LABUAN MONEY BROKING BUSINESS

 

Labuan Money Broking Business Info

A. Introduction

 

 

Money broking business is defined as the business of arranging transactions between a buyer and a seller in the money markets, with a broker acting as an intermediary for consideration of brokerage fees paid. However, this does not include the buying or selling of foreign currencies by the said broker as principal in such markets.

 

 

B. Application Requirements

 

The submission should include, but is not restricted to, the following:

 

  • A letter of undertaking from the head office / parent company to undertake any liability arising from the operations of its branch or subsidiary in Labuan.

  • The controller, director or chief executive officer and the board of directors of the applicant company must be fit and proper persons. Prior written approval of the appointment must be obtained from Labuan FSA.

  • A business plan detailing the operations and strategies of the applicant.

  • Audited financial statements for the last two years, if applicable.

  • Any other information that is relevant to the application.

 

 

C. Operational Requirements

 

The applicant company:

 

  • must have a paid up capital of RM300,000 (unimpaired by losses) or its equivalent in any foreign currency;

  • must inform Labuan FSA of any changes in its shareholding structure and/or any erosion of paid-up capital;

  • must maintain a physical presence in Labuan. All dealings must be done through this office in Labuan;

  • can only transact business in foreign currency and not deal in Malaysian Ringgit except for the purpose of defraying administrative and statutory expenses;

  • is prohibited from dealing with residents other than authorised dealers as specified under The Financial Services Act 2013

  • is required to appoint an auditor; and

  • must notify Labuan FSA of any amendments or alteration to any information in its constituent documents.

 

 

E. Applicable Fees

 

All licensees are required to pay to Labuan FSA annual licence fees on or before 15 January of each year:

 

Annual Fee

 

  • RM 5,000 per annum

 

Marketing Office Fee

 

  • RM 7,500 per annum

 

 

 

Our dedicated teams are more than happy to assist you in establishing, structuring and planning your Labuan Money Broking and licensing application. Contact us today at info@zrctrust.com for free initial consultation without any obligation.

Why you should choose ZRC International Trust Inc. ?

Licensed & Regulated

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Tailor Made Solutions

Competitive Rates

No Hidden Cost

Pool of Professionals

Total Confidentiality

Visit us:

Lot 20, Level 1 

Lazenda Commercial Centre 

Phase 3, Jalan OKK Abdullah

87000 F.T Labuan, Malaysia

 

Contact us:

TEL : +6087-581022

FAX : +6087-581020

 

Email us:

info@zrctrust.com

 

 

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