e-filing: cor@l system - labuan
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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
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