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]

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.

say I can do that, what bank would open an account for me?

 

[fshore]

say I can do that, what bank would open an account for me?

Cimb and maybank worked a couple years ago, not sure how it is today.

 

[sujoe]

say I can do that, what bank would open an account for me?

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.

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

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]

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

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]

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

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

 

[EliasIT]

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.

What vendor is this?