Labuan IBFC Hosts Malaysia's Largest Asset Leasing Symposium

More than 300 lessors and lessees from across region converge in Kuala Lumpur.

Kuala Lumpur, 22 March 2018 – Labuan International Business and Financial Centre (Labuan IBFC) today hosted more than 300 lessors and lessees from across Asia, including Malaysia, the largest ever gathering focused specifically on the benefits and future of asset leasing in the jurisdiction.

Speaking at Labuan IBFC Asset Leasing Symposium 2018, Farah Jaafar-Crossby, CEO of Labuan IBFC Inc, said: “The (leasing) industry is expected to have a bright prospect in Asia particularly, and it is expected to experience an increase in volume, with a projected annualised growth of 10%-18%. This level of growth is reflective of the continued economic growth of the Asian region and bodes well for the future of Labuan IBFC as Asia’s centre for asset leasing.”

She also expressed her confidence in Labuan Financial Services Authority (Labuan FSA) commitment to ensure the jurisdiction remains centre and forefront in ensuring Labuan IBFC is kept up to date with the latest regulatory developments, especially those set by multilateral bodies, including the Organisation for Economic Co-operation and Development (OECD).

Farah added that this was evidenced by the recent launch of a fresh guidance by Labuan FSA to further strengthen the operating environment of the industry by ensuring adherence to global best practices and international standards of transparency as well as economic substance.

One of the key changes in the revised Guidelines on the Establishment and Operations of Labuan Leasing Business is the substance requirements that call for Labuan leasing companies to establish substantial activities and perform strategic functions in island itself. Whilst not being excessively prescriptive, it now ensures that leasing companies now meet international standards.

“Although the revised legislations appear to be more restrictive, this certainly will not hinder the growth of the leasing sector in Labuan IBFC. In fact, the changes are beneficial for Labuan IBFC as this is in line with the global regulatory requirements.

“In a nutshell, we see transparency and substance creation as fundamental elements for all businesses operating in Labuan IBFC, especially when one considers the favourable operational cost of being in Malaysia or Labuan,” Farah added.

“After all, Labuan IBFC is a midshore jurisdiction which means that it provides a business and intermediation centre which marries ease of doing business, tax and currency neutrality, niche legal solutions, operational cost efficiency and international standards of compliance,” she quipped.

The Labuan IBFC Asset Leasing Symposium was a half-day event attended by more than 300 regional delegates from the leasing and leasing-related industries. Present at the event were Director-General of Labuan FSA, Danial Mah Abdullah and senior members of the Regulatory body as well as Inland Revenue Board of Malaysia, the competent authority on all matters relating to taxation in Labuan IBFC.

The symposium also featured a presentation by Datin Shelina Razali Wahi, Partner at Abdullah Chan & Co, who is also the Honorary Secretary for the Malaysia Aerospace Industry Association on the potential of making Labuan IBFC as an aviation hub for Asia Pacific, especially in light of the latest developments in the jurisdiction.

The event was supported by Labuan IBFC’s key partners, specifically the Association of Labuan Trust Companies, Adnan Sundra & Low, AMS Trust Company Limited, Hans Advisory & Trust Co Ltd, Noblehouse International Trust Ltd, Ernst and Young, PricewaterhouseCoopers, JTC Kensington, Tricor and ZRC International Inc.

More information on the Guidelines on the Establishment and Operations of Labuan Leasing Business here.

Media Contacts

Labuan IBFC

Audrey Liew
audrey@libfc.com
Tel: +603 2773 8975
Mobile: +6012-913 8979

Geraldine Lim
geraldine@libfc.com
Tel: +603 2773 8991
Mobile: +6012-253 8666


About Labuan IBFC

ASIA PACIFIC’S MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE

Labuan International Business and Financial Centre (Labuan IBFC) offers global investors and businesses the benefits of being in a well-regulated midshore international business and financial centre, which provides fiscal neutrality and certainty, in addition to being an ideal location for substance creation.

Located off the North West coast of Borneo, Labuan IBFC provides access to Malaysia's network of more than 80 double taxation agreements and boasts Asia’s widest range of business and investment structures for cross-border transactions, international business dealings and wealth management needs.

Well-supported by a robust, internationally recognised yet business-friendly legal framework, Labuan IBFC operates within clear and comprehensive legal provisions and industry guidelines, enforced by its single regulator, Labuan Financial Services Authority.

With a focus on enabling cross-border transactions, providing risk management structures, Islamic financial services, commodities trading incentives and wealth management vehicles, we offer solutions to regional businesses going global or global businesses looking at penetrating Asia’s burgeoning markets.

For more information about Captive Review, please visit www.captivereview.com

Stay ahead of the game
Access a wealth of information from Labuan IBFC from reports on forward-thinking research to insightful articles.
Get in touch
Interested to setup your business in Labuan? Speak to our dedicated advisors to find out more.
Stay ahead of the game
Access a wealth of information from Labuan IBFC from reports on forward-thinking research to insightful articles.
Get in touch
Interested to setup your business in Labuan? Speak to our dedicated advisors to find out more.
Ooops!
Generic Popup