e-Filing: COR@L System - Labuan

1. CORPORATE REGISTERS FORUM 2015
E-FILING: COR@L SYSTEM
ABU DHABI
10 MARCH 2015

2.  Initiatives
 Government of Malaysia
 Labuan FSA
 Evolution of ROC E-filing
 Overview of COR@L System
AGENDA

3.  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

4.  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

5. 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

6. 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

7.  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

8.  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

9.  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

10. SYSTEM DEMO:
COR@L– Main Page

11. SYSTEM DEMO:
COR@L– Incorporation of Company

12. SYSTEM DEMO:
COR@L– General

13. SYSTEM DEMO:
COR@L– Addresses

14. SYSTEM DEMO:
COR@L– Directors

15. SYSTEM DEMO:
COR@L– Shareholding

16. SYSTEM DEMO:
COR@L– Secretaries

17. SYSTEM DEMO:
COR@L– Documents

18. SYSTEM DEMO:
COR@L– Review

19. SYSTEM DEMO:
COR@L– Payment

20. SYSTEM DEMO:
COR@L– Receipt of Payment

21.  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

22.  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

23. • 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

24. Thank You