Services: The Structure of a Labuan Foundation

Labuan Foundation

The Structure of a Labuan Foundation:

  • Founder: If the Founder also acts as the council member, the Founder may direct and manage the foundation's assets.
  • Council Members: Council members are responsible for general supervision of the foundation's management and to ensure that the purpose for which the foundation was established is fulfilled in accordance with the charter, articles and the law.
  • Officers: Responsible for the proper administration of the Foundation such as to disburse funds to beneficiaries as per Trust deed with founder (if any).
  • Secretary: It is compulsory to appoint a Secretary and the secretary must be a licensed Labuan Trust Company. Other than being a service provider to the foundation, the Secretary performs compliant agent functions and acts as a conduit between foundation and Labuan Financial Services Authority.
  • Protector/Supervisory person: At the discretion of the Founders, a protector or supervisory person may also be appointed mainly to monitor the Council’s decision with the powers to add or remove Council members or Officers, etc.
  • Beneficiaries: Beneficiaries of Labuan Foundation may include individuals, corporate entities or charities and are those who have vested interest in the assets of the foundation. Unless specifically provided in the charter or articles, beneficiaries have no rights to the foundation's assets and are not owed any fiduciary duties.
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