_____ The duly completed checklist is to be attached as part of the documentations submitted to Labuan FSA Please at the appropriate box and provide reasons justifications for any non-submission. 1612014ALL 11 February 2014 Guidelines on Fit and Proper Person Requirements effective 1 January 2015 Circular No.
Form Lfb Labuan Financial Business 2014
In the case of multiple trustees the law requires that one of them must be a Labuan Trust Company.
Labuan company fit and proper. Applicant will not abuse his employment pass. 67 Where LITC carries on business other than the one specified under paragraph 51 a. Labuan trust company subject to same control as any other executor 80.
Profile of the directors and officers with proof as fit and proper. Interpretation DIVISION 2 OFFERS. 182002LIIA 30 July 2002.
Management of the company remain fit and proper persons at all times pursuant to Section 4 of LFSSA and the Guidelines on Fit and Proper Person Requirements issued by Labuan FSA. Additionally new regulations relating to fit and proper persons in Labuan should be noted by Lloyds service companies established in Labuan. 19981INS 1 July 2008 Circular On Physical Presence Requirement For Offshore Insurance And Insurance-Related Companies.
The controller director or chief executive officer and the board of directors of the applicant company must be fit and proper persons. Provide a letter of guarantee or undertaking to Labuan FSA for the liability of the Labuan trust company. Labuan FSA issues market guidance in order to facilitate applications of the various requirements of the Labuan entities.
Establish an adequate set of internal policies and controls for its operations compliances corporate governance and risk management. Guidelines On Fit And Proper Person Circular No. Ensure that the directors and officers responsible for the management of the company meet the Fit and Proper Person requirements as specified in the Guidelines on Fit and Proper Requirements issued by Labuan FSA.
Fit and proper person 5. Appoint at least two approved trust officers one of whom is domiciled in. ECONOMIC SIGNIFICANT Types of significant Explanations Offshore Trust Fund Management - Controlling the management of investment portfolio and providing advisory to fund management thru terms and condition of fund management license - The company must be fit and proper of their operate fund management so that no adverse report can.
Business in from or through Labuan 6. Labuan service companies do not need to register but do need to be compliant with the principles established in the Act. 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.
New data protection legislation has been introduced in Malaysia. Guidelines on Fit and Proper Person Requirements issued by Labuan FSA February 2014 Guidelines on the Establishment of Marketing Office issued by Labuan FSA March 2014 3rd revision Guidelines on Compliance Function for Licensed Entities issued by Labuan FSA November 2013. Any other additional information as requested by Labuan FSA.
A letter of undertaking from the head office parent company to undertake any liability arising from the operations of its branch or subsidiary in Labuan. The trustee ensures that the settlor and other relevant persons associated with the trust are fit and proper persons at all times as required by the Labuan FSAs Guidelines on Fit and Proper. A Labuan Private Trust Company PTC is a type of Labuan company.
The person in control or director or principal officer of the Labuan insurance broking company must be a fit and proper person. Shariah matters PART II SECURITIES DIVISION 1 PRELIMINARY 7. Affidavit of officer 81.
PTC is introduced by Labuan FSA for the sole purpose to act as a corporate trustee to a trust or a number of trusts created by a settlor or individuals connected to the settlor. Ensure the directors and officers designated as trust officers are fit and proper persons responsible for the management of the Labuan trust company in Labuan. Type of Licence.
Name of Labuan Company. Examination of books and accounts of a Labuan trust company. Among others these include detailed explaination or clarification of rules governing the business and conduct of Labuan entities.
The Labuan insurance broking company must maintain a registered and management office in Labuan. Applicant has the financial resources to support not only his Labuan company but his family whilst living in Malaysia applicant is fit and proper perso n for the post he is appointed the applicant and or his Labuan company is not involved in illegal or undesirable activities. LIFSSA and the Guidelines on Fit and Proper Person Requirements issued on 11.
It must maintain at least two 2 directors. For a proper management of the financial activities of your company we suggest you address to our company incorporation agents in Labuan who can also handle the requirements in this sense in compliance with the Malaysian Accounting Standard Board and the Financial Reporting Standards.
Labuan Business Activity Tax Act 1990 Act 445 Labuan Ibfc Flip Ebook Pages 1 18 Anyflip Anyflip
Labuan Company Management Business Check It Out