Unfortunately, this Draft Bill was not subject to pre-parliamentary review by our professional organisations and the epistemic community. At the early stage, these countries enacted International Business Companies Act with no-tax or low-tax regime. Bahamas Offshore Banks and Trusts Act and the BVI Offshore Companies Act stand out as success stories. In Labuan (Malaysia), Dr. Mahatir Mohammed established the Labuan Offshore Financial Authority and introduced lengthy legislation on offshore banking, offshore trusts, offshore insurance, offshore partnerships, etc., so that they are guided by law and not by policy. Offshore company registration under the Companies Act 1982 and the Companies Act 2007 failed for several reasons.

Source: The Nation April 19, 2021 00:00 UTC