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Trust and Corporate 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
Application Requirements
  1. 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. 
  2. 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. 
  3. 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). 
  4. 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. 
  5. 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. 
  6. Submit a certified copy of the certificate of incorporation or constituent document of the applicant. 
  7. 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. 
  8. 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
  1. Appoint at least one trust officer approved by Labuan FSA, who may be the employee of the appointed manager (Labuan trust company).
  2. 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.
  3. Ensure that all its books and records, including records of its clients are kept and made available for inspection in Labuan IBFC.
  4. Keep all assets and other valuables that it has received in its capacity as trustee duly separated from its own assets and liabilities.
  5. Obtain written consent from Labuan FSA prior to making any changes to its shareholding and directorship.
  6. For a managed trust company that is a licensed foreign company, notify Labuan FSA for any changes to its shareholding and directorship.
  7. Notify Labuan FSA on any changes to its managed trust company manager within seven working days from the effective date of change specified.
  8. Ensure compliance with the Guidelines on Anti-Money Laundering and Counter Financing of Terrorism.
  9. Comply with guidelines, directives and reporting requirements issued by Labuan FSA.
Fees
Type of fees
Amount
Annual Fee
RM15,000
USD5,000

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.

  1. Establish a fully operational office in Labuan. 
  2. Maintain separate telephone and facsimile lines and have its own letterhead and stationeries. 
  3. Appoint at least two trust officers approved by Labuan FSA, one of whom must be based in Labuan. 
  4. 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. 
  5. Maintain capital or working funds of at least RM150,000 or its equivalent in any foreign currency at all times. 
  6. 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. 
  7. Ensure compliance with the Guidelines on Anti-Money Laundering and Counter Financing of Terrorism. 
  8. Ensure that all its books and records, including records of its clients are kept and made available for inspection in Labuan. 
  9. Comply with guidelines, directives and reporting requirements issued by Labuan FSA. 
  10. 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. 
  11. 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.
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

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
  1. Establish a fully operational office in Labuan. 
  2. Maintain separate telephone and facsimile lines and have its own letterhead and stationeries. 
  3. Appoint at least two trust officers approved by Labuan FSA, one of whom must be based in Labuan. 
  4. 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. 
  5. Maintain capital or working funds of at least RM150,000 or its equivalent in any foreign currency at all times. 
  6. 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. 
  7. Ensure compliance with the Guidelines on Anti-Money Laundering and Counter Financing of Terrorism. 
  8. Ensure that all its books and records, including records of its clients are kept and made available for inspection in Labuan. 
  9. Comply with guidelines, directives and reporting requirements issued by Labuan FSA. 
  10. 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. 
  11. 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
Fees
Amount
Annual Fee
RM15,000
Fee for application of Labuan managed trust company licence
RM1,000
  1. 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. 
  2. 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. 
  3. 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). 
  4. 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. 
  5. 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. 
  6. Submit a certified copy of the certificate of incorporation or constituent document of the applicant. 
  7. 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. 
  8. 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.
  1. Appoint at least one trust officer approved by Labuan FSA, who may be the employee of the appointed manager (Labuan trust company).
  2. 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.
  3. Ensure that all its books and records, including records of its clients are kept and made available for inspection in Labuan IBFC.
  4. Keep all assets and other valuables that it has received in its capacity as trustee duly separated from its own assets and liabilities.
  5. Obtain written consent from Labuan FSA prior to making any changes to its shareholding and directorship.
  6. For a managed trust company that is a licensed foreign company, notify Labuan FSA for any changes to its shareholding and directorship.
  7. Notify Labuan FSA on any changes to its managed trust company manager within seven working days from the effective date of change specified.
  8. Ensure compliance with the Guidelines on Anti-Money Laundering and Counter Financing of Terrorism.
  9. Comply with guidelines, directives and reporting requirements issued by Labuan FSA.
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
30

Governing Legislation, Related Guidelines and Circulars

For the latest governing legislation, related guidelines and circulars, please go to labuanfsa.gov.my

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Qatar Financial Centre

Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha. QFC offers its own legal, regulatory, tax and business environment.

Its business-friendly ecosystem operates in line with international best practice. As such, QFC is governed by the following four independent bodies – Qatar Financial Centre, Qatar Financial Centre Regulatory Authority as well as the Qatar International Court and Dispute Resolution Centre.

QFC Authority signed a Memorandum of Understanding with Labuan IBFC Inc. (23rd May 2023 – 22nd May 2026) to foster mutual understanding and facilitate common projects to market/develop both financial centres.

To know more about QFC, visit here.

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The Indonesian Chamber of Commerce and Industry (KADIN, West Java)

Kamar Dagang dan Industri Indonesia (KADIN) is an association comprising business organisations in Indonesia and is responsible for ensuring all trade and industry relating to Indonesia is carried out in a systematic and organised manner that benefits all parties involved.

KADIN consists of entrepreneurs and a combination of national businesses from various sectors, both privately-owned enterprises, cooperatives, SMEs, as well as government-owned enterprises.

KADIN, West Java signed a Memorandum of Understanding with Labuan IBFC Inc. (16th Sept 2022 – 15th Sept 2027) to market and facilitate new business set up in both Indonesia and Labuan IBFC.

For more information on KADIN, West Java, visit here.

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Indonesian Exporters Association

The Indonesia Exporters Association (IEA) is a non-profit organization comprising exporters as well as institutions and departments related to export functions, including taxes and ports. The organization’s main function is to increase the country’s overall exports.

IEA offers networking services on multiple fronts, including transportation, logistics, producers/manufacturers as well as banking, funding, and restitution services to its members.

IEA signed a Memorandum of Understanding with Labuan IBFC Inc. (29th Nov 2022 – 28th Nov 2027) to market and facilitate the setup of new businesses in both Indonesia and Labuan IBFC.

For more information about IEA, visit here.

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Council of Rector of Indonesia State University (CRISU)

The Council of Rector of Indonesia State University (CRISU) is a council formed by the rectors and directors of various universities and polytechnics in Indonesia.

CRISU signed a Memorandum of Understanding with Labuan IBFC Inc. (27th March 2024 – 26th March 2025) to facilitate the placement of Indonesian university students for internship purposes in Labuan IBFC businesses, subject to acceptance by the relevant Labuan entities.

Doreen Fadli
Head of Business Policy, Labuan FSA

Doreen is the Head of Business Policy at Labuan FSA. She is responsible for the formulation of developmental policies to promote businesses in Labuan IBFC. She is also on the insurance and risk assessment task forces at the authority. Prior to joining the business policy unit, she was head of the licensing department there.

Doreen is an Associate Member of The Malaysian Insurance Institute and Member of the Asian Institute of Chartered Bankers. She holds an MBA from Universiti Malaysia Sabah and a Bachelor of Accountancy with Honours from Universiti Teknologi Mara. She also holds certificates in AML/CFT and a Diploma in MII.

Nor Rashidi Mohammad

Chairman, Association of Labuan Banks
General Manager and Chief Executive Officer, Maybank International Labuan

Datuk Iskandar is the Deputy Director General of Labuan Financial Services Authority (Labuan FSA). He is currently serving as the Executive Chairman cum CEO of Labuan IBFC Inc. effective 1 February 2022.

He commenced his career in Bank Negara Malaysia and was seconded to Labuan FSA in 1996. Cumulatively, Datuk Iskandar has over 30 years of experience serving in financial services regulatory and supervisory agencies.

He brings to his current role a wealth of related knowledge and experience and leads a dedicated and professional team in Labuan IBFC Inc. that is focused on driving strategic business initiatives to further develop Labuan IBFC.

The appointment of Datuk Iskandar reflects the continuous commitment of Labuan FSA and the Government to position Labuan IBFC as a thriving business and financial centre under the next phase of its development

Dato’ Howard Choo

Chairman, Labuan Investment Bank Group
Managing Director and Chief Executive Officer, IBH Investment Bank Limited

Dato’ Howard Choo is a financial services expert with over 35 years of experience in local and international banking. He is the former Executive Director of DBS Thai Danu Bank Thailand and MD, DBS Bank Singapore. Ex Vice-Chairman Singapore-Thai Chamber of Commerce and former Member of Executive Decision Panel, Bank of Thailand. He was an Adviser to University Malaysia Sabah (UMS) and University Malaysia Sarawak (UNIMAS) in International Business. He was Adviser to Persatuan Usahawan Muda Malaysia (PUMM) and Former Council member of MCA SME Development Bureau. He has been active with BNM since the 1990s in human resource knowledge enhancement activities.

An MBA (University of Wales and Manchester Business School) and a Fellow Member of Institute of Public Accountants, Australia (FIPA), Dato’ Howard Choo was also an Associate Member of the Institute of Chartered Secretaries and Administrators (ACIS). He was also a trainer for South East Asia Central Bank Training Centre (SEACEN) and author of several books on Banking and Finance. He was a tutor for Wawasan Open University in International Financial Management and Corporate Finance. Currently, he assumes the role of Education Committee Member of Asian Institute of Chartered Bankers (AICB), Implementation Task Force Member of Asian Banking School (ABS), Council member of the AICB and Chairman of the Board of Examiners. He is also the current Chairman of Labuan Investment Banks Group (LIBG). He is also a Fellow Chartered Banker and a professionally Certified AML/CFT person. He is also the examiner for Advance Corporate Finance for ICIA. He held the office of former President, Malaysia-Vietnam Chamber of Commerce.

Gerard Roy Suresh Sharma

Chairman, Labuan International Insurance Association
Managing Director and Principal Officer, Asia Reinsurance Brokers (Labuan) Ltd

G Roy S Sharma is the Principal Officer and Managing Director of an international reinsurance company based in Kuala Lumpur office. Other than being the country manager for Malaysia he is also responsible for developing and assisting their clients in Asia in certain specialized areas of insurance. His specialized areas include among others Political, Project & Credit Risk Insurance, Professional Indemnity, Management Liability Insurance, Financial Lines Insurance, Casualty Insurance, Extended Warranty Insurance and Affinity & Niche Solutions.

He read law in the City of London and was called to the Malaysian Bar as an Advocate & Solicitor. He started his career in the insurance industry in 1994 as an Insurance Broker and joined Antah Sedgwick Chartered Insurance Brokers, thereafter he joined, Aon Risk Services Malaysia and Aon Risk Services Singapore. In April 2006 Roy then joined Arthur J Gallagher Asia (L) Bhd a reinsurance broker that was rebranded as Asia Reinsurance Brokers (Labuan) Ltd in 2008 after a management buy out and was its MD since 2007.

Roy is a sought after speaker in his area of specialization. He has presented a variety of papers in many conferences and conducted many training seminars for insurance companies and insurance buyers around the region.

Roy is also the President Commissioner of PT ARB Indonesia and a Board member of ARB’s parent company. Roy is the current Chairman of the Labuan International Insurance Association.

Datuk Chin Chee Kee
Chairman, Association of Labuan Trust Companies Executive Chairman, Noblehouse International Trust Ltd.

Datuk Chin Chee Kee is currently the Executive Chairman of Noblehouse International Trust Ltd. And Managing Partner of CK Chin PLT, Chartered Accountants.

He is a member of the Malaysian Institute of Accountants, CA (M), a fellow of The Association of Chartered Certified Accountants, United Kingdom, – (FCCA), a Fellow of the Chartered Tax Institute of Malaysia (FCTIM), an Associate Fellow of Asian Institute of Chartered Bankers (Associate Fellow AICB), a member of the International Tax Planning Association (ITPA) and a Registered Trust and Estate Practitioner (TEP).

He is also the Chairman of the Association of Labuan Trust Companies and a director of Labuan IBFC Inc. Sdn Bhd. He was appointed a Justice of the Peace by the Governor of Sabah on September 16, 1997.

He also practices as an approved company auditor and an approved tax agent in the accounting firm of CK Chin PLT in Malaysia since 1987.

He has 35 years of experience in cross border tax planning and has been involved in the offshore trust industry and corporate secretarial work for the past 30 years.

Datuk Iskandar Mohd Nuli
Executive Chairman cum CEO, Labuan IBFC Inc.

Datuk Iskandar is the Deputy Director General of Labuan Financial Services Authority (Labuan FSA). He is currently serving as the Executive Chairman cum CEO of Labuan IBFC Inc. effective 1 February 2022.

He commenced his career in Bank Negara Malaysia and was seconded to Labuan FSA in 1996. Cumulatively, Datuk Iskandar has over 30 years of experience serving in financial services regulatory and supervisory agencies.

He brings to his current role a wealth of related knowledge and experience and leads a dedicated and professional team in Labuan IBFC Inc. that is focused on driving strategic business initiatives to further develop Labuan IBFC.

The appointment of Datuk Iskandar reflects the continuous commitment of Labuan FSA and the Government to position Labuan IBFC as a thriving business and financial centre under the next phase of its development.