On 29 May 2009, the Labuan OffShore Financial Services Authority (LOFSA) released the guidelines on Labuan Holding Companies (LHC) applying to open an operational and management office in Kuala Lumpur. This is in line with the announcement made by the Prime Minister on 27 April 2009 on the liberalization of the Financial Sector. The Guideline is summarized as follows: Eligible parties Companies incorporated, or intending to incorporate, under the Offshore Companies Act 1990 (OCA) and which have international and/or regional operations / businesses. Permitted business activities The LHC must carry on business with non-residents of Malaysia and in non-ringgit except...