Malaysia legislation
Section 61
Section 61
(2)
An applicant may apply to the Authority for a licence under subsection (1) by meeting the following criteria:
(a)
the applicant has contributed at least the equivalent in any foreign currency of one hundred and fifty thousand ringgit to the capital or working funds of the Labuan company or foreign Labuan company;
Labuan Financial Services and Securities 75
(b)
the applicant either—
(i)
has obtained, or will obtain a professional indemnity insurance policy with a coverage of not less than one million ringgit or its equivalent in any foreign currency or such other amount or denomination as may be determined by the
Authority; or
(ii)
has deposited with the Authority security to the value of one hundred thousand ringgit or its equivalent in any foreign currency or such other amount or denomination as may be determined by the Authority;
(c)
the applicant is able to meet its obligations, including its liabilities to its shareholders; and
(d)
the directors and officers of the applicant who are responsible for the management of the Labuan trust company in Labuan, are fit and proper persons.
(3)
A Labuan trust company shall have—
(a)
at least two trust officers, one of whom shall be based in Labuan; and
(b)
a place of business in Labuan.
Terms and conditions of licence