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SERVICE
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INTRODUCTION TO LABUAN LEASING
Leasing is letting or sub-letting property on hire for the purpose of the use of such property by the hirer, regardless of whether the letting is with or without an option to purchase the property.
In this context, “property” may include any plant, machinery, equipment or other chattel attached or to be attached to the earth.
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Governance
Labuan leasing companies are licensed under Section 90 of the Labuan Financial Services and Securities Act 2010 and its Islamic counterparts are licensed under Section 65 of the Labuan Islamic Financial Services and Securities Act 2010.
The guidelines issued by Labuan FSA on the establishment and operations of Labuan leasing business is not applicable for the underlying leasing transactions, which are done for the purpose of facilitating the issuance of Sukuk Al-Ijarah.
Application Requirements
Any person intending to undertake a leasing business in Labuan IBFC may apply to Labuan FSA for approval.
Upon receiving approval from Labuan FSA, the applicant is required to establish a Labuan company incorporated or registered under the Labuan Companies Act 1990.
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Operational Requirements
Have sufficient and positive capital or working funds which commensurate with the business operations at all time.
Ensure that the directors and officers responsible for the management of the company meet the Fit and Proper Person requirements.
Ensure that all its leased assets are adequately insured. In this regard, Labuan leasing companies are encouraged to primarily secure the insurance coverage for their leased assets/properties from Labuan-based insurance companies and takaful operators prior to securing the services of other insurance players elsewhere.
Have adequate set of internal policies and controls for its operations, compliances, corporate governance and risk management. These need to be regularly reviewed to ensure that they remain appropriate, relevant and prudent.
Maintain proper records and books of accounts in Labuan.
Its name and company number must be clearly indicated on its letterhead, stationery and other documents.
Maintain bank account(s) under its name preferably in Labuan IBFC and/or Malaysia to facilitate the leasing operations including any lease remittances/lease rental payment transactions.
To appoint an approved external auditor to undertake an audit in respect of its accounts and business operations.
Ensure that all leasing transactions with any of its related party are conducted at arm’s length basis and are subjected to the transfer pricing rules and guidelines issued by the relevant authorities.
Obtain prior approval from Labuan FSA for:
（i）each new and subsequent leasing transactions including any change of lessee(s) and leased asset(s);
（ii）change of shareholders of more than 10%; and
（iii）appointment of directors.
An approved Labuan leasing company is required to do the following
Notify Labuan FSA within 30 days pertaining to the following matters:
（i）any change of information with regard to the place of business or office;
（ii）any changes to the constituent documents and business plan which include the change of its company name; and
（iii）termination / extension of any leasing transactions.
The Labuan leasing company has to establish substantial activity requirements in Labuan as per Labuan Business Activity Tax (Requirements for Labuan Business Activity) 2018 (Amendment) Regulations 2020
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Reporting Requirements
Labuan leasing company is required:
- To submit to the Supervision and Monitoring Department of Labuan FSA within six (6) months after the close of each financial year, via COR@L system a copy of its audited financial statements, through appointed company secretary.
- To provide statistics and information, as may be required by Labuan FSA in relation to prudential information, general business conduct and volume and direction of business in Labuan.
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Fees
The annual license fee is payable to Labuan FSA, upon approval to undertake leasing transactions. Subsequent leasing transaction fee would also be applicable, for any subsequent leasing transaction.
Processing fee
Normal:-USD 350 / RM1,000
Fast track:USD 1,200 / RM3,500
Annual license fee
USD 20,000 / RM60,000
Each subsequent approved lease transaction
USD 6,000 / RM20,000
The economic substance requirements in Labuan are specified as follow
Labuan leasing company
With not more than 10 related Labuan leasing companies
Minimum number of full time employees
2 for each group of companies
Minimum amount of annual operating expenditure (MYR)
100,000 for each Labuan leasing company
Substance requirement
Labuan leasing company
More than 10 related Labuan leasing companies
Minimum number of full time employees
1 additional employee for each group of companies for each incremental of 10 related leasing companies
Example:
11 – 20 leasing companies: 3 employees
21 – 30 leasing companies: 4 employees
31 – 40 leasing companies: 5 employees
Minimum amount of annual operating expenditure (MYR)
100,000 for each Labuan leasing company