Money broking business is defined as the business of arranging transactions between buyers and sellers in the money or foreign exchange markets as an intermediary in consideration for brokerage fees paid or to be paid. This does not include the buying or selling of Ringgit or foreign currencies as a principal in such markets.
Issued and Regulated by Labuan Financial Services Authority (“Labuan FSA”)
Obtain prior approval from Labuan FSA on the following matters:
Labuan money brokers are required to submit to Labuan FSA the following:
1. Director CVs;
2. Director Academic & Professional certificates;
3. 2 Director References (Name, address, contact and occupation);
4. Director Bank reference;
5. Director Passport copy and proof of address (Certified);
6. Bank reference letter;
7. For Shareholders: 3 months Bank statement with enough funds to cover the capital requirement.
If a company is a director or shareholder then we would require the following:
1. Certified copy of Certificate of Incorporation;
2. Certified copy of Memorandum and Articles ;
3. Certified copy of Register of Directors/Members
1. Providing client with the information, documents and requirements for applying for a Labuan Money Broking License.
2. Assisting client in answering questions about the application process and requirements for a Labuan Money Broking License and
3. Filling by the client the application and questionnaires. After client fills the form, they are to send to us. Scanned copies to be approved prior to sending the originals.
4. Reviewing, suggesting amendments to finalize the application form and questionnaires.
5. Identifying the Labuan Money Broking License functionaries where required.
6. Drafting the Memorandum and Articles of Association of the Company.
7. Sending the client the Memorandum and Articles of Association for client’s review and confirmation. Upon confirmation this will be signed by local agent as the Subscriber.
8. Filing the application documents at the FSA.
Once the application is ready, filing it with the FSA together with the requisite fees takes place.
Requirements For Directors and Shareholders
1. Director CVs;
2. Director Academic & Professional certificates;
3. 2 Director References (Name, address, contact and occupation);
4. Director Bank reference;
5. Director Passport copy and proof of address (Certified);
6. Bank reference letter;
7. For Shareholders: 3 months Bank statement with enough funds to cover the capital requirement.
If a company is a director or shareholder then we would require the following:
1. Certified copy of Certificate of Incorporation;
2. Certified copy of Memorandum and Articles ;
3. Certified copy of Register of Directors/Members
Service
|
Cost
|
---|---|
Professional and License Fee:
|
€ 25, 000 |
Labuan Company Set- up Fees |
€ 3, 500 |
Government Fees: Labuan Money Broking License Application fees |
€ 400 |
Government Fees: Labuan Money Broking License fees |
€ 1, 600 |
Provision of a Registered Agent, Office and Resident Secretary |
€ 2, 800 |
Legal Advisor Consent Fees |
€ 6, 500 |
Assistance with Bank Account Opening (Corporate Account) |
€ 3, 500 |
Total | € 43, 300 |
Service
|
Cost
|
---|---|
Provision of operational office fit for FSA approval |
€ 1, 500 |
Provision of two (2) local employees as per Labuan Business Activity Tax Regulations 2018 (EUR 1,500 per employee) |
€ 3, 000 |
Total |
€ 4, 500 |
Service
|
Cost
|
---|---|
Professional and Legal Fees for Annual Maintenance Fees |
€ 7, 000 |
Government Fees: Annual License Renewal Fees |
€ 1, 600 |
Company Annual Fees |
€ 2, 100 |
Provision of a Registered Agent, Office and Resident Secretary |
€ 2, 800 |
Provision of a Registered Agent, Office and Resident Secretary |
€ 6, 300 |
Total |
€ 19, 800 |
Service
|
Cost
|
---|---|
Bank account opening assistance* | € 2, 000 |
E-money account opening assistance* | € 2, 000 |
Card payment solution opening assistance* | € 1, 500 |
Legal opinion (depending on the complexity of the request) | from € 3, 000 |
Additional consulting, partner, hourly rate | € 400 |
Additional consulting, associate or consultant, hourly rate |
€ 150 |
*Excluding provider’s fees, setup, compliance costs if any.
FSA’s suggested timeline for the outcome of the application is 12 – 16 weeks post submission of the application. The timeline also depends on the workload of FSA and any clarifications and queries that FSA may request in relation to the application.
Key personnel may be required by the Labuan FSA to attend interviews.
Gain a comprehensive understanding of costs and timelines by downloading our informative PDF.
Find all the essential details and empower yourself to make informed decisions.
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