The health industry
is one that records stable growth. The prevalence of some diseases, along with the fact that advances in medicine have made some health treatments more reliable in the long-term, making it a necessity for individuals to sometimes require more than twenty years of health care services once they retire.
Healthcare companies serve many individuals of all ages and provide needed services such as disability care, dental plans, behavioral health, laboratory tests, medical plans, pharmaceutical products as well as others. broadly, a healthcare company can provide both medical services and manufacture medical equipment or drugs and, in a large sense, facilitate its client’s access to healthcare.
In Labuan, companies that provide these services will address the Malaysian market. Labuan company formation
is accessible and has lower costs, and thus investors may prefer to incorporate in this Federal Territory and spread its services to many clients, not only those on the Labuan Islands and the smaller islands that make up the territory.
Our team of incorporation specialists can help investors open a company in Labuan and make all of the arrangements needed to set up their operations here.
Healthcare in Labuan and Malaysia
Labuan can be assimilated to Malaysia when discussing healthcare for individuals living in the region. The Ministry of Health mainly directs healthcare in the country, however, the public system co-exists with the private one. Healthcare companies in Labuan will be included in the second category.
A healthcare company in Labuan that also provides services to clients in Malaysia can offer the following:
• Medical treatments: critical patient care, hospital care, surgical treatments, and other types.
• Dental: these centers can also offer in-house dental treatments and can provide dental treatment plans, as needed.
• Behavioral health: counseling and therapy for patients with mental illnesses; can be used as part of the treatment for chronic conditions.
• Disability plans: short and long-term disability insurance and plans that will meet the needs of individuals who were injured.
• Healthcare management services: the coordination of patient care, preventive wellness services, services to businesses and the community, educational support in some cases.
These are just some types of services offered by healthcare companies based in Labuan. Many such corporations will also be involved in the production of specialty medical equipment or in the wholesale distribution of such devices along with pharmaceutical products.
Our team of Labuan company formation specialists
can offer more details about the manner in which these types of activities can be regulated in Labuan as well as Malaysia. It is important to note that private healthcare companies will need to obtain a license to operate in this field. Foreign companies can only engage in this business in Malaysia when they operate as a local company or they have registered as a branch in Malaysia.
One of our Labuan offshore company specialists can offer more information to foreign company representatives who are considering entering the Malaysian market.
Starting a healthcare company in Labuan
Investors will find that when they open a company in Labuan they need to go through a few steps that are easily accomplished. In most cases, this type of business will be set up as a company limited by shares. Some of the most important features of a company registered in Labuan are the following:
fast incorporation: the company can be incorporated in one or two days and in most cases, his timeframe also includes the name reservation.
low or no capital: there is no standard minimum capital; in practice, investors will use a 1 USD capital.
shareholders: only one shareholder is needed to open the company and there are no residency requirements.
secretary: companies are required to have a secretary and in some cases, the individual acting in this capacity must be a resident.
taxes: a trading company will generally pay a 3% tax; alternative taxation principles may apply.
These are just some of the features of the Labuan offshore company. Please remember that the licenses for medical, dental and pharmaceutical services are awarded separately and will require different licensing conditions. One of our specialists can provide more details.
According to the Department of Statistics, the most prevalent diseases and also the leading causes of death among Malaysian citizens in 2018 were the following:
- 13.9%: ischemic heart disease;
- 12.7%: pneumonia;
- 7.1%: cerebrovascular diseases;
- 4.6%: transport accidents.