Marginal rise in offshore firms in Labuan – IBFC CEO

Danial Mah
Danial Mah

KUALA LUMPUR – The Labuan International Business and Financial Centre (Labuan IBFC) expects to see an eight to ten per cent increase in the number of companies set up in the offshore international business and financial centre this year.

Labuan IBFC Incorporated Sdn Bhd’s Chief Executive Officer Danial Mah Abdullah (picture) said the vibrant outlook is due not only to the attractiveness of the centre but also to the region’s positive economic prospects.

“At a time when some other centres are recording negative growth rates, Labuan IBFC recorded an increase of over seven per cent in the number of companies,” he said.

Labuan IBFC provides access to Malaysia’s network of more than 80 double taxation agreements and boasts of Asia’s widest range of business and investment structures for cross-border transactions, international business dealings and wealth management needs.

Danial said Labuan IBFC is working towards diversifying its growth sectors.

“For example we are developing the Labuan captive business to position Labuan IBFC as a preferred Asian centre for captive and self-risk management solutions,” he said.