Labuan Trust Set up and Management Service
Bona Trust Corporation provides Labuan Trust setup and management services.
Labuan Trust refers to an offshore trust can be set up on the Labuan Island Special Economic Zone in East Malaysia.
Labuan Trust is recommended for the following people
Labuan Trust is mainly utilised by various wealthy individuals and their families, NPOs (Nonprofit Organisations), etc. for various purposes.
|Purpose of Labuan Trust|
|· Creation and accumulation of wealth and asset succession plan||You can inherit the wealth and value of the family to the next generation|
|· Strong asset protection and robust confidentiality||If assets are properly set up, you can strongly protect assets from creditors or other claimants|
|· Integration and management of assets||You can integrate and manage cross-border assets and beneficiaries|
|· Optimal operation and allocation planning of accumulated assets||You can control how the beneficiary receives assets|
|· Evasion effect of the prover (procurement procedure)||It is possible to efficiently allocate assets to heirs without avoiding the probation, without payment of court costs, delay, etc.|
Overview and main features of Labuan Trust
|Overview of Labuan Trust|
• Settlor・・・Person who sets trust assets as trusts. The trust setter is an individual or a corporation.
• Trustee・・・Person who possess the trust fund and who are in charge of that for the benefit of the beneficiary.
• Trust Deed・・・Certificate to set trustee’s authority. Trust setters can adjust trust conditions to meet the requirements.
• Enforcer / Protector ・・・Person acting like a “guardian” to the trustee for the benefit of the beneficiary. It may be appointed by a trust setter.
• Beneficiaries・・・Person legally entitled to enforce and benefit from the trust. Can include individual or reference to a class, charities, minors, corporations etc.
Note : The trust setter is no longer the owner of the transferred asset, the trustee becomes the legal owner of the trust fund, the beneficiary has a vested interest and receives the profit distribution.
|Main features of Labuan Trust|
|Assets of the Trust|
|Duration of Trust|
|Letter of Wishes|
The difference between Labuan Foundation and Labuan Trust
The difference between Labuan Foundation and Labuan Trust is as follows:-
|Labuan Trust||Labuan Foundation|
|Attribution of assets|
|Relationship between parties|
|Name between parties|
(Ref: Labuan IBFC [GUIDELINES ON THE ESTABLISHMENT OF LABUAN TRUST AND ISLAMIC TRUST])
Should you have any queries, please do not hesitate to contact us.