Labuan IBFC Eyes Thai Businesses

KUALA LUMPUR, Sept 1 (Bernama) -- Labuan International Business and Financial Centre (Labuan IBFC) is targetting Thai businesses with regional corporate risk exposure during its Bangkok chapter of ASEAN roadshow today. In a statement, Labuan IBFC said the event, "Labuan IBFC: Bridging Thailand with ASEAN", was aimed at Thai corporates with regional business interests. The half-day event in Bangkok, attended by domestic business owners, corporate leaders and insurance institutions focused on the benefits, cost and ease of managing corporate risk via Labuan IBFC, including through the setting up of an in-house captive insurance company to manage and mitigate corporate risk. Labuan IBFC Interim Chief Executive Officer, Danial Mah Abdullah, said ASEAN was one of the fastest-growing regions in the world, which made it an attractive hotspot for home-grown companies with regional business expansion plans. "As companies increase their footprints beyond their home markets, they will need legitimate and efficient ways of managing their risk exposure across multiple jurisdictions. "Labuan IBFC is well-positioned to fulfill this need, given its proximity to strategic Asian markets, sound regulatory oversight, simple and competitive tax system and developed insurance industry," Mah said. Labuan IBFC has all aspects of business and financial activities ranging from banking and insurance to international tax, trust and foundation laws. It reported strong performance across all financial sectors, including banking, insurance, leasing, wealth management and Islamic finance, with 12.3 per cent increase in new company registrations in 2014 compared to the previous year. About 70 per cent of companies registered in Labuan IBFC originate from Asia, with 57 per cent from South-East Asia, mainly Indonesia, Malaysia, Singapore and Thailand. The Labuan IBFC ASEAN Roadshow 2015 kicked off in Kuala Lumpur on May 27, followed by Manila on June 2 and Jakarta on Aug 4. It will move next to Singapore and Hong Kong. The event is aimed at business owners, private bankers, wealth managers, accountants, tax advisers, trust managers and lawyers. -- BERNAMA