Labuan employment visas
Non-Malaysian nationals are required to apply for a visa to work and conduct business in Labuan. Healy Consultants Group PLC offers this service to our Clients for US$4,250. Please note that visa application fees can be different based on your country of origin. The following visas will be available to our Clients:
Entrepreneurs can obtain either a single-entry or multiple-entry business visa that enables them to stay in Labuan for up to 3 months. The multiple-entry visa, which is valid for 2 years, may require an interview at the Malaysian Embassy. It is not necessary to complete formation of a Labuan company for such purpose, provided our Client receives a letter of invitation. Documents required to obtain a business visa include i) valid passport ii) confirmed return tickets iii) address of stay in Malaysia and iv) invitation letter.
There are three types of work permits available for foreigners who wish to work in Labuan. Applications for these three visas must be sponsored by an employer from a a company formed in Labuan or another province of Malaysia:
- Professional Visit Pass (PVP) – This pass is issued to skilled foreigners who provide services to a Labuan company on behalf of an overseas company temporarily. Under this pass, the foreigner is employed by the company in their home country. A PVP is usually valid for up to 12 months. The Malaysian sponsoring company has to apply for this pass at the Malaysian Immigration Department;
- Employment Pass – The employment pass is reserved for employees who are in either i) a top managerial position in a foreign owned company based in Labuan ii) a professional or mid-level managerial post or iii) a highly skilled non-executive post. The job offer from the Labuan company must be for at least two years and the minimum salary required is MYR10,000 (~US$2,500) per month. Labuan companies operating in unlicensed sectors will require paid-up capital of at least MYR250,000 (~US$61,000) to gain permission to hire foreigners. Licensed businesses such as financial firms and insurance companies must simply meet their regulatory capital requirements in order to gain an employment pass quota;
- Visitor’s Pass – Visitor’s Pass is relevant for workers in i) manufacturing ii) plantation iii) agriculture iv) construction and v) services. The criteria attached to this pass include i) workers must be between 18 and 45 years old ii) they may not change jobs without approval from the Ministry of Home Affairs and iii) they may not work in Malaysia page for longer than 5 years.
A Malaysian tourist visa generally allows visitors to stay in Malaysia for 90 days. Requirements for a tourist visa are i) a valid passport and ii) return tickets. Nationals of several countries are exempt from having to obtain a tourist visa to Malaysia, for a stay of less than 90 days. For a stay of less than 1 month, nationals from ASEAN countries (except Myanmar) do not require a visa. It is of course not required to form a company in Labuan before applying for such visa.
Labuan corporate banking options
Healy Consultants Group PLC assists our Clients open bank accounts for Labuan companies. Our experienced banking team will submit the required documents to a bank on our Client’s behalf. We will also attend the bank interview on your behalf. Please click on the links below to find out more about Labuan business banking.
- Labuan boasts an extensive network of banks. Our Clients can choose from more than 54 banks that provide both, onshore and offshore banking. Banks in Labuan are licensed by the Labuan FSA if they want to open a corporate account;
- For the multicurrency corporate bank account opening, we recommend OCBC Malaysia, who are flexible in onboarding Labuan companies. Standard Chartered Bank, Maybank and CIMB are also good Labuan corporate banking solutions;
- Different banks ask for different due diligence documents. Frequently requested documents include i) copies of director’s passport ii) proof of address iii) company profile iv) director’s CV;
- Banks in Labuan provide several corporate and personal banking products including i) multiple currencies ii) internet and telephone banking iii) checking accounts iv) saving accounts v) debit and credit cards vi) fixed term deposit and vii) wealth management services;
- If the Labuan entity has only one director, Labuan banks will usually request for resolution of sole director of the company before process bank account opening application.
Healy Consultants Group PLC banking services
- Healy Consultants Group PLC can open a Labuan corporate bank account within 4 weeks and obtain internet banking approval within four additional weeks. Our fee for this service will be US$4,950;
- Healy Consultants Group PLC can also assist our Client to open a Labuan corporate bank account for a financial services company including FOREX businesses within 6 weeks. Internet banking approval to follow within 4 weeks. Our fee for this is US$7,950;
- While our experts will liaise with the banks to prevent our Clients from travelling for the interview, there is a 30% chance the bank may require our Clients to travel for a one-hour interview. There will be a discounted fee of US$950 if you need to travel;
- Upon approval, the preferred Labuan bank will directly and independently email our Client the corporate bank account number.
Exchange controls and other regulation
- Due to their non-resident status, offshore companies formed in Labuan are exempt from exchange controls. Except for administrative and statutory expenses Labuan companies are not allowed to use local currency (MYR or Malaysian Ringgit) for transactions with Malaysian residents.