Legislations introduced by the Labuan International Business and Financial Centre (LIBFC) in 2010 have started to generate foreign interest.
Datin Isharidah Ishak, partner in the firm First Fiduciary in Labuan, said new legislation has encouraged foreign participation in the creation of foundations and limited liability partnerships due to increasing confidence in LIBFC’s legal system.
“Many foreigners were attracted to Labaun because they are aware of the fact that Labuan is an attractive jurisdiction for their business expansion and also to manage their wealth,” she said.
Ishak said there was a lot of interest surrounding protected cell companies and trusts, limited liability partnerships and wealth management vehicles.
The legislations include the Labuan Financial Services and Securities Act 2010, Labuan Islamic Financial Services and Securities Act 2010, Labuan Foundations Act 2010 and Labuan Limited Partnerships and Limited Liability Partnerships Act 2010.
