Offshore leasing means the business of letting or sub-letting property on hire for the purpose of the use of such property by the hirer, regardless whether the letting is with or without an option to purchase the property or such other business as approved by the Minister of Finance.

Property includes any plant, machinery, equipment or other chattel attached or to be attached to the earth.

With the exception to the transportation of passengers or cargo by sea or the letting out on charter of ships on a voyage or time charter basis. Labuan (Malaysia) Offshore leasing companies are allowed to carry on leasing of ships on “bare boat” basis.