Insight Plus – July 2021 – Finance and Banking
Malaysia: Insight Plus – July 2021
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MESSAGE FROM THE CEO
Dear friends of Labuan,
As of this writing, the team and I have been working from home for almost two months and unfortunately we are still waiting for a clear indication as to when to return to our offices. Nonetheless, our awareness of market development through webinars, closed groups and one-on-one virtual meetings continues unabated. We’re also proud to launch our new corporate video, so feel free to take a look here and let us know what you think.
The latest shift in the international tax landscape has accelerated with the adoption by the G7, G20 and OECD – potentially ushering in the global adoption of a minimum tax rate. These changes can lead to short-term uncertainty, but I truly believe that “in every crisis there is an opportunity”. Since IFCs are the global “plumbing” of finance, trade, risk and asset intermediation, the centers’ essential role as global clearinghouses of finance, not relying solely on taxation as a catalyst, will continue even in these times of shape change.
As a large midshore financial center, we have benefited from being an enabling jurisdiction, which has enabled us to take advantage of the “flight to quality” over the past several years. This growth in wholesale licensed intermediaries using Labuan as a regional hub continued in the first half of 2021, and we are cautiously optimistic that this growth will continue for the remainder of the year.
Our upcoming webinars will focus on our corporate structure of protected cells, highlighting the multifaceted use of these corporate vehicles, especially in the ‘democratization’ of self-insurance and the opportunities that come with using it. PCCs as umbrella funds or even to house a single / multiple family of offices. Both webinars will be “live” so join us, click www.labuanibfc.com for more information.
Take care of yourself and stay safe!
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