Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VIII · Company Management
132. Grant of licence
Feedback & supportThe Authority may grant or refuse to grant a licence to any applicant.
The Authority shall not grant a licence unless he is satisfied that the applicant—
is of sufficient good repute to be engaged in the business of company management;
has or has available to it adequate knowledge, expertise, resources and facilities necessary for the proper management or administration of its business;
has sufficient financial resources at its disposal to enable it to conduct its business effectively and meet its liabilities;
and
will be in a position to comply with any conditions imposed by the Authority.
Notwithstanding subsection (2), the Authority shall reject an application if it determines that a licence should not be granted in the public interest.
A licence may be granted subject to such terms, conditions, restrictions or limitations as the Authority deems fit.
A licence shall—
be in such form as may be specified;
be admitted in all courts as prima facie evidence of the facts stated therein; and
remain in force until it is revoked.
Where the Authority grants a licence to an applicant, it shall issue a licence to the applicant on payment of such licence fee as may be prescribed.
Every licence issued under this Part shall bear the date on which the licence is granted.