Section 120
Section 120
This Part applies to a foreign company only if it has a place of business or is carrying on business in Labuan and is not registered under the Companies Act 2016.
142 Laws of Malaysia ACT 441
(2)
In this Part the expression “carrying on business in Labuan”
includes—
(a)
carrying on business in, from or through Labuan;
(b)
establishing or using a share transfer or share registration office in Labuan or administering, managing or otherwise dealing with property situated in Labuan as an agent, legal personal representative or trustee, whether by servants or agents or otherwise; and
(c)
in the case of a foreign Labuan company which the Minister has by notice in writing specified for the purposes of this paragraph—
(i)
permitting or suffering the company’s own shares to be, in Labuan, dealt with, issued, transferred or made the subject of options or agreements;
(ii)
permitting or suffering to be made in Labuan transfers of, or dealings in respect of, or agreements or options to sell or purchase, securities, notes or rights issued by it to the public; or
(iii)
permitting or suffering to be made in Labuan transfers of, or dealings in respect of, or agreements or options to sell or purchase, securities, notes or rights, by reason of which transfers, dealings, agreements or options the public might acquire an interest in the company.
(3)
Notwithstanding subsection (1), a foreign Labuan company shall not be regarded as carrying on business in Labuan by reason only of the fact that in Labuan it—
(a)
is, or becomes, a party to any action or suit or any administrative or arbitration proceedings or any claim or dispute; or
Labuan Companies 143
(b)
conducts unsolicited isolated transactions that are completed within a period of thirty one days, not being one of a number of similar transactions repeated more than twice.