Malaysia legislation
Section 88
Section 88
(2)
An application for a licence to carry on Labuan banking business by a Labuan company shall be accompanied by the following:
(a)
the applicant’s constituent documents duly authenticated by an officer of the applicant in such manner as may be acceptable to the Authority; and
(b)
a statement on the following:
(i)
the name, place and date of establishment of the applicant;
(ii)
the principal business and the principal place of business of the applicant; and
(iii)
the names and addresses of the directors of the applicant and the participants who each holds ten per centum or more of the paid-up capital of the applicant;
(c)
a statement on the names, addresses, qualifications, working experience and proposed positions of all officers who would be responsible for the management of the applicant’s Labuan banking business;
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(d)
a proposed amendment to the applicant’s constituent documents to the effect that the sole and exclusive object of the Labuan company shall be the carrying on of Labuan banking business;
(e)
where the applicant—
(i)
is a Labuan company which is a subsidiary of a holding company, a copy of the audited balance sheet of its holding company’s business for each of the three financial years immediately preceding the date of application;
(ii)
is a Labuan company which is not a subsidiary of any corporation, a copy of the audited balance sheet of the business of its participants who each holds ten per centum or more of the paid-up capital of the applicant for each of the three financial years immediately preceding the date of application;
(f)
a guarantee secured and an undertaking given by the applicant in respect of its Labuan banking business, in such manner and such form as may be acceptable to the Authority, and such guarantee and undertaking shall provide, inter alia, that—
(i)
the applicant shall comply with the financial obligations and requirements imposed under this
Act and shall meet the applicant’s liabilities in respect of its Labuan banking business;
(ii)
no participant of the applicant who holds ten per centum or more of the paid-up capital of the applicant shall be changed without the prior written approval of the Authority;
(iii)
every director or the principal officer of the applicant responsible for the management of its Labuan banking business shall be a fit and proper person and the appointment of such director or principal officer shall only be made after consultation with the Authority.
Act 704
(3)
An application for a licence to carry Labuan banking business by a proposed Labuan company to be incorporated under the Labuan Companies Act 1990 (“proposed Labuan company”)
shall be accompanied by the following:
(a)
its proposed constituent documents duly authenticated in such manner as may be acceptable to the Authority by any of its officers;
(b)
a statement on the following:
(i)
the name, place and date of the proposed establishment of the applicant;
(ii)
the proposed principal business and the proposed principal place of business of the applicant; and
(iii)
the names and addresses of the proposed directors of the applicant and the proposed participants who each holds ten per centum or more of the paid-up capital of the applicant;
(c)
a statement on the names, addresses, qualifications, working experience and proposed positions of all officers who would be responsible for the management of the applicant’s Labuan banking business;
(d)
a copy of the audited balance sheet of the business of the proposed participants who would each hold ten per centum or more of its paid-up capital for each of the three financial years immediately preceding the date of its application; and
(e)
a statement on a guarantee secured and an undertaking given by its proposed participants that they would cause the proposed Labuan company, upon being incorporated, to secure a guarantee and give an undertaking as are referred to in paragraph (2)(f).
(4)
An application for a licence to carry on Labuan banking business by a foreign Labuan company shall be accompanied by the following:
(a)
its constituent documents duly authenticated by an officer of the applicant in such manner as may be acceptable to the Authority;
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(b)
a statement on the following:
(i)
the name, place and date of establishment of the applicant;
(ii)
the principal business and the principal place of business of the applicant; and
(iii)
the names and addresses of the directors of the applicant and the participants who each holds ten per centum or more of the paid-up capital of the applicant;
(c)
a proposed amendment to the applicant’s constituent documents to the effect that the sole and exclusive object of the foreign Labuan company shall be the carrying on of Labuan banking business;
(d)
a copy of the audited balance sheet of the applicant’s business for each of the three financial years immediately preceding the date of the application;
(e)
an undertaking given by the applicant in respect of its
Labuan banking business, in such manner and such form as may be acceptable to the Authority, and such undertaking shall provide, inter alia that—
(i)
the applicant shall comply with the financial obligations and requirements imposed under this
Act and shall meet the applicant’s liabilities in respect of its Labuan banking business;
(ii)
where the applicant is a foreign Labuan company, that it shall promptly notify the Authority of any change in its participants who hold ten per centum or more of its paid-up capital;
(iii)
every director or the principal officer of the applicant responsible for the management of its Labuan banking business shall be a fit and proper person and the appointment of such director or principal officer shall only be made after consultation with the Authority.
Act 704
(5)
An application for a licence to carry on Labuan banking business by a foreign company which is seeking registration as a foreign Labuan company under the Labuan Companies Act 1990
(“proposed foreign Labuan company”) shall be accompanied by the following:
(a)
the constituent documents under which it is to be established, duly authenticated by any of its proposed officers in such manner as may be acceptable to the
Authority;
(b)
a copy of the audited balance sheet of the business for each of the three financial years immediately preceding the date of the application;
(c)
a statement on—
(i)
the name, place and date of the establishment of the foreign company;
(ii)
the principal business and the principal place of business of the foreign company;
(iii)
the names and addresses of the directors of the foreign company;
(iv)
the names and addresses of the participants of the foreign company who each holds ten per centum or more of the paid-up capital of the foreign company;
(v)
the names, addresses, qualifications, working experience and proposed positions of all proposed officers of the proposed foreign
Labuan company who would be responsible for the management of its Labuan banking business;
and
(d)
an undertaking given by the foreign company as is referred to in paragraph (4)(e).
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(6)
An application for a licence to carry on Labuan banking business by a Malaysian bank shall be accompanied by the following:
(a)
the applicant’s constituent documents duly authenticated by an officer of the applicant in such manner as may be acceptable to the Authority; and
(b)
a copy of the audited balance sheet of the applicant’s business for each of the three financial years immediately preceding the date of the application;
(c)
a statement on the following:
(i)
the name, place and date of establishment of the applicant;
(ii)
the principal business and the principal place of business of the applicant; and
(iii)
the names and addresses of the directors of the applicant and the participants who each holds ten per centum or more of the paid-up capital of the applicant;
(d)
a statement on the names, addresses, qualifications, working experience and proposed positions of all officers who would be responsible for the management of the applicant’s Labuan banking business.
Application for licence to carry on Labuan investment banking business