Growing number of trust firms reflects trust in Labuan International Business and Financial Centre, says groupLABUAN, July 15 — The growing number of trust companies operating in the Labuan International Business and Financial Centre , currently at 61, is a reflection of confidence and trust in the jurisdiction, says the Association of Labuan Trust Companies .
He said this had led to more people coming to Labuan to set up business, bringing along with them a number of trust companies. “I think it is now slowly being cleared up, and with the certainty that we have in Labuan, I think business will be good from now on,” he said. On the Covid-19 movement restrictions, he said most of the established trust companies have initiated a business continuity plan under which their information technology infrastructure allows them to move staff from the office back to their house and to work from home.
“Of course, the economic substance requirements require us to have meetings and management control in Labuan but those are only possible once or two times a year while the rest of the time, the Labuan companies can still be operated and the board of directors’ meetings can still be held via Zoom, Teams and so on,” he said.