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Labuan Establishes New Promotional Company,
by Mary Swire, Tax-News.com, Hong Kong
Monday, May 05, 2008
The Labuan Offshore Financial Services Authority (LOFSA) recently announced the establishment
of Labuan IBFC Incorporated Sdn Bhd, (Labuan IBFC Inc).
The new entity, which is fully-owned
by LOFSA, will be responsible for promoting Labuan as an International
Business and Financial Centre (IBFC), and is scheduled to be in operation in May 2008.
The main function of the Labuan IBFC Inc is to drive market development, as well
as to act as a facilitator for investors seeking to participate in Labuan IBFC.
It will also undertake "targeted and focused interface with potential investors".
LOFSA’s role as the supervisory regulator will continue to focus on
ensuring that Labuan IBFC is supported by a balanced regulatory regime, a robust
legal framework and a business-friendly tax regime that will boost its ability
to meet the new and diversified demands of regional markets.
In this regard, LOFSA has announced the appointment of Martin Crawford as
Chief Executive Officer of the Labuan IBFC Inc.
According to the Authority: "Crawford brings to Labuan IBFC
Incorporated Sdn Bhd extensive experience in the Asia Pacific region and in
Europe in the area of corporate strategy and marketing, and funds management
business."
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