Opening A Labuan Bank Account

Opening A Labuan Bank Account

Labuan, a federal territory of Malaysia, is part of a collection of beautiful islands. It is known as an oil hub and international destination for scuba divers. With its enchanting tropical rainforest climate, it is also a very popular spot for tourists as well.

Most importantly, Labuan is considered to be a popular offshore financial center. The banking community consists of commercial, local, private, Islamic and international banks. Obtaining a Labuan bank account is pretty straightforward. Bank accounts are available for Labuan companies, offshore companies, residents and non-residents alike.

To open a bank account in Labuan, you must meet various entry, application and operational requirements. In addition, you must pay the fees associated with each account and provide documentation based upon whether you are a business or personal account applicant. Applications are approved based upon the banking policies of each bank.