PR Newswire
17 Feb 2023, 14:59 GMT+10
![]() |
The masterclass showcased Labuan IBFC's sectoral offerings and services and served as a platform for an exchange of ideas
KUCHING, Malaysia, Feb. 17, 2023 /PRNewswire/ -- Stakeholders from the Sarawak business community gathered on 15 February 2023 at the masterclass which was co-organised by Labuan International Business and Financial Centre Incorporated Sdn Bhd (Labuan IBFC Inc.) and the Sarawak Business Federation (SBF). The seminar, which was held in Pullman Kuching, showcased speakers which summarised recent developments related to the Labuan jurisdiction and participants comprising investors and players as well as representatives from the private sector and government agencies.
Labuan IBFC Inc. Executive Chairman cum CEO Datuk Iskandar Mohd Nuli delivered the welcoming remarks in which he reiterated that Labuan IBFC is well-positioned to serve as a hub for Sarawak businesses. He further commented, "Labuan IBFC has available business structures that will allow Sarawak businesses and the state government to manage their affairs in the most tax-efficient manner in a low-risk operating environment. Most importantly, establishing a base in Labuan IBFC will ensure all entities a proper and meaningful opportunity to manage their funds independently and legally."
Dato Sri Abang Haji Abdul Karim bin Tun Datuk Abang Haji Openg, President of Sarawak Business Federation, highlighted in his opening remarks the need for Sarawak's business communities to engage with Labuan IBFC to gain better understanding in how they can expand and develop their businesses further and at the same time enjoy the benefits and incentives available. He emphasised on the need for more dialogues and engagements so that SBF members will have the opportunity to have continued engagement.
The masterclass kicked off with a briefing on Labuan IBFC, which touched upon the formation of Labuan IBFC, the governance of the jurisdiction as well as recent related legislative amendments. Attendees were also briefed on the product and sectoral offerings by the jurisdiction, as well as available business structures for the establishment of a Labuan base.
This was followed by three high-impact briefing sessions, the first of which explained the establishment of a Labuan business through Labuan trust companies. The second seminar enlightened participants on setting up a bank account for business purposes in Labuan, while the last briefing clarified on requirements to set-up an insurance or captive business in Labuan IBFC.
The seminar concluded with the consensus that Labuan IBFC has a leading role to play in serving as a viable hub for Sarawak businesses.
Media Contacts:
Labuan IBFC
Lalitha Sivanesan
[email protected]
+603-2773 8984
Sarawak Business Federation
Eleodiana Sali Rangai
[email protected]
+082-237 148
Get a daily dose of Asia Bulletin news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Bulletin.
More InformationThe Voice of America may not live up to its ambitious name for much longer. Michael Abramowitz, the director of VOA, said in a Facebook...
WASHINGTON, DC - U.S. President Donald Trump has joined Israel's war on Yemen's Houthis, days after the group said it would resume...
LOMPOC, California: NASA launched a new telescope into space this week to study the origins of the universe and search for hidden water...
AUSTIN/SANTA FE: Texas/New Mexico have reported 28 new measles cases in the past five days, bringing the total to 256 since the outbreak...
WASHINGTON, D.C.: U.S. Transportation Secretary Sean Duffy announced that helicopters will be permanently banned from flying near Washington...
NEW YORK CITY, New York: The U.S. must accelerate its efforts to develop fusion energy or risk losing its edge to China, Virginia Governor...
DETROIT, Michigan: Volkswagen's decision to scale back production at its Chattanooga, Tennessee plant has sparked backlash from the...
STOCKHOLM, Sweden: Spotify set a new milestone in 2024, paying out US$10 billion in royalties—the highest annual payout to the music...
NEW DELHI, India: Jaguar Land Rover (JLR) has decided against manufacturing electric vehicles at Tata Motors' upcoming $1 billion factory...
LONDON, U.K.: Virgin Group is seeking to raise $900 million to fund its plan to launch cross-channel rail services, positioning itself...
SEATTLE, Washington: Boeing saw a significant increase in aircraft deliveries in February, reporting 44 planes delivered compared to...
DALLAS, Texas: Southwest Airlines will start charging passengers for checked bags, ending a long-standing policy that set it apart...