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Set up a Sole Proprietorship in Labuan
Updated on Tuesday 31st July 2018
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Small and medium entrepreneurs from abroad can easily register as sole traders in Labuan, an important offshore jurisdiction in Malaysia. Such type of structure addresses to those interested in performing professional services, consulting services or any other related activities. Having an idea about the requirements for setting up a sole proprietorship in Labuan will help foreigners commence the operations in a fast manner, as soon as the registration process takes place. Our company formation agents in Labuan are at your disposal with details and assistance in this matter.Why should I register a sole proprietorship in Labuan?
A sole proprietorship can be registered by natural persons for several business activities and for varied benefits, among which the ones related to the taxes. Also, running a sole proprietorship in Labuan means controlling the activities and the business as a single owner with full control.
What are the requirements for registering as a sole trader in Labuan?
The Companies Commission in Malaysia through the local establishments is in charge of registering the sole traders from abroad in Labuan. The following requirements are mandatory at the time of incorporation of your sole proprietorship in Labuan:
- • deciding on the name of the company which can contain the name of the business owner;
- • the sole trader will perform the activities only if a residence permit is issued first;
- • the owner needs to decide on the operations the sole trader will have in Labuan;
- • identification documents of the foreign entrepreneur are necessary at the time of incorporation.
The benefits of a sole trader in Labuan
As a simple business structure, the sole proprietorship in Labuan has an easy registration process which takes only a few days. There are low taxes, and the owner can control the entire activities and operations. The costs for setting up a sole proprietorship are smaller compared to the ones for branches, subsidiaries or other legal entities in this offshore jurisdiction.
Besides the above-mentioned advantages, a sole trader in Labuan is completely liable for the profits and losses in the firm and for the decisions made in the business field.
We invite you to contact our team of company incorporation representatives in Labuan and ask for information about how to open a sole proprietorship in Labuan.
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