Can someone tell me what "LOFSA", stands for??
Thanks
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Can someone tell me what "LOFSA", stands for??
Thanks
Labuan Offshore Financial Services Authority
Thanks
You are welcome:)
As I understand it they are the regulators of what Malaysian citizens are allowed to invest in and so their primary concern will be the Malaysian members. They will be involved with BN investigation for sure.
Michael
That's why they moved to panama to allow Malaysian Citizens to invest. LOSFA has no say in the matter in regards to Pips... Picpay, maybe.
LOFSA is the authority in Malaysia by which any person who wishes to register an offshore company ie an IBC, needs to register with them.
Being the offshore regulator, they not only register but control that the registerred companies follow the rules and regulations of the authority in doing business.
Please remember that the regulations of the offshore authority is totally different from the normal "onshore" authority.
IE These offshore companies created at LOFSA allows them not to pay tax - at all - to the Malaysian Authorities...
The employment laws may be very different from the regular employment laws...
Company law of Malaysia does not apply to them.
In other words, they cut through red tape completely, but one of the main rules is that, the business must be offshore...It cannot earn funds from onshore business dealings!
So that is why PIPS at first could not do business with Malaysians when it was registerred with LOFSA. In order to be able to do so, it had to move to another offshore authority... PANAMA.
Spongebob
Etcc.. Etcc