Labuan International Business and Financial Centre (IBFC) is a

special economic zone A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increas ...

of the

Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and federal territories of Malaysia, thirteen states and three federal territories, separated by the South China Sea into two r ...

n government based on the island of

Labuan Labuan (), officially the Federal Territory of Labuan ( ms, Wilayah Persekutuan Labuan), is a Federal Territory of Malaysia. Its territory includes and six smaller islands, off the coast of the state of Sabah in East Malaysia. Labuan's capit ...

off the

Borneo Borneo (; id, Kalimantan) is the third-largest island in the world and the largest in Asia. At the geographic centre of Maritime Southeast Asia, in relation to major Indonesian islands, it is located north of Java, west of Sulawesi, and eas ...

coast. It was established in 1990 and has been marketed as having a unique position to tap investment opportunities in Asia and beyond. The Labuan IBFC shares a common time zone with many large Asian cities and its location between China and India as well as its proximity to several other financial centres has been used to promote the Labuan IBFC as a convenient location for business dealings. Labuan has been designated as a financial centre and

free trade zone A free-trade zone (FTZ) is a class of special economic zone. It is a geographic area where goods may be imported, stored, handled, manufactured, or reconfigured and re- exported under specific customs regulation and generally not subject to cus ...

by the Malaysian government.

History

In January 2008, a rebranding and repositioning exercise of the IBFC to reflect the jurisdiction's burgeoning international status was followed by an aggressive marketing exercise. This included the setting up of Labuan IBFC Incorporated Sdn. Bhd. in May of the same year with a mandate by the Malaysian government to market and promote Labuan as the premier International Business and Financial Centre in Asia Pacific.

References

External links

Labuan International Business And Financial Centre

Labuan Financial Services Authority
- Regulatory body for Labuan IBFC
Bank Negara Malaysia
- Central Bank Of Malaysia {{Economy of Malaysia Economy of Malaysia Labuan Special economic zones Foreign trade of Malaysia Ministry of Finance (Malaysia)