Anyone can open a bank account in Labuan. But many banks also reserve the right to refuse customers to banks that hold their name. For instance, a particular bank would refuse to provide banking services to an applicant who the bank considers would present a statement of risk if they were to get a loan from any other lender. If you have a certain type of accounts, such as a Business Bank Checking Account, a certificate of deposit (CD), or a money market deposit, you may also be declined. It is advisable to check the policy of the particular bank before opening an account in Labuan or traveling to the island.
Labuan Bank Account has branches only in Labuan and will not extend their services to foreigners who do not reside in Labuan or have no direct connection with the company.