Update 22 July 2015
ROC would like to highlight the errors that commonly committed by trust companies with regard to Labuan foundation application and operational matter. All Labuan Trust Company is strongly advised to ensure completeness of documents and accuracy of information prior to submission. With immediate effect, ROC will reject any application that contains any of the following errors below.
1. Signed charter is not dated particularly at the signing column
2. Registered address of the foundation not stated in the charter
3. FEA statement not inserted in the charter as required under the Guidelines
4. Multiple typo errors throughout the charter and articles
5. Initial endowment – discrepancies between the amount ($$$$) and wording (xxxxx only)
6. Unclear purpose and objective for the foundation. Error can be committed due to the usage of the same charter and articles template for both charitable and non-charitable foundation
7. Founder’s address not stated in the charter
8. Non-submission of Officer Declaration – circular to ALTC dated 12 March 2014
9. Non-compliance with section 39 and 42 of LFA 2010 pertaining to Submission of Form 9. Some TC lodged the form after the effective date of resignation
10. Non-submission of list of name and address of the officer/s. This is a requirement under Fourth Schedule Documents for Registration of Labuan foundation