Labuan international commodity trading companies use Malaysia as their international trading base to undertake international commodity trading business in Labuan IBFC. What is the purpose of the Global Incentives for Trading (GIFT) programme? 6. 4. 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 … There is no restriction on the kind of projects that you can raise fund for in a Labuan Private Fund entity. 2.0 Applicability 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. RM180,000 (US$45,000) Labuan trust company. Under this event, a set of incentives are offered through the establishment of the Labuan international commodity trading company (LITC), including incentives for trading […] 11. On 17 April 2020, the Labuan Financial Services Authority (“Labuan FSA”) issued a revised Guidelines on the establishment of Labuan International Commodity Trading Company (“LITC”) under the GIFT programme setting out the parameters relating to the establishment and operation of the LITC. To provide address and staffing plan at its operational office. 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. 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. 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 Tarikh dicipta: 19 Oktober 2018 Tarikh dikemaskini: 18 Oktober 2019 Pembekal Set Data: Labuan FSA XLSX Labuan developments 1. Continued growth across the board in 2018, entrenching Labuan IBFC’s role as Asia’s preferred midshore business and financial centre. The Labuan international commodity trading sector recorded 12 new Labuan International Commodity Trading Companies (LITCs) in the year under review. This programme aims to position Malaysia as a regional trading and storage hub for oil and gas. 3. Labuan IBFC Inc; Labuan FSA; The Industry; Areas of Business. What are the fees payable by LITCs in Labuan LIBFC? internal controls and processes of the LITC. Being new to Malaysia business environment and culture, it is a norm for foreigners get confused trying to figure out the right company entity to set-up to meet their business objectives. Financial Services. Labuan International Commodity Trading Company (LITC), Discover the wide range of business and financial services available in Labuan IBFC. Companies incorporated under this Act and which meet certain conditions, including substance requirements would be taxed at preferential rates. 13. 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. ENSA Energia AG is licensed as a Labuan International Commodity Trading Company (LITC) by the Labuan FSA (LITC/20/0068) (under the Global Incentives for Trading (GIFT) Programme. 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 … GUIDELINES ON THE ESTABLISHMENT OF LABUAN INTERNATIONAL COMMODITY TRADING COMPANY UNDER THE GLOBAL INCENTIVES FOR TRADING PROGRAMME 1.0 Introduction 1.1 The Global Incentives for Trading (GIFT) programme was established to encourage companies to use Malaysia as an international trading base for commodity trading operations are clear, and many of the world’s biggest oil and gas and mining majors have set up international trading structures to win competitive advantage. 1. Labuan bank, Labuan investment bank, Labuan Islamic bank or Labuan Islamic investment bank: 3 (no change) 200,000 (previously RM180,000) 9. Updated Guidelines on the establishment of Labuan International Commodity Trading Company under the Global Incentives for Trading Programme 3. Thereafter, the Income Tax (Deductions Not Allowed for Payment Made to Labuan Company by Resident) Rules 2018 [P.U. 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. 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. 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. Since 2003, Healy Consultants Group PLC has been assisting our Clients doing business in Labuan. Labuan International Commodity Trading Company. 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. 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 use Malaysia as an international trading base for specified types of commodities to be conducted on in, from or through Labuan. For regulatory purpose, the policy expectation on the compliance to the revised Guidelines would be made on practical basis i.e. RM120,000 (US$30,000) Labuan leasing company or Labuan Islamic leasing company. Labuan IBFC is an internationally-recognised for its standards and best practices in financial services for both conventional as well as Islamic. Become a world renowned energy trading powerhouse creating economic value to our stakeholders. Transactions between Labuan International Commodity Trading Company (LITC) and Malaysian residents; Transactions between Labuan entities that have opted to … The revised Guidelines have reinstated the non-petroleum commodities to be included back into the GIFT Programme. Labuan bank, Labuan investment bank, Labuan Islamic bank or Labuan Islamic investment bank: 3 (no change) 200,000 (previously RM180,000) 9. Labuan International Commodity Trading Company (LITC) - Surrendered & Revoked List; Credit Token Business; Company … Labuan is a duty-free zone, hence there are no indirect taxes. Effective 17 April 2020, Labuan company that wants to trade in Non-Petroleum Commodities are required to be licensed under the GIFT programme. The LITC is allowed to establish its operational office(s) and operate anywhere in Malaysia but it must have its physical office in Labuan to house its 2 FTE to manage the daily operations of the activities out of its Labuan office. RM180,000 (US$45,000) Labuan trust company. RM3,000,000 (US$750,000) Labuan bank, Labuan investment bank, Labuan Islamic bank and Labuan Islamic investment Bank. Labuan Companies; Protected Cell Companies; Partnerships; Labuan Service Providers. RM3,000,000 (US$750,000) Labuan bank, Labuan investment bank, Labuan Islamic bank and Labuan Islamic investment Bank. 12. Revised Substantial Activity Requirements for Labuan International Commodity Trading Company (“LITC”) under the Global Incentives for Tradin. Achieve annual minimum turnover of USD50 million; Incur minimum annual business spending of RM3 million payable to Malaysian residents in Malaysian Ringgit. Obtain prior approval from Labuan FSA on any new changes being effected on the following: The LITC is expected to comply with all the requirements of this Guidelines as well as the relevant requirements under LCA, LFSSA, other Labuan legislations and the laws of the jurisdictions in which the LITC operates from, whichever applicable. Labuan International Business and Financial Centre (Labuan IBFC) presents a comprehensive midshore solution striking the ideal balance between client confidentiality and compliance with international … The tax regime for international companies in Labuan is appealing to foreign investors who decide for such type of company in Malaysia. 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. RM120,000 (US$30,000) Labuan leasing company or Labuan Islamic leasing company. Can the LITC operate out of Labuan but in Malaysia? Financial Services. 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 LITC’s business is the trading of physical and related derivative instruments of petroleum and petroleum-related products including liquefied natural gas (LNG). 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. RM100,000 (US$25,000) Labuan fund manager. There are two types of bank accounts you can open for your Labuan International Company in Malaysia. ; may carry out any business that is permitted in Malaysia in, from or through Labuan. 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 … 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 3. Achieve annual minimum turnover of USD50 million; Incur minimum annual business spending of RM3 million payable to Malaysian residents in Malaysian Ringgit; and. The process of incorporating a Labuan company is simple and foreign investors can have full foreign ownership over the legal entity they register here. International Membership; Memoranda of Understanding; Areas of Business. Revised Substantial Activity Requirements for Labuan International Commodity Trading Company (“LITC”) under the Global Incentives for Tradin. Company Management Business; Wealth Management; Digital Financial Services; Capital Markets; Exchange; Labuan Structures. 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. Is the role of a Principal Officer (PO) can be considered as Professional Trader? Difference between Labuan International Company and Malaysian Sdn Bhd. Labuan bank, Labuan investment bank, Labuan Islamic bank or Labuan Islamic investment bank: 3 (no change) 200,000 (previously RM180,000) 9. Hence, proper segregation of accounts is required. For the purpose of complying with tax substance requirement where two full time employees (FTE) are required, these 2 FTE may not necessarily be the professional traders but they are required to be based in Labuan: 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. Our services include i) Malaysia Labuan international company registration ii) government licence registration iii) business bank account opening iv) employee recruitment … The GIFT programme is a framework of incentives to attract traders of specified commodities to use Malaysia as their international or regional trading base. 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. 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. 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. GUIDELINES ON THE ES TABLISHMENT OF LABUAN INTERNATIONAL COMMODITY TRADING COMPANY UNDER THE GLOBAL INCENTIVES FOR TRADING (GIFT) PROGRAMME PAGE 2/7 4.0 Effective Date 4.1 The Guidelines shall come into effect on 26 June 2013 and would remain effective and applicable unless amended or revoked otherwise. 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 2. For annual operating expenditures however may be pro-rated on a 12-months basis. RM3,000,000 (US$750,000) Labuan bank, Labuan investment bank, Labuan Islamic bank and Labuan Islamic investment Bank. Is this understanding correct? Additionally, Labuan jurisdiction being a midshore jurisdiction, offers the provision of dealing with the local market which is subjected to the local tax regime. The Global Incentives for Trading (GIFT) programme is aimed at positioning Malaysia as a regional trading and storage hub for oil and gas. LITCs that are unable to achieve the operational requirements under the revised Guidelines would be treated as non-compliant to the said Guidelines and be dealt with accordingly under the Labuan Financial Services and Securities Act 2010. 3. Labuan FSA may consider the application based on the merit of each case. may participate in business activities and enjoy attractive tax benefits provided under the Labuan Business Activity Tax Act 1990 (LBATA). As per Para. Labuan International Commodity Trading Company (LITC) The Global Incentives for Trading (GIFT) programme is aimed at positioning Malaysia as a regional trading and storage hub for oil and gas. Such traders are licensed as Labuan International Commodity Trading Companies (LITCs) which deal with eligible commodities which include petroleum and petroleum related products including liquefied natural gas; as well as trading of other physical products such as minerals, agriculture products, refined raw materials, chemicals, base materials and coal. 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 … 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. 8. 3. RM100,000 (US$25,000) Labuan fund manager. Removal of Labuan International Commodity Trading Companies ("LITC") from the original list in the Labuan Regulations. Is there any transition given before it can be re-licenced? (A)375/2018 dated 31 December 2018 is not applicable to transactions between LITC and Malaysian residents. Nevertheless, with the tightening of the Labuan substance requirement rules since 2019, it remains to be seen how the GIFT programme will be affected. 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) The Labuan International Commodity Trading Company (''LITC'') is promoted under the Global Incentives for Trading (''GIFT'') programme. For those who are qualified, Labuan IBFC offers various financial products and services to meet your objectives, such as Labuan Leasing, Labuan International Commodity Trading Company (LITC). 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 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? (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. Labuan International Commodity Trading Company (LITC) - Breakdown by Type of Comodities from 2015 to 2018 RM120,000 (US$30,000) Labuan leasing company or Labuan Islamic leasing company. 3. Only companies set up as Labuan International Trading Companies are accorded privileges under GIFT. assessment against a full year’s operation as regards the annual quantitative requirements. This programme aims to position Malaysia as a regional trading and storage hub for oil and gas. 3. 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. 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. What will happen should LITCs are unable to meet the operational requirements under Paragraph 6 of the revised Guidelines? Labuan money broking business is intended to serve the institutional investors and high-net worth individuals. Upon licensing, the LITC must ensure the following: LITC must comply with the following conditions after the granting of its licence and commencement of its business: The permitted activities include buying, selling and /or broking of physical and related derivative instrument of petroleum and petroleum-related products including liquefied natural gas (LNG) as well as other key commodities such as minerals, agriculture products, refined raw materials, chemicals, base minerals and coal. What are the post licensing requirements for an LITC? 12.5% growth in company incorporation Our vision. Island Offshore Trading Pte Ltd (rebranding as Longview Resources (SG) Pte Ltd) A Singapore registered International Commodities Trading Company Ark Trading Ltd … (The business activity of Labuan International Commodity Trading Company has been deleted) 7. 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. RM180,000 (US$45,000) Labuan trust company. Labuan Investment Committee Pronouncement 3-2020 2. Labuan International Commodity Trading Company (LITC) - Breakdown by Type of Comodities 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. 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? Labuan leasing company or Labuan Islamic leasing company which has– 3. 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. (The business activity of Labuan International Commodity Trading Company has been deleted) 7. Commodity Trading; Credit Token Business; Company Management Business; Malaysia International Ship Registry; Capital Markets; Wealth Management; Labuan Structures. 14. 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. Revision of substantial activity requirements for Labuan International Commodity Trading Company under the Global Incentives for Trading Programme Updated Guidelines on the establishment of Labuan International Commodity Trading Company under the Global Incentives for Trading Programme. 10. The LITC is required to establish its operational office, which can be anywhere in Malaysia. 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. The definition of Professional Traders has been expanded under the revised Guidelines in which Principal Officer and any officer performing senior managerial functions in specified areas may also be recognised as Professional Traders. 1/2019 ). A Labuan company is a company incorporated or registered under the Labuan Companies Act 1990 (LCA 1990). the RM100,000 is part of the RM3 million annual operating expenditures required under the revised Guidelines. 2. Continued growth across the board in 2018, entrenching Labuan IBFC’s role as Asia’s preferred midshore business and financial centre. Labuan International Commodity Trading Company. A Labuan company: may be a company limited by shares or by guarantee or an unlimited company. The oil, gas and energy industry is central to Malaysia’s economic growth, contributing one-fifth of the national GDP over the past decade. However, for the purpose of complying with tax substantial activity requirements, once licensed, it is deemed to have commenced operation and is subjected to the said requirements. 16. The LITCs are still allowed to operate in any parts of Malaysia. How to apply and what are the conditions for licence under the GIFT programme? 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