Labuan is a low tax and secrecy Jurisdiction and function as gateway for Islamic funds accusitions in Asia. It has also become a shelter for Western business. Since January 2015, more than $540 billion has passed through the largely unknown island of Labuan. Offshore Trading Companies in Labuan pay 3 % on net audited earnings or a repaired amount of RM 20,000, whichever is lower. Offshore Non-Trading Companies do not pay tax. Both trading and non-trading companies may elect to pay the maximum tax of RM 20,000 per annum and will consequently be devoid of the requirement to file financial declarations. Labuan does not impose any disclosure requirements as relates to ownership.