Labuan, Cyprus, or HK for digital services business

[sujoe]

CIMB minimum deposit it RM 1000 which is around 250usd. I'm getting a physical office at RM 600 per month (150usd). Minimum spend of RM 50K is easily attainable if you are really treating it as a business.

 

[fshore]

I think 50k minimum spend is for holding companies. Active trading companies requires higher spend.
Still, a bargain compared to many other places.

 

[EliasIT]

fshore said:
But anyway, labuan has changed now and you need a physical office there and spend a minimum of 50k-200k myr depending on industry to benefit of the 3% tax. Else you will be taxed as a mainland Malaysia company.
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say I can do that, what bank would open an account for me?

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[fshore]

EliasIT said:
say I can do that, what bank would open an account for me?
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Cimb and maybank worked a couple years ago, not sure how it is today.

 

[sujoe]

EliasIT said:
say I can do that, what bank would open an account for me?
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Was talking to the vendor that helped me setup the company and the bank account, he said OCBC Malaysia is willing to onboard non-residents remotely.

fshore said:
I think 50k minimum spend is for holding companies. Active trading companies requires higher spend.
Still, a bargain compared to many other places.
Click to expand...

100k and 200k are reserved for nature of businesses like insurance, banking, factoring etc, otherwise its 50k. pure holding companies are actually 20k only.

 

[fshore]

sujoe said:
100k and 200k are reserved for nature of businesses like insurance, banking, factoring etc, otherwise its 50k. pure holding companies are actually 20k only.
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Good to know, I guess they updated it recently.
Do they still require to have two full time employees?

 

[nomad999]

UOB can be opened remotely for a labuan company, or at least if done by your mandatory labuan secretary company.

 

[sujoe]

fshore said:
Good to know, I guess they updated it recently.
Do they still require to have two full time employees?
Click to expand...

yes two employees are still needed, except for pure holding companies

 

[EliasIT]

sujoe said:
Was talking to the vendor that helped me setup the company and the bank account, he said OCBC Malaysia is willing to onboard non-residents remotely.
Click to expand...

What vendor is this?

Toggle signature
If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.