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LOFSA Wins HSBC's 'Best Ideas Award' For Incorporation System,
by Mary Swire, Tax-News.com, Hong Kong
Monday, March 24, 2008
The Labuan Offshore Financial Services Authority (LOFSA) has received HSBC Bank Malaysia Berhad's 'Best Ideas Award' for a web-based system which expedites the incorporation process for offshore companies.
The accolade was awarded in conjunction with the launch of the 11th edition
of HSBC’s Guide to Cash and Treasury Management in the Asia Pacific on
17 March. Danial Mah Abdullah, the Deputy Director-General of LOFSA received
the award from Irene Dorner, the Deputy Chairman & CEO of HSBC Bank Malaysia
Berhad.
In line with the positioning of Labuan as the leading integrated International
Business & Financial Centre (IBFC), LOFSA has implemented the single electronic
collection platform by using HSBCnet, an integrated cash management structure,
linking the 21
trust companies in Labuan and providing for a ‘hub and spoke’ approach,
allowing for better control and visibility to collections for LOFSA. The close
collaboration has allowed integration from HSBCnet into 'myLOFSA,' allowing
for reduction in the collection days from 8 days on average to 1 day.
MyLOFSA is a system for the registration or incorporation of offshore companies.
It is a web-based system that facilitates the registration process through the
use of digital forms, online submission and automated backend processing.
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