for LITC dated 29 April 2020, does this mean that the LITC needs to comply the following: (1) 3 professional traders (to be based at its operational office in any parts of Malaysia) AND 2 full time employees (to be based at its physical office in Labuan)? RM3,000,000 (US$750,000) Labuan bank, Labuan investment bank, Labuan Islamic bank and Labuan Islamic investment Bank. The rate of tax imposed is 3% of audited net profits. Labuan Investment Committee Pronouncement 3-2020. 1. Labuan IBFC, as hosts to over 400 international financial institutions comprising 61 banks, 169 insurance and insurance-related companies, 176 leasing companies amongst others, is a natural and ideal location as it provides the Oil and Gas trading companies with a comprehensive range of financial products and services, both under conventional and Shariah-based principles. The LITC is required to submit to Labuan FSA the following: The completed Annual Update Submission Form latest by 15 January of each year (as per Appendix I); and. Labuan FSA may consider the application based on the merit of each case. RM180,000 (US$45,000) Labuan trust company. 3. For regulatory purpose, the policy expectation on the compliance to the revised Guidelines would be made on practical basis i.e. (The business activity of Labuan International Commodity Trading Company has been deleted) 7. The Labuan international commodity trading company (LITC) must have sufficient capital/working funds that commensurate or are in accordance with its operations and activities. As per Para. Employ at least three professional traders that fulfill the following requirements. Labuan bank, Labuan investment bank, Labuan Islamic bank or Labuan Islamic investment bank: 3 (no change) 200,000 (previously RM180,000) 9. List of Labuan International Commodity Trading Companies Areas of Business; Financial Services; Commodity Trading; DOWNLOAD THIS FILE. Achieve annual minimum turnover of USD50 million; Incur minimum annual business spending of RM3 million payable to Malaysian residents in Malaysian Ringgit; and. This article aims to pull together various laws and successive development in the relevant laws relating to entities in Labuan, an island in the South China Sea established in 1990 as an international offshore financial centre (IOFC) and rebranded in recent years as an international business financial centre (IBFC) There are two types of bank accounts you can open for your Labuan International Company in Malaysia. The accumulated income generated by the LITCs increased by 39.2% to USD23.8 billion as compared to USD17.1 billion of the preceding year; with a majority of the income stream derived from trading in petroleum and petroleum-related products. If a LITC has just been licensed in November/ December 2019, does it need to meet the annual quantitative requirements of Turnover, Domestic Spending and Professional Traders as well as Tax Substantial Activity Requirements? The LITCs are still allowed to operate in any parts of Malaysia. The most commonly used business form is the Labuan international company – the legal entity that allows for 100% foreign ownership and benefits from all of the tax advantages practiced in Labuan. The GIFT programme is a framework of incentives to attract traders of specified commodities to use Malaysia as their international or regional trading base. Labuan leasing company or Labuan Islamic leasing company which has– A Labuan company is a company incorporated or registered under the Labuan Companies Act 1990 (LCA 1990). For instance, trading companies do not need to pay the 3% tax rate on profits, but a fixed tax of RMB 20,000 or approximately USD … Labuan money broking business is intended to serve the institutional investors and high-net worth individuals. What is the Labuan international commodity trading business? Effective 17 April 2020, Labuan company that wants to trade in Non-Petroleum Commodities are required to be licensed under the GIFT programme. The Global Incentives for Trading (GIFT) programme is aimed at positioning Malaysia as a regional trading and storage hub for oil and gas. How to apply and what are the conditions for licence under the GIFT programme? For the Non-Petroleum LITC that have surrendered its licence arising from previous Guidelines issued on 8 March 2018, will it be required to be re-licensed and to comply with the revised Guidelines issued on 17 April 2020 immediately? This programme aims to position Malaysia as a regional trading and storage hub for oil and gas. Achieve annual minimum turnover of USD50 million; Incur minimum annual business spending of RM3 million payable to Malaysian residents in Malaysian Ringgit. Difference between Labuan International Company and Malaysian Sdn Bhd. ; and (2) annual local spending of RM3 million (in Malaysia) and RM100,000 (in Labuan)?. The tax regime for international companies in Labuan is appealing to foreign investors who decide for such type of company in Malaysia. The Principal officer or any person performing a senior management function who would be principally accountable for: These professional traders shall be involved in any one of the following areas: Client Charter and Related Guidelines and Circulars for Labuan Trust Companies, Labuan Foundations and Labuan Islamic Foundations. The Labuan international commodity trading sector recorded 12 new Labuan International Commodity Trading Companies (LITCs) in the year under review. A) 375] were gazetted on 31 December 2018 to set out the relevant rules relating to Section 39(1)(r), with effect from 1 January 2019 (see Special Tax Alert No. What are the permitted activities under the GIFT programme? What are the fees payable by LITCs in Labuan LIBFC? Under the programme, a set of incentives are offered through the establishment of the Labuan international commodity trading company (LITC), including incentives for traders and trading houses to use Malaysia as their international trading base. RM3,000,000 (US$750,000) Labuan bank, Labuan investment bank, Labuan Islamic bank and Labuan Islamic investment Bank. Companies incorporated under this Act and which meet certain conditions, including substance requirements would be taxed at preferential rates. 3. Island Offshore Trading Pte Ltd (rebranding as Longview Resources (SG) Pte Ltd) A Singapore registered International Commodities Trading Company Ark Trading Ltd … International Membership; Memoranda of Understanding; Areas of Business. the 2 full time employees (to be based at its physical office in Labuan) need not be the professional      traders. Updated Guidelines on the establishment of Labuan International Commodity Trading Company under the Global Incentives for Trading Programme 3. Are there any forms of indirect taxes applicable on an LITC? Is expected to comply with other requirements of the Labuan Companies Act 1990, the Labuan Financial Services and Securities Act 2010, the Labuan Business Activity Tax Act 1990 and other relevant laws, whichever is applicable. Labuan leasing company or Labuan Islamic leasing company which has– (The business activity of Labuan International Commodity Trading Company has been deleted) 7. Revised Substantial Activity Requirements for Labuan International Commodity Trading Company (“LITC”) under the Global Incentives for Tradin. RM100,000 (US$25,000) Labuan fund manager. Ensure that the Principal Officer, Director(s) and Officer(s) responsible for the management of the company are fit and proper persons pursuant to Section 4 of LFSSA and the Guidelines on Fit and Proper Person Requirements issued by Labuan FSA. internal controls and processes of the LITC. may participate in business activities and enjoy attractive tax benefits provided under the Labuan Business Activity Tax Act 1990 (LBATA). 8. The Labuan Financial Services Authority—the statutory body responsible for the development and administration of the Labuan International Business and Financial Centre (a special economic zone)—issued a circular (dated 29 April 2020) setting out revisions to the “substantial activity requirements” for eligibility as a Labuan international commodity trading company. 5. For regulatory purpose and to enable the company to enjoy the tax incentives under GIFT Programme, the non-petroleum LITCs that have surrendered their licences should submit its application for licence as soon as practicable. A Labuan international commodity trading business is the trading of physical and related derivatives of petroleum and petroleum-related products including liquefied natural gas (LNG), minerals, agriculture products, refined raw materials, chemicals, base minerals and coal. 3. 14. The Labuan International Commodity Trading Company (''LITC'') is promoted under the Global Incentives for Trading (''GIFT'') programme. A Labuan International Commodity Trading Company and Malaysian residents; Labuan entities that have opted to pay tax under the ITA and Malaysian residents; and; Labuan entities that are paying taxes under the ITA and Labuan entities that are paying taxes under the LBATA. 3. Become a world renowned energy trading powerhouse creating economic value to our stakeholders. The Labuan Financial Services Authority (LFSA) has issued guidelines applicable to all Labuan international trading companies (LITCs) licensed to conduct international commodity trading business in the Labuan International Business and Financial Center (LIBFC) under the Global Incentives For Trading … 2.0 Applicability Labuan international commodity trading companies use Malaysia as their international trading base to undertake international commodity trading business in Labuan IBFC. Labuan commodity trading Labuan International Commodity Trading (LITC) is for traders of physical products and related derivatives, that primarily uses Malaysia as their base Eg, Petroleum related, liquefied natural gas, LNG, minerals, agriculture, refined raw materials, chemicals, base minerals, coal Hence, proper segregation of accounts is required. 3. trading base, Labuan FSA launched the Labuan International Commodity Trading Company (LITC) which comes with a designed pack of incentives under the Global Incentives for Trading (GIFT) program. The removal of LITC from the original list suggests that a revision of substantial requirements for LITC proposed earlier would be covered in a separate Order / Regulations although these have yet to be issued. use Malaysia as an international trading base for specified types of commodities to be conducted on in, from or through Labuan. Since 2003, Healy Consultants Group PLC has been assisting our Clients doing business in Labuan. Setting up a trading company in Labuan jurisdiction is an ideal choice as it offers a wide range of business activities permissible under the regulation of Labuan Financial Services Authority. The top commodity trading companies come in different shapes and sizes, but typically are the juggernauts that cast an extensive influence on the commodity markets that they trade. internal controls and processes of the LITC. The LITC must indicate clearly on its letterhead, stationery and other documents including signage containing its name that it is licensed as a “Labuan International Commodity Trading Company licensed by Labuan FSA”, together with its licence number. 6.3 The LITC must indicate clearly on its letterhead, stationery and other documents including signage containing its name that it is licensed as a “Labuan International Commodity Trading Company licensed by Labuan FSA”, together with its licence number. For annual operating expenditures however may be pro-rated on a 12-months basis. The fees payable are illustrated in the table below: All licensees are required to pay to Labuan FSA annual licence fees on or before 15 January of each year. 2. Transactions between Labuan International Commodity Trading Company (LITC) and Malaysian residents; Transactions between Labuan entities that have opted to … They are an offshore bank and onshore bankers.The offshore bankers are banks that operate in Labuan are licensed by Labuan FSA to facilitate international trades including Labuan companies for their international trades in foreign currencies, excluding Malaysia ringgit. Is there any transition given before it can be re-licenced? What is the purpose of the Global Incentives for Trading (GIFT) programme? Revised Substantial Activity Requirements for Labuan International Commodity Trading Company (“LITC”) under the Global Incentives for Tradin. 9. Commodity Trading; Credit Token Business; Company Management Business; Malaysia International Ship Registry; Capital Markets; Wealth Management; Labuan Structures. Thereafter, the Income Tax (Deductions Not Allowed for Payment Made to Labuan Company by Resident) Rules 2018 [P.U. 12. The following details must be identified and provided to Labuan FSA prior to the commencement of business: Name, designation and contact details such as telephone number and e-mail address of the officer that is in charge of the LITC. Labuan is a duty-free zone, hence there are no indirect taxes. 1.1 The Guidelines on the Establishment of Labuan International Commodity Trading Company (LITC) under the Global Incentives for Trading (GIFT) Programme set out the parameters relating to the establishment and operation of the LITC under the GIFT programme. Labuan International Commodity Trading Company (LITC) is curated to cater to the requirements of organisations and financial institutions yearning to access international trading markets in commodities like petroleum and petroleum-related products (including liquefied natural gas (LNG)), agriculture products, refined raw materials, chemicals, base minerals, carbon credits and any other commodities as maybe approved by Labuan … 13. RM120,000 (US$30,000) Labuan leasing company or Labuan Islamic leasing company. The Global Incentives for Trading (GIFT) programme, launched in collaboration with the Malaysia Petroleum Resources Corporation (MPRC), is aimed at positioning Malaysia as a regional trading and storage hub for oil and gas including other key commodities such as minerals, agriculture products, refined raw materials, chemicals, base minerals and coal. This programme aims to position Malaysia as a regional trading and storage hub for oil and gas. 11. Labuan International Business and Financial Centre (Labuan IBFC) presents a comprehensive midshore solution striking the ideal balance between client confidentiality and compliance with international … Labuan Investment Committee Pronouncement 3-2020 2. Financial Services. The pronouncement is available on Labuan IBFC’s website www.labuanibfc.com (Guidelines > General). Nevertheless, with the tightening of the Labuan substance requirement rules since 2019, it remains to be seen how the GIFT programme will be affected. Banking; Insurance; Leasing; Money Broking; Commodity Trading; Credit Token Companies; Company Management Business; Wealth Management; Digital Financial Services; Capital Markets; Exchange; ... Search for Labuan Companies. RM100,000 (US$25,000) Labuan fund manager. In raising fund for a project with a private fund, the subscribers will typically be looking at a reasonable return on their investment at the very least. Labuan bank, Labuan investment bank, Labuan Islamic bank or Labuan Islamic investment bank: 3 (no change) 200,000 (previously RM180,000) 9. No. These professional traders shall be involved in any one of the following areas: The LITC must have sufficient capital or working funds that commensurate with its operations and activities. Uniquely, although set up as a Labuan company, LITCs are allowed to operate anywhere in Malaysia, and as such, are not limited to operating out of Labuan. Post 17 April 2020, new Labuan companies that intend to trade in Non-Petroleum commodities are required to be part of the GIFT programme.Apart from the tax incentives as accorded under the Labuan Business Activity Tax Act 1990 subject to fulfilment of the tax substantial activity requirements, the non-deductibility rules under P.U. Setting up a trading company in Labuan jurisdiction is an ideal choice as it offers a wide range of business activities permissible under the regulation of Labuan Financial Services Authority. Labuan IBFC is an internationally-recognised for its standards and best practices in financial services for both conventional as well as Islamic. The revised Guidelines have reinstated the non-petroleum commodities to be included back into the GIFT Programme. For the purpose of complying with the tax substantial activity requirements to enjoy the benefits accorded under the GIFT programme, Labuan FSA wishes to further clarify the following: Discover the wide range of business and financial services available in Labuan IBFC. For the purpose of complying with tax substance requirement, out of this amount, at least RM100,000 must be spent/incurred for its operations in Labuan; and. LABUAN INTERNATIONAL COMMODITY TRADING COMPANY UNDER THE GLOBAL INCENTIVES FOR TRADING PROGRAMME 1.0 Preamble 1.1 The guidelines are issued pursuant to section 4A of the Labuan Financial Services Authority Act 1996 and are applicable to qualified applicants who wish to undertake international commodity trading business in Labuan Insurance Banking Labuan International Commodity Trading Company (LITC) The Global Incentives for Trading (GIFT) event is targeted to position Malaysia as a local trading and storage hub for gas and oil. W. ith an international commodity trading company, a corporate group can manage its global trading and marketing activities within one or a few specialized Can the LITC operate out of Labuan but in Malaysia? 4. The process of incorporating a Labuan company is simple and foreign investors can have full foreign ownership over the legal entity they register here. Labuan International Commodity Trading Company. The LITC’s business is the trading of physical and related derivative instruments of petroleum and petroleum-related products including liquefied natural gas (LNG). 15. RM3,000,000 (US$750,000) Labuan bank, Labuan investment bank, Labuan Islamic bank and Labuan Islamic investment Bank. To provide address and staffing plan at its operational office. Indicate clearly on its letterhead, stationery and other documents including signage containing its name that it is licensed as a “Labuan International Commodity Trading Company” under the Labuan Financial Services and Securities Act 2010, together with its licence number, The business is conducted with proper corporate governance and has a risk management framework in place; and. There is no restriction on the kind of projects that you can raise fund for in a Labuan Private Fund entity. 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