CORPORATE REGISTERS FORUM 2015

E-FILING: COR@L SYSTEM

ABU DHABI10 MARCH 2015

Initiatives

Government of Malaysia

Labuan FSA

Evolution of ROC E-filing

Overview of COR@L System

AGENDA

Enhancing Malaysia’s competitiveness through

Modernising Business Licencing (MBL)

enhance public delivery system

facilitate business investment

PEMUDAH, the Special Taskforce to Facilitate Business

initiated the programme together with 23 ministries to review

all procedures related to the application of business-related

licenses.

simplify procedures, easier, more transparent and cost-

effective means of dealing with the government.

reduce regulatory burden

create more employment opportunities

INITIATIVE: Government of Malaysia

Labuan FSA

under the Ministry of Finance

one-stop-centre for business registration and licensing in

LIBFC

Labuan FSA has implemented approach with the same objective

as PEMUDAH.

abolish unnecessary processes through simplification of

procedures which will benefit the business community.

Labuan FSA implemented e-filing approach since 2004 and

upgraded the system from time to time to add value and integrity

of our services

the business activities can be done quicker, more

conveniently and hassle-free.

The latest e-filing system launched in June 2014 – COR@L

INITIATIVE: Labuan FSA …..in line with Government

Prior 2000 : Manual Application

2000: EDSP (Excel sheet)

2004: myLofsa (Lotus Domino)

2010: myLofsa2 (J2EE)

2014: COR@L (Catalyst)

EVOLUTION: Labuan FSA’s ROC E-Filing

OVERVIEW: COR@L

COR@L – Corporate Online Registry @ Labuan FSA

online system that promotes convenience and security to the

user with real-time access

consists of 6 registers/ modules

launched in June 2014

Two methods of payment system

HSBCNet

deposit account

Main user:

trust companies

Auditors

liquidators

third parties

System deliverables consist of:

Enterprise Dashboard;

Electronic forms and electronic outputs (certificates or

letters);

Business workflows;

Approval and monitoring modules;

Digital signatures;

Fee computation module and Compliances;

System security;

Integration with finance system; and

Online profiling and reporting.

COR@L is adopting Catalyst Adoption Methodology (CAM)

Service Strategy

OVERVIEW: COR@L

The Registers in COR@L system are inclusive of:

Companies Register

Trusts Register

Foundations Register

Partnerships Register

Common Services Register

Auditors and Liquidators Register (Occupational Register)

In each register, relevant business requirements will be

documented in specified business service catalogs.

describe in details specific business services and

configurations options that will be available across the

registers

OVERVIEW: COR@L – Business Register and Catalogs

These registers are developed in COR@L based on Labuan

FSA’s regulations

Register Regulations

Companies Register • Labuan Companies Act 1990

Foundations Register • Labuan Foundations Act 2010

• Labuan Islamic Financial Services and Securities Act 2010

Trusts Register • Labuan Trusts Act 1996

• Labuan Islamic Financial Services and Securities Act 2010

Partnerships Register • Labuan Limited Partnerships and Limited Liability

Partnerships Act 2010

• Labuan Islamic Financial Services and Securities Act 2010

Common Register • All the above Acts and Regulations

Occupational Register

(Auditors and Liquidators)

• Labuan Companies Act 1990

OVERVIEW: COR@L – Business Register and Catalogs

SYSTEM DEMO:COR@L– Main Page

SYSTEM DEMO:COR@L– Incorporation of Company

SYSTEM DEMO:COR@L– General

SYSTEM DEMO:COR@L– Addresses

SYSTEM DEMO:COR@L– Directors

SYSTEM DEMO:COR@L– Shareholding

SYSTEM DEMO:COR@L– Secretaries

SYSTEM DEMO:COR@L– Documents

SYSTEM DEMO:COR@L– Review

SYSTEM DEMO:COR@L– Payment

SYSTEM DEMO:COR@L– Receipt of Payment

Online and paperless

Increase efficiency and productivity

Centralised record keeping

Secured

Mobility and availability at 24-hour access real-time

User friendly

ADVANTAGES: COR@L

Engagement with COR@L main users on:

Quarterly dialog session with members of Association of

Labuan Trust Companies (ALTC) in addressing COR@L

matters;

Ongoing system support and profile verification;

Provide system training to new users; and

Publish updates on COR@L main page.

Working with Foster Moore on ongoing operations as follows:

Support and maintenance of current system including

resolving operational issues or bugs;

Proposed product enhancement in 2015 and 2016 including

deployment credit card payment, database for BOs and

PEPs, etc.

MOVING FORWARD: COR@L

• Malaysia is the 18th Easiest Place To Do Business in the

World.

• Malaysia is ranked 4th in Asia after Singapore, Hong

Kong and South Korea.

EXCERPT: World Bank Doing Business 2015

Thank You