Labuan Financial Services / Insurance Broker
Insurance Broker
Labuan Insurance Broker is a person who is licensed to arrange Labuan insurance business on behalf of prospective or existing policy owners and arrange Labuan reinsurance business on behalf of any insurer seeking reinsurance. In addition, following the enactment of the new legislation, Labuan insurance brokers may carry on financial planning activities. Labuan insurance broker company is prohibited from dealing with residents (except for high net-worth individuals, reinsurance and others as defined by Labuan FSA from time to time) and broke for direct Malaysian risks.

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Approved Activities
The applicant company may broke: –
- Direct insurance business
- Life insurance
- Reinsurance business (The applicant company may broke reinsurance for direct Malaysian risks transacted in Malaysian ringgit.)
What are the requirements to operate?
- Applicant must have minimum paid up capital unimpaired by losses of RM 300,000 or a net-working fund of at least RM 300,000.
- Applicant must have a professional indemnity insurance coverage of a minimum of RM 2.5 million or its equivalent in any foreign currency.
- Applicant must be a member of Labuan International Insurance Association.
- Applicant for license to carry on insurance broking business in Labuan must ensure the following:
- Establish an operational management office in Labuan managed by a management team that has an adequate knowledge and expertise in insurance business, or
- Appoint a licensed Labuan insurance manager.
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FAQ
One share in any denomination in foreign currency except Malaysia Ringgit
Approximately 7-14 business days upon complete collection of the required documents
The director and the shareholder must be at least one person and can be the same person. It
can be fully owned by a foreigner.
A resident secretary is required.
• Trading company – please see attachment “LFSA – Code 20” for allowed activities under trading company.
• Non-trading company/investment holding – income mainly from dividend or interest.
*Kindly take note that the tax for general trading or import/export services is ranging from 15% – 24% under Malaysia Income Tax Act 1967.
• Trading company companies are taxed under Malaysia Income Tax Act 1967, which the tax ranging from 15%-24% of its profit except for Labuan licensed company. (Audit required)
• Tax for Labuan licensed company and business nature under “Code 20” is 3% of its audited net profit with fulfilled its substance requirements. (Audit required)
• Investment holding companies are not subjected to tax (0% tax) with the submission of yearly management account and fulfilled substance requirement.
No.
• CTC of Passport
• CTC of Proof of address (such as the most recent utility bill, internet bill, insurance statement, etc)
*CTC – Certified True Copies: Certification of documents must be made by competent persons such as a notary public, solicitor, chartered secretary, or certified public accountant,
and made in accordance with the law in Malaysia or in the country where the certification was made.