All those who are really looking forward to play their part in the money broking business can definitely look forward to Labuan money broking business which not only attracting a lot of potential clients but also assuring a safe and secure low tax business in an international location. Anyone who really wants to have an established Labuan money broking business should definitely take Labuan as a good option as it offers lots of opportunities for the first time brokers because of its higher level of credibility in comparison to other islands. The money broking business has to follow certain regulations and here in this blog, we have highlighted the framework that any Labuan money broking business has to follow in Labuan.
Regulation of Labuan Money Broking Business in Labuan
The license given to Labuan money broking companies is called as money broking license in Labuan that lets the company function as a mediator body between buyers and sellers in the foreign exchange market. The companies have to fetch its license from the financial services authority of the Labuan IBFC which has the sole responsibility of regulating the businesses in the Labuan. One point that should be focused is that only the broking business comes under regulation apart from this buying and selling does not require a license.
Functional Conditions for a Labuan Money Broking Business
The most important condition which any Labuan money broking business has to fulfill is to have its physical presence in the IBFC. All types of currency related functions of the company should take place through the company's office and should not be operated outside the office located in another location. Also, as a Labuan money broking business owner, you cannot do business with the Malaysian residents or executing the business trading in Ringgit whereas you can handle the business expenses such as rent and other expenditure in the local currency.
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