Open a Bank Account in Labuan: Procedure and Bank Choice

Setting up a local company also implies opening a bank account in Labuan for which complete information and full legal representation can be received from our team of company formation agents in Labuan. Our team can help investors select a bank and a bank account type, in accordance with their needs.

Quick Facts
Types of bank accounts	– current accounts, – deposit accounts, – savings accounts
Who can open a bank account in Labuan?	– individuals, – corporate entities (local companies, foreign companies, offshore companies)
Bank accounts for businesses	– onshore bank accounts, – offshore bank accounts, – bank accounts in foreign currencies
Corporate documents required for setting up a bank account	One can open a bank account in Labuan by submitting the following: – the completed forms offered by the chosen bank; – identity documents of the company’s representatives; – incorporation documents of the company; – documents attesting the business address of the company; – documents attesting the tax residency of the business.
Possibility to open a bank account online (yes/no)	Yes, it is possible in some cases, depending on the bank of choice.
Local tax number required for foreigners (yes/no)	Yes
Basic requirements imposed to non-resident clients	Non-residents who want to open a bank account in Labuan need to conclude similar steps as the ones applicable to resident entities. In most cases, they will need to come in person at the bank of choice.
Situations in which a foreigner may need a local bank account	One can open a bank account in Labuan for personal reasons (savings, salaries) or for business purposes and also for sending or receiving international payments.
Local currency	Mayalsian ringgit (offshore companies can also use the US dollar)
The institution that regulates the banking system	The Labuan Financial Services Authority (Labuan FSA); onshore Malaysian banks are regulated by Bank Negara Malaysia
Law regulating card transactions	– Labuan Financial Services and Securities Act 2010; – Labuan Islamic Financial Services and Securities Act 2010
Documents required for individuals setting a bank account	Individuals can open a bank account in Labuan by submitting the following: – identity documents; – any documents that the bank may need, as per the KYC policies; – completed application form; – documents that are not in English must be translated by a professional translator; – proof of payment for the processing fee
Opening a bank account in foreign currency (yes/no)	Yes
Institution issuing a local tax number	The Inland Revenue Board
Opening a bank account by appointing a representative (yes/no)	Yes
Onshore bank accounts	Must be linked to a bank in Malaysia.
Timeframe for opening a corporate bank account	3 weeks (approx.)
Criteria for choosing the bank	– account management fees, – accessibility, – reputation and stability, – range of services, etc.
Bank fees	– intra-bank transfers, – account opening fees, – service charges, – fees for audit confirmations, – online banking fee, etc.
International payments possible (YES/NO)	YES
Interest rates	Depends on the bank, they are generally lower than in other jurisdictions.
Mandatory due diligence by bank (YES/NO)	YES
Account accessibility	You can discuss who has access to the account when you start the procedure.
Annonymous bank account (YES/NO)	NO
Minimum deposit	Required by some banks when opening the account.
Possible conditions for offshore account	– mandatory in-person account opening, – higher initial deposit requirements, – enhanced due diligence, – restricted services, etc.
Other banking services in Labuan	– loans, – asset management, – wealth management, – Islamic banking, etc.
Number of present banks in Labuan	73 (end of 2025)
Advantages of opening a bank account in Labuan	– useful in the process of company formation in Labuan, – offshore banking facilities, – asset protection, – multi-currency accounts, – stable banking system, etc.
Assistance	We can help you with the procedure of opening a bank account and provide support in setting up a company in Labuan, if interested.

What are the necessary documents for opening a bank account in Labuan?

As soon as you have decided on a bank in Labuan, which will serve your business in this jurisdiction, it is recommended to bear in mind the requirements and the necessary documentation for opening a Labuan bank account:

the bank’s main forms which require personal information about the owner of the business (name, nationality, country of residence);
several copies of the passport and/or other identification cards;
a foreign bank recommendation – usually provided by the bank from the home country;
a business cash flow plan of your company and documents showing the sources of your funds;
documents proving the address, such as utility bills, but not limited to these.

Is it mandatory to travel to Labuan to open a bank account in 2026?

No, it is not a prerequisite for opening a bank account in Labuan. Foreign clients can travel to this region if they want to set up the account, but physical presence is not imposed by law, as the procedure can be completed by a third party. Our team is able to assist you if you wish to open a bank account and cannot be present in the country during the entire procedure.

In the infographic below, you can find out the main steps of opening a Labuan bank account in 2026:

What are the main conditions imposed by banks to legal entities?

For opening a bank account, offshore companies in Labuan are required to have a registered office and a secretary. The address of the office is used for correspondence and the company secretary can provide the liaison between the company owners and the bank. Banks in Labuan comply with the data protection regulations and most of them have an appointed personal data protection officer.

What types of companies can open a bank account in Labuan?

There are a variety of business entities that can request to open a bank account in Labuan. These are:

legal entities incorporated in Labuan;
offshore companies;
non-resident companies.

The eligibility can vary from one banking institution to another (while some banks prefer to collaborate with Labuan-based clients, others accept non-resident clients. Our consultants can offer assistance on this matter).

What types of products and services do banks in Labuan offer?

Banks in Labuan provide a wide range of products and services to their eligible clients. In the list below, our consultants present some of these:

fixed deposits;
foreign exchange;
trade financing;
listing of financial instruments;
investment banking;
Islamic banking, etc.

What types of bank accounts are available in Labuan?

Clients can set up different types of bank accounts, among which we mention the following:

deposit accounts;
savings accounts;
current accounts;
investment accounts, etc.

Can I use multiple currencies with a bank account in Labuan in 2026?

Yes, foreign entrepreneurs can have preferential currencies, in agreement with their business needs in Labuan. There are no restrictions in this matter, so businesspersons in Labuan can set up their bank accounts in multiple currencies, such as: USD, GBP, EUR, etc.

More details about opening a bank account in Labuan in 2026 you can find in the next video:

Do local banks charge fees?

Yes, they can charge various types of fees – they are different from one bank to another, but also based on the type of account you have set up and the types of services associated with the account. Some of the main fees refer to:

bank account setup;
maintenance fee;
closure of the account;
bank statements issued on request;
annual service fee for dormant accounts, etc.

How long does it take to open a bank account in Labuan in 2026?

The procedure can be completed in around 10 days (the overall process can take up to 20 days in some cases).

Are there any deposit requirements?

Yes, those who plan to open a corporate bank account in Labuan must subscribe a minimum deposit, in accordance with the requirements of the bank that they have selected or the bank where the foreign client is deemed eligible to set up the account.

What is the minimum deposit required in Labuan?

The minimum deposit starts from $10,000.

What is the legislation applicable to the banking system in Labuan?

Labuan banks must abide by the rules of law mentioned below:

Labuan Financial Services and Securities Act 2010;
Labuan Islamic Financial Services and Securities Act 2010;
Labuan Companies Act 1990;
Labuan Business Activity Tax Act 1990.

What are the confidentiality rules?

The confidentiality of bank account holdersis protected as per the rules of the Labuan Financial Services and Securities Act 2010.

Are international payments possible with a bank account in Labuan?

All entrepreneurs with a Labuan bank account can perform international payments without any restrictions. It is recommended to bear in mind the costs linked to foreign payments, as established by your bank in Labuan.

We invite you to get in touch with our team of company formation representatives in Labuan for extra information about how you can open a bank account in Labuan in 2026.