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LABUAN TRUST COMPANIES

"Trust company" means a company registered under the Labuan Companies Act 1990 (LCA) and licensed to carry on trust company business under the Labuan Financial Services and Securities Act 2010 (LFSSA).

It is a requirement under the LCA that a Labuan company must employ the services of a trust company that will act as the agent for incorporating or registering companies under the LCA. It also provides the registered office, resident secretary and performs the secretarial duties of the Labuan company, such as lodgement of any documents required under the LCA. The trust company may also provide management and accounting services to the Labuan company and make available any of its trust officers for appointment as resident director and resident secretary.

With regards to physical presence, a trust company shall establish a functional office in Labuan and have at least two approved trust officers, one of whom is domiciled in Labuan. The trust officers are employees of the trust company who have been approved by Labuan FSA as trust officers.

Other activities that a trust company may carry out include being a trustee, agent, executor or administrator pursuant to the objectives of the trust company.

  • Labuan Managed Trust Company: A Labuan managed trust company is a trust company licensed under the Labuan Financial Services and Securities Act 2010 (LFSSA) but is managed by a fully operational trust company in Labuan. A managed trust company is not required to establish its own physical office in Labuan, but is required to have at least one trust officer approved by Labuan FSA of which may be the employee of the appointed Labuan trust company.
  • Labuan Private Trust Company: A Labuan Private Trust Company (PTC) is a Labuan company formed for the specific purpose of acting as trustee for a group of connected persons and where each beneficiary of the trust established by the PTC is a connected person related to the settlor of the trust. In a PTC, the settlor, members of his family or his advisors can be appointed to the Board of Directors. The composition of the Board can be changed from time to time to bring in members of succeeding generations and in this way, involve them in the management of the family affairs.
  • Company Management Company: Management business means the provision of treasury processing services and such other services, and to such persons, as may be permitted by Labuan FSA. The permissible activities of the company management firms are described as follows:- 1. Treasury processing activities comprising basically back and middle office processing functions which include processing and confirming deals, preparing accounting records and reports, maintaining registers and files and custodial services. 2. Islamic advisory services and processing function which include launching, administering, and backroom processing of collective investment schemes; consultancy, advisory and support services; and developing Islamic trusts.
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