Pursuant to the Labuan Companies Act 1990, (“LCA”) a Labuan company must keep proper accounting and other records which sufficiently explain the transaction and financial position of the company.
The below is also stated in the LCA in relation to the accounting records of a Labuan company -
(a) Accounting entries and other records should be made within 90 days of the completion of transaction;
(b) Accounting and other records shall be kept at the registered office of the company or such other place in Labuan.
There are two commonly used accounting standards that are the Malaysian Financial Reporting Standards (“MFRS”) and the Malaysian Private Entities Reporting Standard (“MPERS”). Your Labuan company can either choose MFRS or MPERS as a basis to prepare the financial statements. More often, most Labuan companies will elect MPERS as the accounting standard for the preparation of their financial statements as MPERS is catered for small medium-sized entities.
Regardless of the accounting standards you choose for your Labuan company, HMR Konsultan can assist with the bookkeeping of your Labuan company. Below are the services we provide –
- Bookkeeping
- Preparation of monthly/quarterly management accounts
- Annual Financial statement preparation & liaising with external auditor
- Statutory reporting & compliance services
- Payment processing and issuance of invoice
- Payroll support
Fees is dependent on the sales amount and volume of transactions. Get in touch with us for a free consultation and quotation.