Open a Malaysian Foundation
Updated on Monday 29th August 2016
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A foundation in Malaysia is a legal entity established to offer financial assistance to various groups of individuals. It can be set up in order to help students, sustain various fields or to offer assistance to various categories of persons (disabled, poor etc.). It is important to know that a foundation gains finances from funds donated by natural persons or legal entities. At the same time, the local legislation allows the incorporation of foundations with the purpose of providing wealth management services. Our team of company formation representatives in Malaysia can offer assistance to foreign investors for the registration process of a foundation in this country.
Register a foundation in Malaysia
Although the purpose of a foundation is not the financial gain, the entity has to be registered by following the incorporation procedure available for commercial companies. The foundation should be represented by a legal entity and registered under a trading name which is unique on the territory of Malaysia.
The registration of the trading name of the foundation is handled by the Companies Commission of Malaysia. The foundation should also be registered for tax purposes (although such entities are exempt of several taxes), have an official business address and open a corporate bank account; our team of company incorporation agents in Malaysia can offer more details on the registration process.
Labuan foundation in Malaysia
The Labuan foundations were created in Malaysia under the Labuan Foundations Act 2010, which provides a legal framework for the purposes and the ways in which such entities can be registered. It is important to know that the Labuan foundations are also tailored in accordance with the regulations applicable to Muslim businessmen, under the Labuan Islamic Financial Services and Securities Act 2010.
Labuan foundations can be set up for wealth management services or for charitable purposes.
According to the law applicable to Labuan foundations, the entity can be set up by a single founder, who can be a Malaysian citizen or a foreigner, represented by a natural person or by a legal entity. The beneficiaries of the foundations can be individuals or corporations, residents or non-residents of Malaysia.
Businessmen interested in receiving further details on the types of foundations available in this country or opening a company in Malaysia can contact our team of company formation consultants.