Trust and Corporate Service Providers - Service Providers

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 and 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.

List of Trust and Corporate Service Providers

key highlights

61 number of trust companies

5.2% increase in total number of LTCs
99 Trust Officers and 97.8% are Malaysians
242.2% increase in income from advisory services

View list of Trust and Corporate Service Providers

Application Requirements
Operational Requirements
Fees

Application Requirements
1. Submit a completed Form LTC “Application for Licence to Carry on Labuan Trust Company Business” to Labuan FSA as required under Section 61(1) of the LFSSA.

2. Provide a business plan that includes, but is not limited to, the following:
Types of products and services to be offered
Target market specifying the clients, geographical spread and industry focus
Management team
Manpower planning/organisation chart; and
Three (3) years’ financial projections (properly drawn up income statements and balance sheet quoted in foreign currency).

3. Show evidence of a paid-up capital or working funds of at least RM150,000 or its equivalent in any foreign currency.

4. Obtain a professional indemnity insurance policy with a coverage of not less than RM1 million or its equivalent in any foreign currency and remain indemnified throughout its operations.

5. Provide a letter of guarantee or undertaking to Labuan FSA for the liability of the Labuan trust company.

6. Provide full disclosure of shareholdings of the company, including the ultimate beneficiaries. This includes the submission of a corporate profile (eg name and type of legal entity, principal business/activity, board of directors) for corporate shareholders, and detailed backgrounds (eg copy of passport or ID and comprehensive resume) for individual shareholders.

7. Ensure that the directors and officers responsible for the management of the proposed Labuan trust company in Labuan IBFC are fit and proper persons pursuant to Section 4 of the LFSSA and the Guidelines on Fit and Proper Person Requirements issued by Labuan FSA.

8. Any other additional information as requested by Labuan FSA.
Operational Requirements
Establish a fully operational office in Labuan.
Maintain separate telephone and facsimile lines and have its own letterhead and stationeries.
Appoint at least two trust officers approved by Labuan FSA, one of whom must be based in Labuan.
Have proper arrangements in place to account for and keep all assets and other valuables that it has received in its capacity as trustee duly separated from its own assets and liabilities.
Maintain capital or working funds of at least RM150,000 or its equivalent in any foreign currency at all times.
Obtain written consent from Labuan FSA prior to making any changes to its shareholding and directorship, including the establishment of any subsidiary or office other than its principal place of business in Labuan.
Ensure compliance with the Guidelines on Anti-Money Laundering and Counter Financing of Terrorism.
Ensure that all its books and records, including records of its clients are kept and made available for inspection in Labuan.
Comply with guidelines, directives and reporting requirements issued by Labuan FSA.
Notify Labuan FSA of any changes to its place of business in Labuan or changes to its trust officers within seven days from the effective date of the change specified, through the lodgement of Form 4 or Form 5 of the LFSSA, respectively.
A Labuan trust company acting as a trustee of a Labuan Islamic trust under the Labuan Islamic Financial Services and Securities Act 2010 shall appoint a qualified person as a Shariah adviser, or consult a qualified person to advise on the operations and ensure Shariah compliance.
Fees

Type of fees
Amount
Annual Fee
RM15,000
USD5,000

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 appoint at least one trust officer approved by Labuan FSA, who may be the employee of the appointed Labuan trust company.

Application Requirements
Operational Requirements
Fees

Application Requirements
Submit a duly completed Form LTC “Application for Licence to Carry On Labuan Trust Company Business” as required under Section 71(1) of the LFSSA.
Appoint a Labuan trust company as its manager to manage its trust company business on its behalf and provide the detailed management agreement executed with the manager.
Provide a business plan that includes the following:
Types of products and services to be offered
Target market specifying the clients, geographical spread and industry focus
Management team
Manpower planning/organisation chart; and
Three (3) years’ financial projections (properly drawn up income statement and balance sheet quoted in foreign currency).
Provide full disclosure of shareholdings of the company and the ultimate beneficiaries. This includes the submission of a corporate profile (eg name and type of legal entity, principal business/activity, board of directors) for corporate shareholders, and detailed backgrounds (eg copy of passport or ID and comprehensive resume) for individual shareholders.
Ensure that the directors and officers responsible for the management of the proposed Labuan managed trust company are fit and proper persons pursuant to Section 4 of the LFSSA and the Guidelines on Fit and Proper Person Requirements issued by Labuan FSA.
Submit a certified copy of the certificate of incorporation or constituent document of the applicant.
Provide a letter of good standing or such other document of this nature from the relevant authority of the applicant's home country where applicable.
A Labuan managed trust company acting as a trustee of a Labuan Islamic trust under the Labuan Islamic Financial Services and Securities Act 2010 shall appoint a qualified person as a Shariah adviser, or consult a qualified person to advice on the operations and ensure Shariah compliance.
Operational Requirements
Appoint at least one trust officer approved by Labuan FSA, who may be the employee of the appointed manager (Labuan trust company).
Have its own letterhead and stationeries and its office can be the office of the Labuan trust company who is managing the Labuan managed trust company.
Ensure that all its books and records, including records of its clients are kept and made available for inspection in Labuan IBFC.
Keep all assets and other valuables that it has received in its capacity as trustee duly separated from its own assets and liabilities.
Obtain written consent from Labuan FSA prior to making any changes to its shareholding and directorship.
For a managed trust company that is a licensed foreign company, notify Labuan FSA for any changes to its shareholding and directorship.
Notify Labuan FSA on any changes to its managed trust company manager within seven working days from the effective date of change specified.
Ensure compliance with the Guidelines on Anti-Money Laundering and Counter Financing of Terrorism.
Comply with guidelines, directives and reporting requirements issued by Labuan FSA.
Fees

All licensees are required to pay to Labuan FSA annual licence fees on or before 15 January of each year.
Fees
Amount
Annual Fee
RM15,000
Fee for application of Labuan managed trust company licence
RM1,000

Client Charter and Related Guidelines and Circulars for Labuan Trust Companies

Client Charter

Where applications meet the necessary requirements, Labuan FSA is committed to adhere to the following delivery time:

Application

Client Charter (Working Days)

Labuan Trust Company/Private Trust/Managed Trust

Governing Legislation

Labuan trust companies are governed by the following Labuan laws:

Labuan Financial Services and Securities Act 2010

Labuan Islamic Financial Services and Securities Act 2010

Labuan Companies Act 1990

Labuan Business Activity Tax Act 1990

Related Guidelines and Directives

Guidelines on Fit and Proper Person Requirements

Guidelines on Compliance Function for Labuan Licensed Entities

Directive on Accounts and Record-Keeping Requirement for Labuan Entities

Clarification Note on Section 28B(1) of Labuan FSA Act

Circular on Administrative Penalties Under Section 36G of Labuan Financial Services Authority Act 1996 (LFSAA)

Work Permit Application in Labuan IBFC

Guidelines on Work Permit Application in Labuan IBFC for Licensed and Non-Licensed Entities

Guidelines on the Establishment of Labuan Marketing Office

Circular on Fee Structures for New Labuan Entities

Go to FAQs

Find Labuan Banks and Investment Banks here

View List of Banks

List of Company Secretarial Providers

A - B
C - I
J - R
S - Z

A - B
AAE International Trust Ltd
ADITI TRUSTEES LIMITED
AL-AMAN Trust Services Limited
ALPADIS TRUST (LABUAN) LTD.
AMANAH RAYA (LABUAN) LIMITED
AMAX Trust & Advisory Limited
AMS Trust Company Limited
ARLC Amanah Limited
BANK ISLAM TRUST COMPANY (LABUAN) LTD
Baxian Trust (Labuan) Limited
BBS TRUST INT'L LIMITED
Beyond International Trust Ltd.
Bona Trust Corporation
C - I
CHU BOW TRUST COMPANY LIMITED
CIMB BANK (L) LIMITED
Corporate Services Trust Co Ltd
CP TRUST CO LTD
DCS Trustee Ltd
ERNST & YOUNG TRUST LTD
EURASIA TRUST A.G.
HANS ADVISORY & TRUST CO LTD
HMR KONSULTAN (LABUAN) LTD.
IFS Trust Labuan Limited
IN FIDUCIARY SERVICES (LABUAN) LIMITED
INDAH TRUST LIMITED
INTEGRATED AGENTS TRUST LTD
ITMC Fiduciary Limited
J - R
JOSH M Trust Limited
JTC Kensington Labuan Limited
Kensington Trust Labuan Limited
Labuan INS International Trust Ltd
LAW & COMMERCE TRUST LIMITED
MASYI Trust Limited
Multi Trust Ltd.
NOBLEHOUSE INTERNATIONAL TRUST LTD.
PACIFIC TRUSTEES LABUAN LTD.
PB Trust (L) Ltd
Portcullis Trust (Labuan) Ltd
Power Point Trust (Labuan) Limited
QX Trust Co. Ltd
RHB INTERNATIONAL TRUST (L) LTD
RKG KLOZER TRUST LTD (formerly known as KLOZER TRUST SERVICES CO LTD)
RP Trust Inc.
S - Z
SEDGLEY MANAGEMENT SERVICES LTD
Signature Trust Ltd
SITITRUST & ADMINISTRATOR LIMITED
SOAS Trust Limited
SSTC Ltd (formerly known as SHEARN
SKINNER TRUST COMPANY LTD.)
TMF Trust Labuan Limited
Tricor Trustco (Labuan) Ltd.
TRISTAR MANAGEMENT LIMITED
Trust Labuan Tax Inc
UHY Trust Int'l Limited
Vistra Trust (Labuan) Limited
WA Trust Ltd (formerly known as Weld Asia Trust (Labuan) Ltd)
ZICO Trust Limited
ZRC International Trust Inc.
ZTJX Trust Ltd

FAQs

1. What is Labuan banking?
Labuan banking means the business of receiving deposits on current accounts, deposit accounts, savings accounts, and includes the investment banking business, Labuan financial business, Islamic banking business and such other transactions and terms and conditions as specified by Labuan FSA in any currency including Malaysian Ringgit where permitted by Bank Negara Malaysia.
2. What is investment banking?
Investment banking means the business of providing credit facilities and consultancy and advisory services relating to corporate and investment matters, including making investments on behalf of any person. Other activities include undertaking foreign exchange transactions, interest rate swaps, dealings in derivative instruments or derivative financial instruments or any other similar risk management activities.
3. What is Islamic banking?
Islamic banking is defined as a banking business that is in accordance with Shariah principles.
4. Who may apply for Labuan banking licence?
Organisations that meet the following minimum criteria may apply for a Labuan banking licence:
Must be a bank or financial institution
Possesses a sound track record
Accorded a good credit rating by acceptable rating agencies
Supervised by a competent regulatory authority; and
Conforms to generally accepted standards of international banking practices or the Bank for International Settlements (BIS).
5. What is the minimum working minimum fund for an investment bank?
RM10 million or its equivalent in any other currency.