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Answer: Labuan Financial Services Authority (Labuan FSA) is a body corporate established to promote and develop Labuan as an international centre for business and financial services. It is also entrusted to develop national objectives, policies for the development and administration of the international business and financial services in Labuan. On October 1, 1990, Labuan was declared an International Offshore Financial Centre (IOFC). In an effort to develop Labuan into a successful IOFC, Malaysian Government established Labuan Offshore Financial Services Authority (LOFSA) on February 15, 1996 as a one-stop agency to focus on business development and promotion, process application and supervise offshore activities, and incorporate or register offshore companies.