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."
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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