Noblehouse International Trust Ltd.

1. What is the total costs for setting up a Labuan Offshore Company (“LOC”)?
Noblehouse's incorporation costs is RM7,550 equivalent in foreign currency for a LOC with an authorised share capital of RM50,000 equivalent in foreign currency.

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?
There will be an additional RM1,000 payable for the registration fees of the authorised capital. The total incorporation costs shall be RM8,550 equivalent in foreign currency.

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 RM4,000. The total incorporation costs shall be RM11,550 equivalent in foreign currency.

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. It is Noblehouse's policy to obtain Know Your Customer due diligence documentation on 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 public records. All statutory lodgment made with the Labuan Offshore Financial Services Authority (LOFSA) are strictly confidential and may only be accessed upon presentation of written 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?
A LOC is now allowed to do business with Malaysian residents subject to prior notification to LOFSA. However unless such business activity with the Malaysian residents falls under the ambit of the Labuan Offshore Business Activity Tax Act 1990, the income may be taxable under the local tax regime which is at 25% from Year of Assessment 2009. Every LOC shall 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 Noblehouse's standard application form and furnish us with Know Your Customer due diligence 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) to us for our necessary action.

15. How long does it takes to incorporate a LOC?
Subject to satisfactory due diligence documents provided, the LOC may be incorporated 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 of an auditor is optional. If the LOC is a licensed entity registered with LOFSA, then it is mandatory for the LOC to have its accounts audited. 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.