Portcullis Group Entities
Baxian Trust (Labuan)
Baxian Trust (Labuan) Limited, company number: LL11758, is a licensed trust company authorised to provide trustee and corporate services in Labuan.
As a member of the Portcullis Group of trust, fund and corporate services companies, we offer family office services from its offices in Singapore, Hong Kong, Taiwan, British Virgin Islands, Cook Islands, Cayman Islands, Samoa, New Zealand and Labuan.
We provide trust, corporate secretarial services and fund services through our experience team of legal and administrative professionals and work closely with other Portcullis Group offices in various jurisdictions.
Our services in Labuan include, but are not limited to, the following:
- Provision of company secretarial and registered office services;
- Maintenance of the statutory records and minute books;
- Attendance to all statutory filings in the country of domicile;
- Arrangement for payment of annual fees to local registrars and regulators.
David Chong
Director
David Chong
Chairman & CEO
David is the Founder and Chairman of the Portcullis Group. He has been described by the Singapore Academy of Law as “the Guru of Asian Family Offices".
Portcullis is one of the largest independent trust, fund and family office service providers in Asia. With a rich history of servicing clients for over 35 years, it has a wide range of professional expertise in running successful wealth management companies. Its international network in Singapore, Hong Kong, Taiwan, Labuan, Kuala Lumpur, the BVI, New Zealand, Samoa, the Cook Islands, the Cayman Islands and Seychelles gives it the ability to provide comprehensive services across multiple jurisdictions.
Portcullis Investment Office Limited holds Type 4 (Advising on Securities) & Type 9 (Fund Management) licences issued by the Securities & Futures Commission of Hong Kong; and Portcullis Investment Office Private Limited holds a Capital Markets Services Licence for Accredited & Institutional Investors issued by the Monetary Authority of Singapore.
David is also President of Portcullis Group’s subsidiaries: Baxian Bank Ltd (the first homegrown digital full bank in Malaysia); Baxian Trust (Labuan) Limited and SSTC Ltd (one of the oldest independent trust companies in Labuan), all of which are regulated by the Labuan Financial Services Authority.
David Chong and his family also owns Fusang Corp, the first fully-regulated platform in Asia providing end-to-end infrastructure to support Digital Securities. Fusang Exchange Ltd, a subsidiary of Fusang Corp, is licensed in Labuan, Malaysia as a Securities Exchange under Part IX, Section 134 of the Labuan Financial Services and Securities Act 2010 (LFSSA). Fusang Exchange is the first fully-operational stock exchange in Asia that allows companies to go public through a digital IPO accessible by both retail and sophisticated investors globally, supporting the trading of both digital securities and cryptocurrencies. David is approved by the Minister of Finance, Malaysia as a member of its Exchange Committee.
David is the former President of the Singapore Trustees Association (STA). He served as the Founding President of Society of Trust & Estate Practitioners (STEP) Singapore Branch, and was the Founding President of the Singapore Fund Administrators Association (SFAA). He also sits on the Investment Committee of the Singapore Academy of Law and leads the Family Office Association Ltd.
He is a Fellow of Harris Manchester College, University of Oxford, where he sits on the Board of Regents. In appreciation for his dedicated service to education, the Singapore Ministry of Education presented David with a Service to Education Award.
David is the Managing Director of David Chong Law Corporation, Singapore, and is qualified as a Barrister-at-Law, Lincoln's Inn; Advocate & Solicitor, Singapore; Malaya and Brunei; Barrister & Solicitor, British Virgin Islands; Solicitor, NSW and Queensland, Australia; Barrister & Solicitor, Australian Capital Territory and Victoria, Australia.
David has a Master’s Degree in Law from National University of Singapore and a Master’s Degree in Business from City University, London.
Foo Chee Thong
Director
Foo Chee Thong
Director Corporate Services
Mr Foo Chee Thong is a director and Trust Officer of Baxian Trust (Labuan) Limited, a licensed trust company authorised to provide trustee and corporate services in Labuan and a member of the Portcullis Group. A Chartered Secretary by profession, he has been with the Portcullis Group since 1995 as General Manager and a resident Trust Officer.
Chew Mee Lee
Relationship Manager
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Ng Pei Jiuan
Relationship Manager
.avif)
Thy Hui Hsia
Corporate Administrator
Baxian Trust (Labuan)
The Centre for International Trade in the Heart of Asia Pacific
Labuan, a federal territory of Malaysia, is strategically located in the heart of Asia Pacific. It can be easily accessed from all major regional economic centres such as Bangkok, Hong Kong, Jakarta, Kuala Lumpur, Manila and Singapore. Clients may conveniently attend meetings in Labuan and return to home within the same day or the next.
As a mid-shore jurisdiction, Labuan entities strike an ideal balance between client confidentiality and compliance with international best standards and practices. The jurisdiction provides business which are looking to expand into ASEAN and Asia Pacific, an effective and legitimate way of capitalising on the region’s growth and beyond.
Labuan’s business-friendly environment, anchored by a simple and attractive tax system and a pool of skilled human resources, is well-supported by a robust, modern and internationally-recognised legal framework based on the English common law.
In addition, the jurisdiction boasts a wide range of business and investment structures facilitating cross-border transactions, business dealings and wealth management needs.
These unique qualities offer sound options for regional businesses going global or global businesses looking to enter Asia’s burgeoning markets.
Most importantly, Labuan has a comprehensive, modern and globally-recognised supervisory framework that adheres to protocols on anti-money laundering and exchange of information and regulatory requirements set by the Organisation of Economic Co-operation and Development (OECD). Labuan is a “white listed” jurisdiction as deemed by the OECD, ensuring a safe and secure business environment to conduct international trade.
Baxian Trust (Labuan)
Services
Baxian Trust (Labuan) Limited offers a comprehensive suite of services, including:
- Company Incorporation
- Corporate Resident Secretary
- Director (Corporate/Individual)
- Corporate Shareholder
- Business Office Services
- Tax Returns
- Financial Accounts
- Opening of Bank Account
- Signatory Services
- Application for Tax Resident Status/EPF/Socso
- Board Resolutions
- Letter of Information
- Letter of Good Standing
- Administration of Company
- Trade Support Services
- Trust Services and Administration
Benefits of being a Labuan-registered company
- No restriction on ownership, with 100% foreign ownership permitted
- A minimum of one shareholder is required. The shareholder can be of any nationality or residency or even a corporation
- A minimum of one director is required. The Director can be of any nationality or residency or even a corporation
- No exchange control to restrict the movement of funds
- All payments by a Labuan-registered company, including dividend, are exempt from withholding tax in Malaysia.
- The exception is payment of directors’ fees and salary which are subjected to the mandatory statutory deduction.
- No stamp duty on transfer of shares and transaction agreements with Malaysian non-resident.
- Simple tax restructuring with no tax on Labuan investment holding company and minimal tax at the discretion of a Labuan trading company of either RM20,000 or 3% of the audited profit.
- No requirements for accounts to be audited
- Only one board meeting required to be held in Malaysia to establish Malaysia tax residency, giving access to Malaysia’s extensive Double Tax Agreement (DTA) network.
- Ease of establishing an operational presence at low cost
- Presence of major banks that offer extensive banking and trade support services.
Baxian (Malaysia)
Baxian (Malaysia) Sdn Bhd is a member of the Portcullis Group established in 2015. It provides a range of business support services for the Portcullis Group of companies.
David Chong
Director
David Chong
Chairman & CEO
David is the Founder and Chairman of the Portcullis Group. He has been described by the Singapore Academy of Law as “the Guru of Asian Family Offices".
Portcullis is one of the largest independent trust, fund and family office service providers in Asia. With a rich history of servicing clients for over 35 years, it has a wide range of professional expertise in running successful wealth management companies. Its international network in Singapore, Hong Kong, Taiwan, Labuan, Kuala Lumpur, the BVI, New Zealand, Samoa, the Cook Islands, the Cayman Islands and Seychelles gives it the ability to provide comprehensive services across multiple jurisdictions.
Portcullis Investment Office Limited holds Type 4 (Advising on Securities) & Type 9 (Fund Management) licences issued by the Securities & Futures Commission of Hong Kong; and Portcullis Investment Office Private Limited holds a Capital Markets Services Licence for Accredited & Institutional Investors issued by the Monetary Authority of Singapore.
David is also President of Portcullis Group’s subsidiaries: Baxian Bank Ltd (the first homegrown digital full bank in Malaysia); Baxian Trust (Labuan) Limited and SSTC Ltd (one of the oldest independent trust companies in Labuan), all of which are regulated by the Labuan Financial Services Authority.
David Chong and his family also owns Fusang Corp, the first fully-regulated platform in Asia providing end-to-end infrastructure to support Digital Securities. Fusang Exchange Ltd, a subsidiary of Fusang Corp, is licensed in Labuan, Malaysia as a Securities Exchange under Part IX, Section 134 of the Labuan Financial Services and Securities Act 2010 (LFSSA). Fusang Exchange is the first fully-operational stock exchange in Asia that allows companies to go public through a digital IPO accessible by both retail and sophisticated investors globally, supporting the trading of both digital securities and cryptocurrencies. David is approved by the Minister of Finance, Malaysia as a member of its Exchange Committee.
David is the former President of the Singapore Trustees Association (STA). He served as the Founding President of Society of Trust & Estate Practitioners (STEP) Singapore Branch, and was the Founding President of the Singapore Fund Administrators Association (SFAA). He also sits on the Investment Committee of the Singapore Academy of Law and leads the Family Office Association Ltd.
He is a Fellow of Harris Manchester College, University of Oxford, where he sits on the Board of Regents. In appreciation for his dedicated service to education, the Singapore Ministry of Education presented David with a Service to Education Award.
David is the Managing Director of David Chong Law Corporation, Singapore, and is qualified as a Barrister-at-Law, Lincoln's Inn; Advocate & Solicitor, Singapore; Malaya and Brunei; Barrister & Solicitor, British Virgin Islands; Solicitor, NSW and Queensland, Australia; Barrister & Solicitor, Australian Capital Territory and Victoria, Australia.
David has a Master’s Degree in Law from National University of Singapore and a Master’s Degree in Business from City University, London.
Lee Wan Mone
General Manager
Lee Wan Mone
Country Manager
Wan Mone is the General Manager of Baxian (Malaysia) Sdn Bhd. Wan Mone has over 20 years of experience across finance, banking, operations and administration. She has held various roles at an international organisation in Kuala Lumpur, as well as at an investment bank and a Big 4 accounting firm in London.
Wan Mone is a Chartered Accountant (ACA) with the Institute of Chartered Accountants in England & Wales (ICAEW) and holds a Bachelor of Arts (Hons) in Economics from Cambridge University.
Fusang
Fusang offers investors a diverse range of opportunities, from real-world asset tokens to cryptocurrencies, providing access to cutting-edge investment solutions.
David Chong Law Corporation
For over 40 years, David Chong Law Corporation has been providing bespoke legal services to prominent family offices and permanent capital institutions across Asia, offering tailored solutions for complex legal matters.