Private Trust Company
A Labuan private trust company (PTC) is essentially a Labuan company formed for a specific purpose which is to act as a trustee for a group of connected people related to the settlor of the trust. Therefore in a PTC, the settlor, members of his/her family or his/her advisers can be appointed to the board of directors.
The composition of the board can be changed from time to time to bring in members of succeeding generations and through this way, involve them in the management of the company (family) affairs.
Private trust company are becoming more common as a way to facilitate the management and administration of family wealth, especially those with high-net-worth, for the purpose of dynastic and legacy planning and succession wealth transfer.