WAYS TO DISSOLVE LABUAN PRIVATE FOUNDATION
Labuan Private Foundation can be easily dissolved in three (3) simple ways! Let us know which way suits you best to assist you the whole dissolution process, hassle free!
There are three (3) ways to dissolve Labuan Foundation as follows:
1. Under Section 20 of Labuan Foundations Act 2010 – By default annual fee (payable on or before each anniversary) to Labuan FSA. Strike off process will occur approx. 8-10 months from default date of Labuan FSA annual fee. Restoration of the Foundation is possible within 3 years from date of strike off by paying all overdue fees, penalties and filing the necessary to Labuan FSA and vorious authorities (if any).
2. Under Section 67 of Labuan Foundations Act 2010 – By passing of officer’s resolution on the following conditions:
a. Labuan Foundation is established for a fixed duration and that duration expires;
b. Purpose of foundation is fulfilled or becomes incapable of fulfillment;
c. Any provision covered in the Foundation Charter
Form 10 declaration is to be submitted and made by the person(s) authorized to supervise the dissolution of the Foundation that they have made an inquiry into the affairs of the Foundation and have formed the opinion that the Labuan Foundation will be able to pay its debts in full upon dissolution.
We will lodge to Labuan FSA Authority – Form 10 along with officer’s resolution within 30 days of date.
Once lodged, officers shall do all things to ensure orderly winding up of affairs of the Labuan Foundation and shall collect the properties of the Foundation and distribute the remaining properties to the beneficiaries or manner in accordance to Section 69.
3. Provision under Section 68 of Labuan Foundation Act 2010 – By court order.
FAQ on Dissolving Labuan Foundation:
We will proceed to close the Tax File with Labuan Inland Revenue Department.
It will take approximate about 30-45 days.
Letter of Strike Off issued by Labuan FSA. With this letter, we can then proceed to close your corporate tax file with Labuan Inland Revenue
Min. USD 500 or more depends on the time frame
There is no time frame given by Inland Revenue. All accounting records has to be kept for 7 years.
Yes, we can apply for restoration as long as you are willing to pay penalty fees due to Labuan FSA.
Your wish need to capture in the Foundation Charter for the execution by your Officer.
Drop us your enquiry to speak to us of your concerns! We will guide you every step of the way to successfully register Labuan Private Foundation to meet your objectives!