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November 2018
Insight
Plus
Direct from Asia Pacific's Leading Midshore Business and Financial Centre.
We talk to Anthony Egerton, Principal Officer at Nexus Structured Solutions Limited (fka Huntington Underwriting Limited – a Labuan IBFC based global MGA), to understand more about MGAs and their role in the Asian insurance market ...

Labuan IBFC Inc CEO, Farah Jaafar-Crossby talks about the upsides of China’s Belt and Road Initiative for Labuan IBFC.


Interest for captives in the Asia Pacific region continues to rise, but while the area is showing impressive recent growth, it continues to represent a very small share of the global captive market.

The financial performance of Asia’s family-owned businesses is far superior to their peers in terms of growth and profitability, finds a recent report published by the Credit Suisse Research Institute (CSRI).


Despite the global cyber re/insurance market being dominated by the US, Asia is catching up with steady growth, fuelled by new regulations and increased understanding of cyber risk, according to global reinsurance brokerage Guy Carpenter.


As you might be aware, it was announced via the Malaysian Budget 2019 that as of 1st January, the current tax rate of 3% for all trading activities prescribed by the Labuan Business Activity Tax Act 1990 will be retained as will the tax neutrality of all investment holding entities in the jurisdiction. The option of paying a flat fixed amount of MYR20,000.00 in tax will, however, no longer be available in 2019, ensuring the jurisdiction remains in compliance with international fiscal standards.

Clearly, Labuan FSA has strategically designed the jurisdiction to meet the requirements of a “future proofed” international financial centre, where cost-efficiency and innovation are married with transparency, economic substance as well as stringent money laundering and terrorism financing provisions.

This is the core message the team and I want to share when we describe Labuan IBFC’s true value proposition ensuring users, advisors and intermediaries fully understand Labuan IBFC’s unique position as Asia’s midshore international business and financial centre.

Until the next edition, take care and please do not hesitate to get in touch for any further information.


Farah Jaafar-Crossby
Chief Executive Officer, Labuan IBFC Inc

Datuk Oh Chong Peng is the newly appointed Chairman of Labuan FSA effective from 16 October 2018 until 15 February 2020.


Labuan FSA has imposed business restriction on the following Labuan-licensed entities pursuant to section 193 of the Labuan Financial Services and Securities Act 2010 for non-compliance to minimum capital and/or other regulatory requirements.


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Global Islamic wealth management is expected to expand strongly due to rising demand for shariah-compliant investments, underpinned by a growing and increasingly affluent Muslim population, according to industry players.

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