Labuan, Malaysia is one of those common law jurisdictions that offers an advantageous option to the foreign investors among the common law trusts and civil law foundations. In 2010, the Labuan Foundation came into the act, right away after the announcement of the new legislation of Labuan.
Labuan FSA (“Labuan Financial Services Authority”) has declared the year of 2013 as the “Wealth Management Year” of Labuan, Malaysia. It was arbitrated to amplify the awareness of the wealth management services of Labuan after the effort of the Labuan IBFC (International Business and Financial Centre). Labuan Foundation is amended for various corporations and organizations, charity organizations, families and also for wealthy individuals i.e. it is for those who want to have complete control over their numerous businesses and assets while being granted official protection.
Labuan Foundations ACT 2010 administers all the aspects of Labuan Foundation and was traditionally applied in several civil law nations. Labuan Foundation has mainly two versions; one is conventional and another one is Islamic Compliant Version. The Islamic Compliant is governed by the Labuan Islamic Financial Services and Securities Act 2010.
If we talk of benefits, Labuan Foundation is very advantageous for any Labuan Offshore Company. One of the biggest advantages is that you are given protection against forced heirship with the help of Labuan Foundation. Moreover, once the incorporation is accomplished, you can set of Offshore Bank Account to easily access the funds. Just for your information Law & Commerce Trust Limited (SimplyOffshore.com) assists both Labuan Company as well as Individuals at every step of Labuan Foundation.