Page 349 - The Guide To Sarawak

FOREWORD BY THE CHIEF MINISTER 347
The AmBank Group’s regional headquarters in Kuching, a one-stop centre for consumer, Islamic, commercial and investment banking.
have branch offices in Sarawak. In addition, there are a host of medium
and small accounting firms operating on a smaller scale. Malaysian accounting standards are similar to those practiced in the UK.
REMITTANCE SERVICES
All banks provide remittance services, as do Post Offices and Western Union outlets.
FOREIGN EXCHANGE ADMINISTRATION RULES Malaysian markets are easily accessible by
global investors. There is completely free mobility for the inflow and outflow of capital for investments in Malaysia. Non-residents are free to invest in any form of ringgit assets, either as direct or portfolio investments, and are
also free to remit out divestment proceeds, profits, dividends or any income arising from these investments in Malaysia. Resident and non-resident travelers are free to carry into and out of Malaysia, foreign currency notes and travelers cheques of any amount on their person
or in their baggage. The carrying of ringgit notes when travelling into and out of Malaysia is limited to USD10,000 equivalent. Details of the foreign exchange administration rules can be obtained at www.bnm.gov.my/fxadmin.
financial services offered by banks, insurance
and takaful operators with basic products
and services, available through its extensive network reaching the rural areas.
INVESTMENT SERVICES
There are full service stockbroking firms in Kuching and Miri. Most major banks also offer retail share dealing services, even in quite remote locations. A wide variety of insurers offer investment products, and licensed investment advisors and investment planners can be found in all major towns.
OVERSEAS AND OFFSHORE FINANCIAL SERVICES
Sarawak has frequent flights to regional
financial centres including Singapore, Kuala Lumpur and Hong Kong. Offshore financial services and facilities, including international banks, are available just a short flight away in the neighbouring Federal Territory of Labuan.
ACCOUNTANTS, AUDITORS & CONSULTING FIRMS Multinational accounting, auditing and consulting firms (Deloitte, PwC, Ernst & Young, and KPMG) all