A company may also apply to be licensed as a managed trust company. This is a trust company licensed under LFSSA, but is managed by a fully operational trust company in Labuan. Besides companies established under the LCA, a registered trust company in other jurisdictions is also eligible to register as a managed trust company in Labuan.
It is a requirement under the LCA that a Labuan company must employ the services of a trust company. The trust company acts as the agent for incorporating or registering companies under the LCA and provides the registered office, Resident Secretary and performs the secretarial duties of the Labuan Company, such as lodgment of any documents required under the LCA. The trust company may also provide management and accounting services to the Labuan companies and make available any of its trust officers for appointment as Resident Director.
With regards to physical presence, a trust company shall establish a functional office in Labuan and have at least two approved trust officers of whom one must be domiciled in Labuan. The trust officers are employees of the trust company who have been approved by Labuan FSA as trust officers. For a managed trust company, the requirement to establish its own physical office is not applicable, but it must appoint a manager and at least two trust officers in Labuan, who can be the employees of the appointed manager.
Other activities that a trust company may carry out include as a trustee, agent, executor or administrator pursuant to the objects of the trust company.
Application for Licence to Carry on Labuan Trust Company Business