The Labuan Companies (Amendment) Act 2022 came into force on 10 June 2022 save for the removal of:
- the prohibition on dealings by a Labuan company in ringgit; and
- the notification requirement by a Labuan company to notify the Labuan Financial Services Authority on its transactions with residents.
These provisions are deemed to have come into operation on 1 January 2019.
The Labuan Financial Services and Securities (Amendment) Act 2022 and the Labuan Islamic Financial Services And Securities (Amendment) Act 2022 are also deemed to have come into force on 1 January 2019.
For further information on this topic please contact Pamela Kung at Shearn Delamore & Co by telephone (+60 3 2027 2911) or email ([email protected]). The Shearn Delamore & Co website can be accessed at www.shearndelamore.com.