The Hong Kong Stock Exchange (HKEx) now recognises Labuan IBFC as an acceptable jurisdiction for listing on its Exchange, both on the Main Board and Growth Enterprise Market (GEM).
The HKEx’s Listing Committee officially agreed to include Labuan as an acceptable jurisdiction for listing purposes in late 2012 and recently published the listing decision in late April 2013.
Saiful Bahari Baharom, chief executive officer of Labuan IBFC Inc Sdn Bhd, the promotional arm and subsidiary of Labuan Financial Services Authority said, the recognition had placed Labuan IBFC at par with a few other similarly recognised well-known financial centres.
“This is a very positive development for the Labuan IBFC, especially in view that we are now actively concentrating our marketing and promotion efforts within the ASEAN and Asia Pacific region,” he added.
He added that that this recognition is a testament to the robustness of Labuan IBFC’s regulatory and legislative framework, in line with global best practices and standards – Bernama
Labuan companies generally operate either as a holding company or a trading company in a variety of sectors including shipping, goods trading, oil and gas, real estate and finance.
All Labuan companies are fiscally efficient attracting a maximum tax rate of 3% of audited net profit annually. In addition, there is no withholding tax, capital gains tax, stamp duty or inheritance tax levied in Labuan.
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