Press Release on Co-Location of Labuan Holding Companies Can Now Be Located In Kuala Lumpur

Kuala Lumpur – The Labuan Offshore Financial Services Authority (LOFSA) today issued the Guideline on Co-Location of Labuan Holding Company, which will allow Labuan holding companies to establish their operational and management office in Kuala Lumpur.

The Guideline issued is part of the national financial liberalisation package announced by Prime Minister, Dato’ Sri Mohd Najib bin Tun Abdul Razak in April 2009.

At the recent signing ceremony of the Memorandum of Understanding (MOU) on Co-operation and Mutual Assistance between LOFSA and Companies Commission of Malaysia (SSM), LOFSA Director-General, Dato’ Azizan Abdul Rahman commented that the liberalisation measures are aimed at enhancing Malaysia’s financial services sector as a catalyst that will take the country to the next level of development.

In supporting this initiative, Companies Commission of Malaysia (SSM) CEO, Dato’ Azmi bin Ariffin said that the flexibility given to Labuan holding companies will undoubtedly be viewed as a positive development by the Labuan business community. Labuan IBFC Inc Sdn Bhd CEO, Martin Crawford reiterated that this new development will attract international holding companies and multinationals to setup their business operations in Kuala Lumpur and leverage on its low cost operating environment and infrastructure.