Startup Formations has been the chosen partner for investors seeking to enroll a credit token business in Labuan. The token industry is determined as any business where a token, being a cheque, card, stamp, voucher, coupon, booklet form or other documents.
Timeframe: Around 6 months
Minimum paid up capital: Not prescribed
Labuan is an island and a Federal Territory of Malaysia, which offers one of the effective administrative frameworks for several financial service corporations. This, besides with the advantageous tax system, makes Labuan a great place where to start a Token Licensed Business. According to local authorities issuer of such tokens undertakes that:
- On the creation of the token, whether or not some other work is further required, the issuer will provide cash, goods or services on credit; or
- Where, on the creation of the token to a third party, whether or not any other work is further needed, the third party provides cash, goods or services, the issuer will give the third party for them, whether or not decreasing any discount or fee, in return for payment to be made following to the issuer by the customer.
Currently, there is no least paid-up capital for credit token business directed by LFSA. Nevertheless, the Regulator may tax the provision in their conditional permission letter to assure that the capital is in accordance with their business actions. Such capital may be needed to be paid in an amount up to Pound 184700.00 which is same of about USD 250 000.00.