Brunei’s sound economy has been expanding gradually for the past 20 years, making it a great place to launch a new business. 1.5% is the current level of inflation, and the tax structure is relatively investor-friendly. Personal income, capital gains, sales, manufacturing, payroll, and exports are all exempt from taxation. For new investors, Brunei’s company registration procedure has been streamlined so that it may be completed online in only one day. The country is one of the top oil producers in South East Asia and has access to abundant natural resources like oil and natural gas. Liquefied natural gas and hydrocarbons make up the majority of its exports.
Due to its advantageous location, neighboring ASEAN nations may be reached by flight in two to three hours. The field of information and communications technology, also offers great financial possibilities. Aquaculture and fish farming also have great futures in this region. Fitness centers, boutiques, repair services, supply chain companies, etc. are more industries with promise in Brunei.
All company establishment and registration procedures in Brunei are governed by the Companies Act of 1984. The responsible authority is the Ministry of Finance’s Registry of Companies and Business Names (ROCBN).
Business possibilities
The southeast Asian nation of Borneo called Brunei is wealthy in oil. Its workforce is highly educated and proficient in English, and there are little to no taxes there.
Procedures for registering a company in Brunei
The pre-and post-registration steps for registering a corporation in Brunei might take up to a week.
The following are the steps required:
Confirm the company name’s availability
Applicants can complete this online at the Business Names Division’s official website. The online system will produce an immediate company name verification and inform the applicant as to whether the firm name is available.
Declare the business
Applicants can move on to the government website’s fill-in online application form once the suggested company name has been confirmed and is available for use. The cost to register a company in Brunei is BND 300.
Candidates must submit the following paperwork:
- Documentation proving personal identification.
- Email addresses and phone numbers for a firm employee.
- Formal authorization to function as a director.
- Director’s names list.
- Two certified copies of the articles of association and the memorandum.
- Registration forms for the employee’s provident fund and the collector of Income Tax.
Following the completion of the registration process. Next is the submission of the application for company registration in Brunei, these documents will be supplied in an electronic format often within the following working day.
Employees should join one of the provident funds
After a business successfully incorporates, the Employees Provident Fund (EPF) system will get the pertinent data immediately. There is no requirement to submit a hard copy of any documentation to complete registration with the EPF because the system is entirely online.
Every employer is expected to make the necessary contributions to the EPF accounts of their employees. The business must open an EPF account and finish the registration process online. Additionally, they must register their employees and supply information on their identities and incomes. Additionally, all employees’ identity cards and employment contracts must be presented.
Create a business seal
A corporation may still decide to purchase a company seal from a nearby seal maker even though it is no longer required by law.
The advantages of Brunei company registration
- Your business will acquire legal status, increasing your credibility with customers.
- There will be more possibilities for financing.
- Your company’s brand worth will rise.
- You’ll get tax benefits.
- You’ll officially take ownership of your company.
- You could promote your goods and services.
- Other businesspeople cannot use your company name.
- Foreign investors will receive complete ownership and control.
You must choose the type of entity you will register as because each business structure has various requirements.
The following categories of businesses are available for you to pick from:
- International limited partnership limited liability company.
- Public limited firm in a free zone.
- Single-person business.
- An external organization’s branch or agent office.
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