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 at least one trust officer approved by Labuan FSA of which may be the employee of the appointed Labuan trust company.
- Submit a duly completed Form LTC - Application for Licence to Carry On Labuan Trust Company Business as required under section 71(1) of 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 product 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 projection (properly drawn up income statement and balance sheet quoted in foreign currency).
- Provide full disclosure of shareholdings of the company and the ultimate beneficiaries including submission of corporate profile (e.g. name and type of legal entity, principal business/activity, Board of Directors) for corporate shareholder and detailed background (e.g. copy of passport or ID and comprehensive resume) for individual shareholder;
- 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 LFSSA and the Guidelines on Fit and Proper Person issued by Labuan FSA;
- Submit the certified copy of 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; and
- Managed Labuan trust company acting as trustee of a Labuan Islamic trust under Labuan Islamic Financial Services and Securities Act 2010 shall appoint a qualified person as a Shariah adviser, or consult a qualified person to advise the operations and ensure Shariah compliance.