About Trust Companies

"Trust company" means a company registered under the Labuan Trust Companies Act 1990 (LTCA) to carry on business as a trust company business. Any company that is incorporated or registered under Offshore Companies Act 1990 (OCA) may apply for registration as a trust company.

A trust company may also apply to be registered as a managed trust company. This is a trust company registered under the LTCA, but is managed by a fully operational trust company in Labuan. Besides companies established under the OCA, a registered trust company in other jurisdictions is eligible to register as a managed trust company in Labuan.

It is a requirement under the OCA that an offshore company must employ the services of a trust company, to provide trust company services to the offshore companies. The trust company acts as the agent for incorporating or registering companies under the OCA and provides the registered office, Resident Secretary and performs the secretarial duties of the offshore company, such as lodgment of any documents required under the OCA. The trust company may also provide management and accounting services to the offshore 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 domiciled in Labuan. The trust officers are employees of the trust company who have been approved by LOFSA 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.