The Labuan foundation is a specific corporate body that is fully governed by a separate legal entity basically established to hold assets to manage them and benefit class of people on a contractual basis. This foundation has a separate legal system that is basically used only for wealth management and charitable purposes. Here in this blog we will highlight more on the structure of the Labuan foundation for your better understanding.
Registered Office Location
This is absolutely compulsory for a Labuan foundation to be registered and have its registered office. The administration and other operations are run and function according to the contractual basis. Similarly the relationships in the foundation are also carried on contractual basis and governed by the governing documents.
The charter is the written grant of the legislative power of the country that prescribes few parameters to which the Labuan foundation has to be managed and governed.
The management comprises of a council, an officer and a secretary where the council is responsible for carrying out the general managerial tasks of the foundation, so that the purpose for which the foundation is established shouldn't be violated. The officer is responsible for the administration work of the foundation run in a smooth manner. The secretary is the representative of the foundation and performs all fillings of documents to the Labuan financial services authority.
The assets put in the Labuan foundation are the property of the foundation and are only prescribed for the benefit of clearly defined purposes.
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