Category Archives: Announcements

Extension of Time for Adoption and Submission of Audited Financial Statements pursuant to Section 111 of the Labuan Companies Act 1990

Labuan FSA took note the difficulties faced by Labuan companies regarding the timely submission of audited financial statements in COR@L system due to the impact of COVID-19 pandemic and other operational issues.

As part of the COVID-19 relief measurements and to ease the burden during this trying time, please be informed that Labuan FSA has agreed to grant extension of time to adopt the accounts at a members’ meeting up to 31 December 2020 and to grant approval for an extension of time to submit the audited accounts to Labuan FSA i.e. one month after the members’ meeting for 2019 year of assessment.

Nevertheless, trust companies are still required to apply an application for extension of time via COR@L for our record purposes. Processing fee for extension of time and penalty for late lodgement will be waived during this period.

Please take note, any request for new extension of time after 31 December 2020 will be charged accordingly including its penalty fee for late lodgement, administrative penalty or any other related fees associated with the submission.

The Implementation of the Conditional Movement Control Order (CMCO)

ROC Unit has prepared the necessary steps and arrangement internally to avoid business interruption and in the same ensuring regulatory compliance is met in the duration of the 14-day “restricted movement” as announced by the government. ROC Unit will have a continuous operation and communication during the duration of the CMCO between October 17 and 30 October 2020, amid the ongoing government effort to stem the spread of COVID-19.

ROC counter is closed during the CMCO period, hence the entire ROC Unit will be operating in the basis of work-from-home (WFH) under the normal working hours to ensure the COR@L business services remain unimpeded.

Additionally, offices of commissioner for oaths might be closed during this period. Trust Company may continue to submit their filing of application with unattested Form 6 Statutory Declaration of Compliance (SD) pertaining to new incorporation  or any documentation that requires any form of attestation in COR@L system. Please attach the Letter of Undertaking as part of lodgement as an assurance that you will fulfill the obligation to file the signed attestation SD by a Commissioner for Oaths within two weeks after the end of CMCO. Labuan FSA has agreed to accept the signed copy of the SD without imposing any fee charges.

Please be informed that this special exemption is only valid during the CMCO due to restrictive access to Labuan FSA office, other services like third party company search, Certified True Copy of documents and ROC’s pigeon hole are not available during the period.

ROC Unit also would like to advise all trust companies to make the payment via online platform at COR@L or LEPAY for any other relevant applications as manual submission of cheque is temporarily suspended. In case of compliance difficulties, approaches should be made to ROC Unit as early as practicable.

Please send your enquiry to ROC@labuanfsa.gov.my should you have any further clarification.

Kindly be guided accordingly on this temporary measure and thank you for your kind cooperation.

Please check regularly COR@L page for announcements.

ROC Unit
16 October 2020

Labuan FSA Enhances Its Registrar’s Digital Platform

Labuan FSA is constantly improving its digital platform to enhance delivery system to its stakeholders. These include the creation of a digital portal called REEFS (“Real Time Search of Company Status”). The REEFS was implemented to provide a real time search of companies’ status and to eliminate manual process. The public can benefit from the instant response and up-to-date record checking, as well as verification of Labuan companies’ status in the Registry’s record.

REEFS can be accessed either via Labuan FSA’s website at www.labuanfsa.gov.my or via the COR@L system at www.lfsacoral.gov.my/reefs. To obtain the desired search result, the EXACT company name OR its registration number would need to be entered.

In addition, in line with the Labuan IBFC’s continued emphasis on improving the ease of doing business, Labuan FSA has also enhanced its e-payment platform, LEPAY (“Labuan FSA E-Payment”), to facilitate ringgit payment transactions by Labuan trust companies and the authorised public users typically for non COR@L business services. e.g. fast track processing related payment, third party company search, letter of information (LOI), Certified Filing Document and etc. LEPAY enhancement has simplified payment processes while eliminating administrative burden of trust companies and Labuan entities.

Labuan FSA has also been sharing information with the trust companies in Labuan IBFC, by providing a dashboard of monthly statistical report of Labuan companies’ status on the COR@L’s website. Amongst others, information published include new incorporations, segregation of companies by nature of business and by countries of origin. This information serves as a performance indicator for Labuan companies, and would be useful for the trust companies in formulating their business and marketing strategies.

Moving forward, Labuan FSA will continue to enhance its digital infrastructure to further improve the delivery efficiency and ease of business facilitation.

PAYMENT OF NON-COR@L APPLICATION VIA LEPAY

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Labuan FSA has introduced a new payment method which allow Labuan Trust Company (LTC) to make payment for application via online banking.

Affected applications are as follows:-

List of Processing Fee 2020

Effective 01 July 2020, please make payment via LEPAY.

Important note: Prior approval from Authority is needed before proceeding with any fast track application.

LEPAY User Guide 2020

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Link

We are pleased to announce the COR@L search feature are now open for public usage. This new feature allows the ability to search the status of Labuan Companies and Partnerships in real-time mode.

You may access REEFS from the following link:
https://www.lfsacoral.gov.my/reefs/