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Sunday, 12 June 2011 22:33
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WHAT IS LABUAN LEASING BUSINESS?
Labuan leasing means the business of sub-letting property on hire for the purpose of the use of such property by hirer, regardless whether the letting is with or without an option to purchase the property or such other business as approved by the Minister of Finance. Property includes any plant, machinery, equipment or other chattel attached or to be attached to the earth. With the exception to the transportation of passengers or cargo by sea or letting out on charter of ships on a voyage or time charter basis, leasing companies in Labuan IBFC are allowed to carry on leasing of ships on "bare boat" basis.
WHAT IS THE PROCEDURE FOR SETTING UP A LEASING COMPANY IN LABUAN IBFC?
The applicant must be either a company incorporated or registered under Labuan Companies Act 1990 or a Special Purpose Vehicle company set up to facilitate leasing transactions, including inter-company transactions. It must also apply for a license for the activity. WHAT FEES ARE PAYABLE FOR A LABUAN LEASING COMPANY? Once approval is granted by Labuan FSA, the said leasing company is required to make the following payments :
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Type of Fee
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Lease to Malaysian Resident
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Lease to Non-Malaysian Resident
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Annual Fee (before 15 January)
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MYR40,000
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Nil
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Each Subsequent Leasing Transaction
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MYR20,000
(One off)
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Nil
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Last Updated on Tuesday, 16 August 2011 20:02
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