offshore companies granted automatic approval for several activities The Labuan Offshore Financial Services Authority (LOFSA) has announced on 31 July 2008 the automatic approval of the following activities undertaken by Labuan Offshore Companies (LOC): -   carrying on business with Malaysian resident pursuant to Sec. 7(3)(a) of the Offshore Companies Act 1990 (OCA); -   investing in a domestic company pursuant to Sec. 147(1) of the OCA; and -   wholly owning a domestic company to carry on offshore business With the automatic approval, LOCs are no longer required to submit an application for approval for the above transactions. However,...