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Registering Company in Brunei
Brunei is a small Southeast Asian country that is rich in oil and gas resources and is one of the world’s richest countries. The registration of a company in Brunei is very simple, owing to the local government’s desire to reduce its reliance on oil and gas exports and to encourage more foreign companies to invest there.
Because the Brunei government sees foreign investment as the primary driver of its vibrant and sustainable economy, it allows for 100% foreign ownership of companies. The government does, however, require that at least one of the directors of a foreign-owned company be a Brunei citizen, permanent resident, or long-term resident in Brunei.
Step 1: Choose the Right Type of Company for You to Register
After understanding your business objectives and activities, 3E Accounting team will advise you on your paid-up share capital, business structure, laws and regulations and whether you need to apply for any business licences. Brunei companies are classified as Sole Proprietorships, Partnerships, Foreign Companies, Group Companies, Free Trade Zone Companies and Branch Offices.
Step 2: Name Search and Reservation of Company Name
Applicants are required to provide the following registration documents to the Registrar of Companies and Business Names (ROCBN) and a Certificate of Incorporation will be issued upon approval of the name, with a reservation valid for 30 days.
- List of directors, personal identification and date of birth
- Letter of Consent
- Notice of Registered Office Address
- Memorandum of Association signed by all directors
Step 3: Documents to Be Prepared for Registering a Company in Brunei
- Certificate of Incorporation
- Articles of Association and Memorandum of Association
- Statement of compliance
- At least two shareholders
- At least two directors
- Directors’ certificates
- Notarized copies of shareholders’ passports (or other source of identification)
- Legally registered agent
- Legal registered office address.
Step 4: Registering a Company in Brunei
Registering a company in Brunei is very easy, just visit their website http://www.roc.gov.bn, submit the documents as well as pay the registration fee and wait for the approval to go through. The certificate of incorporation will be mailed to your mailbox.
Step 5: Open a Bank Account
After incorporating a Brunei company, you can open a bank account with a local commercial bank, depending on the bank’s requirements.
Step 6: Financial Reporting and Tax Obligations
Once the new company is formed, you will need to comply with your financial reporting and tax obligations. 3E Accounting can provide you with the necessary accounting and tax services to ensure that you are able to continue to conduct your business legally and in compliance with relevant laws and regulations. Companies are required to file annual financial statements by 30 June of the tax year.
Contact 3E Accounting for a Customized One-stop Service
The entire incorporation process takes approximately 12 weeks. Please note that the above steps are general guidelines and specific incorporation procedures and requirements may vary depending on your type of company and other factors. Professional legal and accounting advice is recommended and can be obtained by contacting a 3E Accounting.