Noblehouse International Trust Ltd.

1. What is the total costs for setting up a LOC?
The costs is USD2,270 for a LOC with an authorised share capital of RM50,000 (eqv. USD14,000). *

2. What if I need the authorised share capital to be USD100,000 (i.e. between RM50,000 to RM1,000,000)? How much do I need to pay for the incorporation costs?
Due to the increase in authorised share capital, there will be an additional USD300 for the registration fees of the increase. The total incorporation costs shall be USD2,570. *

3. What if I need the authorised share capital to be USD1,000,000 (i.e. above RM1,000,000)? How much do I need to pay for the incorporation costs?
The additional registration fees is USD1,195. The total incorporation costs shall be USD3,465. *

4. What is the number of directors required to established a LOC?
Minimum One - can be either be an individual or a corporate entity.

5. What is the number of shareholders required to established a LOC?
Minimum One - can be either be an individual or a corporate entity.

6. Can the director and shareholder be of the same person?
Yes.

7. What is ultimate beneficial owner?
It is the actual person who owns the LOC. Sometimes, you may engage a nominee to act as shareholder on your behalf . It is Noblehouse's policy to obtain identification and details of the ultimate beneficial owner.

8. Will the information on ultimate beneficial owner be published or available to other party?
No, all details of the ultimate beneficial owner are strictly kept by Noblehouse. The details are not open to public.

9. How about the information on the LOC?
Likewise, the details of the LOC are not opened to public. All statutory lodgment made with the Labuan Offshore Financial Services Authority (LOFSA) are strictly confidential and may only be accessed upon presentation of authorisation letter from the director, officer or shareholder of the LOC.

10. Who can be a director or shareholder or ultimate beneficial owner of the LOC?
Any person or corporate entity may be appointed as director as long as he/it is “fit and proper” and satisfy our due diligence requirement.

11. What is “fit and proper”?
Basically, it means that the person or corporate entity must be sound, not been adjudicated bankrupt, have not at any time been held liable in any civil suit for any fraud or misfeasance and have not at any time been convicted of any offence by any court in relation to his work, business and employment.

12. Can the LOC issue share capital in Malaysian currency?
No, the share capital of the LOC MUST be in foreign currency.

13. Can a LOC transact business with Malaysian residents?
No, every LOC is prohibited from dealing with Malaysian residents unless exemption has been obtained from LOFSA. Further, every LOC should not carry on business in the Malaysian currency except for defraying its administrative and statutory expenses.

14. How do I incorporate a LOC?
Simple – just complete our standard application form and furnish us with the all the certified documents as listed in our application form. Thereafter, forward the documents together with a copy of the bank remittance advice (once payment has been made into our bank account).

15. How long does it takes to incorporate a LOC?
Upon receipt of all the required documentation, Noblehouse is able to assist you to incorporate the LOC within two or three working days.

16. Do I need to be in Labuan physically to set up the LOC?
No. But Noblehouse would be very pleased to meet you in person. It is also recommended for you to travel to Labuan should you wish to open bank accounts with Labuan Offshore Banks.

17. Does Noblehouse assist to open bank account?
Definitely. Noblehouse also provides the services of bank signatories provided our terms and conditions are satisfied.

18. Does the LOC need to appoint an auditor?
The appointment is optional, unless it is a licensed entity registered with LOFSA. A LOC carrying on an offshore business activity which is an offshore trading activity may appoint an auditor if it elects to pay 3% of the net audited profits for taxation purposes.

19. Does the LOC need to appoint Noblehouse as Tax Agent?
It is strongly recommended, as every LOC is obliged to report its tax position with the Inland Revenue Board within three months from the commencement of a year of assessment. If Noblehouse is not the tax agent, you are required to furnish us details of your tax agent and copies of the filed tax document for our records.

20. Must a LOC prepare financial statements?
Yes, every LOC is statutorily required to produce and maintain proper accounting and other records to sufficiently explain the transaction and financial position of the LOC.

21. What is Annual return?
It is a form which contains all the corporate details of the LOC (i.e. director, shareholder, secretary, share capital, etc) which is required to be lodged with LOFSA 30 days before its anniversary date. Noblehouse requires each customer to verify and confirm the accuracy of the details prior to lodgment.

22. Is it mandatory to appoint a Malaysian local director?
Under the present legislation, there is no requirement for a LOC to appoint a Malaysian local director.

23. Is it mandatory to appoint a Resident Director (i.e. Trust officer of a trust company)?
Under the present legislation, there is no requirement for a LOC to appoint a Resident Director.

* subject to fluctuation of exchange rate.