Qualifications

• A Labuan company that is incorporated or registered under the Labuan Companies Act 1990 (LCA) as a Labuan Company.
• A foreign company licensed, registered or approved to carry out trust company business in other jurisdictions.

Application Requirements

The applicant for a Labuan managed trust company licence shall:

• Submit a duly completed Form TL - Application for Licence to Carry On Labuan Managed 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 but not limited to 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; and
• 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.

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.

Operational Requirements

A licensed Labuan managed trust company shall:

• Appoint at least one trust officer approved by Labuan FSA of which maybe 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 the written consent from Labuan FSA prior to making any change to its shareholding and directorship;
• For a managed trust company that is a licensed foreign company, notify Labuan FSA for any change in its shareholding and directorship;
• Notify Labuan FSA on the change in its managed trust company manager within seven working days from the effective date of change specified;
• Ensure compliance with the Guidelines Anti-Money Laundering and Counter Financing of Terrorism; and
• Comply with guidelines, directive and reporting requirements issued by Labuan FSA.

Annual and Licence Fee

• The licence fee amounting to RM8,000 is payable to Labuan FSA upon the grant of licence.
• The subsequent payment of annual fee is payable not later than 15 January of each year during which the licence is valid.