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Open a Bank Account in Labuan

Updated on Tuesday 10th July 2018

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Open-a-bank-account-in-Labuan.jpgInvestors in Labuan, an important offshore jurisdiction in Malaysia, can easily set up bank accounts as soon as they identify their business needs if they are interested in the services offered by local, international, private or commercial banks. Opening a company in Labuan means setting up a bank account for which complete information can be received from our team of company formation agents in Labuan. Also, if you would like to open a Labuan trust company, our advisors can help.
 

Necessary documents for opening a bank account in Labuan

 
As soon as you have decided for a bank in Labuan which will serve to your business in this jurisdiction, it is recommended to bear in mind the requirements in this sense and the necessary documentation, among which we mention the following:
 
  • •    the bank's main forms which require personal information about the owner of the business (name, nationality, country of residence);
  • •    several copies of the passport and/or other identification cards;
  • •    a foreign bank recommendation usually provided by the bank from the home country;
  • •    a business cash flow plan of your company and documents showing the sources of your funds;
  • •    documents proving the address, such as utility bills but not limited to this.
 

Do I need to come to Labuan to open a bank account?

 
Even though it is not mandatory, it is recommended to travel to Labuan to open a bank account. Foreign entrepreneurs will have the chance to know complete information about the bank and about the officer in charge with your account. If you are opening a company in Labuan and if you are interested in setting up a bank account in Labuan, our company incorporation specialists in Labuan can help you understand the requirements in this matter and can offer complete assistance when drafting the documents.
 

Can I use multiple currencies with a bank account in Labuan?

 
Yes, foreign entrepreneurs can have preferential currencies, in agreement with their business needs in Labuan. There are no restrictions in this matter, so business persons in Labuan can set up their bank accounts in multiple currencies: USD, GBP, EUR, etc.
 

International payments with a bank account in Labuan

 
All entrepreneurs with a Labuan bank account can perform international payments in their companies without any restrictions in this sense. It is recommended to bear in mind the costs linked to foreign payments, as established by your bank in Labuan.
 
We invite you to get in touch with our team of company formation representatives in Labuan for extra information about how you can open a bank account in Labuan.
 
 
 

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