The process and time frame for the new Labuan Incorporation & Bank Account are as follows:
1. Name Reservation – 2 days
2. Incorporation Company – 3 days
3. Apply Letter of Information for Bank Account Opening – 1 week
4. Client come to Labuan for Bank Account Specimen & Interview – 1 Day
5. Bank Account open – 3 weeks
6. Bank token for internet banking available in 3 weeks
For No. 3 on Letter of Information (LOI), it is a letter issued by the Labuan Financial Services Authority to the specific bank giving particulars like name of directors and shareholders, registered address and company secretary. The bank would required this letter to be submitted before the bank account could be opened. In some circumstances the LOI would need to be Certified True Copy by LFSA depends on the bank requirements.
Corporate Services Trust Co Ltd has worked closely with few banks and has opened few hundred bank accounts. Please contact us for more details.
Please note we do not take in clients from High Risk Countries and we do not take in clients which trade in High Risk Countries as identified by OECD.