According to investment experts, laws governing offshore companies based in the jurisdiction of Labuan, near Malaysia, should be kept under constant review in order to keep the region internationally competitive in an age of technological advances and economic uncertainty.
Speaking to the Malaysian Business Times, Chin Chee Kee, Chairman of the Association of Labuan Trust Companies Malaysia (ALTCM) said that the Offshore Companies Act is in need of re-examination, in order to make it more 'user-friendly'.
Mr Chin explained: 'The law was adopted 11 years ago while offshore industry is a very dynamic industry...that is why our law must also be able to meet their needs.' Although the ALTCM chief's main concern is regarding the redemption of shares by offshore companies, he also told the Business Times that there were concerns that the Labuan Offshore Securities Act (LOSIA) was in need of modernisation, as the 1998 law contains many provisions which could discourage those who want to establish private mutual funds in the jurisdiction.
'What we would like the authority to do is to just make a single condition that needs to be fulfilled to call yourself a private fund,' he explained.
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