Labuan Foundations Act 2010 · Updated to 23 Apr 2025 · Part IV · Registration of Labuan Foundation
24B. Register of beneficial owners of Labuan foundation
Feedback & supportEvery Labuan foundation shall keep a register of beneficial owners of the Labuan foundation and record in the register—
the full name, addresses, nationality, identification and usual place of residence of a person who is a beneficial owner of the Labuan foundation;
the date the person becomes a beneficial owner of the
Labuan foundation;
the date the person ceases to be a beneficial owner of the
Labuan foundation; and
such other information as may be determined by the
Authority.
The register of beneficial owners of the Labuan foundation shall be kept at the registered office of the Labuan foundation.
register
“register” means the register of Labuan foundations registered under this Act maintained under section 16;
The secretary of a Labuan foundation shall lodge with the
secretary
“secretary” means a Labuan Trust company appointed as secretary in accordance with section 41;
Authority a notice on any change to the particulars in the register of beneficial owners of the Labuan foundation.
28 Laws of Malaysia
Malaysia
“Malaysia” means the territories of the Federation of Malaysia, the territorial waters of Malaysia and the sea-bed and subsoil of the territorial waters, and includes any area extending beyond the limits of the territorial waters of Malaysia, and the sea-bed and subsoil of any such area, which has been or may hereafter be designated under the laws of Malaysia and in accordance with international law as an area over which Malaysia has sovereign rights for the purposes of exploring and exploiting the natural resources, whether living or non living;
Any notice required under subsection (3) shall be lodged within thirty days from the date on which the change is recorded in the register of beneficial owners of the Labuan foundation.
The secretary of a Labuan foundation shall retain the information of a natural person who has been recorded in the register of beneficial owners of the Labuan foundation as a beneficial owner but subsequently ceases to be a beneficial owner of the
person
“person” includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;
Labuan foundation for six years from the date the natural person ceases to be a beneficial owner.
An entry relating to a natural person who ceases to be a beneficial owner of a Labuan foundation under subsection (5) shall be removed from the register of beneficial owners of the Labuan foundation after the expiration of six years from the date the natural person ceases to be a beneficial owner.
If the Labuan foundation submits false or misleading or inaccurate information to the Authority under this section, the Labuan foundation, the secretary and every officer of the Labuan foundation who is in default commits an offence under this Act, and shall, upon conviction, be liable to a fine not exceeding one million ringgit or imprisonment for a term not exceeding three years or to both.
officer
“officer” means the officer of a Labuan foundation appointed in accordance with section 35;
The Authority shall determine the form, manner and extent of the information to be kept under subsection (1) and lodged under subsection (3).
The Authority may, by notice in writing, direct a Labuan foundation to lodge with the Authority within a period as specified in the notice, information in relation to the beneficial owner kept by the
Labuan foundation.
The register of beneficial owners of a Labuan foundation shall be prima facie evidence of any matters inserted in the register under this Act.
The Authority may, in relation to access to the register of beneficial owners of the Labuan foundation kept at the registered
Labuan Foundations 29
office of the Labuan foundation or beneficial ownership information lodged with the Authority, determine—
any person who may access the register of beneficial owners of the Labuan foundation or the beneficial ownership information;
the manner and terms and conditions for accessing the register of beneficial owners of the Labuan foundation or the beneficial ownership information; and
the fee for the supply of the beneficial ownership information.
Section 71 of the Act shall not apply if the disclosure or access has been determined by the Authority under subsection (11).
If the Labuan foundation fails to comply with subsection (1),
, (3), (4), (5), (6) or (9), the Labuan foundation, the secretary and every officer of the Labuan foundation who is in default shall be liable to an administrative penalty.
administrative penalty
“administrative penalty” means the penalty imposed in accordance with section 78;