Does anybody have experience with setting up an offshore company and bank account in Labuan (Malaysia)

#1

Hi there,
We are a husband and wife who travel a lot and have a small company set up in Fiji. We offer services to clients all over the world, but the Fijian banking system isn’t very accommodating for a digital based business with a lot of overseas expenses.

To make our life easier we are planning to set up an offshore company and bank account in Labuan.
We have a Fijian, Belgium and Uk passport but have residency in Fiji.

Does anybody have experience with a situation like this? and any advice how to go about setting up an offshore company and bank account ideally in Labuan (or Singapore)?

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#2

Banks are not much better here in Malaysia. And Labuan needs minimum capital now if you want work permits. So not as good a deal as it used to.

If you still want referrals, better PM me instead of discussing in public.

#3

I am working on the same thing (offshore company in Labuan with bank and PayPal accounts).
It seems one has to involve a local service provider (called …trust…) to set up a company there. Later a local secretary and a registered office is needed. I could not decide for any of the providers yet. I am still waiting for replies coming in this week (after the holiday).
It seems set-up service costs from US$ 2700. It take 2-3 working days till the bank account can be set up (assistance to do so included in those service costs). 1st year secretary and registered office are included too and cost $2400 from the 2nd year. Auditing is required to pay 3% tax on the the profit. Auditing is not required if the company opts for paying 20ooo MYR flat (around US$5000)
What are your findings, @nomadsanddrifters?

#4

@manu: the international banks (like HSBC) should be OK, I guess. No?

#5

Surprise, I just received this from a friend: “no physical presence is require to open an (offshore company) account with Fidelity Asia Bank”