How 3E Accounting Can Help in Company Registration in Brunei
Brunei is an ideal country for starting a new business since it has a healthy economy that has been growing steadily over the past two decades. Its inflation rate has remained low at 1.5%, and the taxation system is also very favourable for investors. There is no tax on personal income, capital gains, sales, manufacturing, payroll, or on exports. The process of company registration in Brunei has been made convenient and quick for new investors and can be done online in a single day.
The nation is abundant in natural resources like oil and natural gas and is one of the largest producers of oil in South East Asia. Most of its exports comprise of hydrocarbons, and also liquefied natural gas. Brunei is strategically located and is just two to three hours away by air from other ASEAN countries. It also has a lot of business potential in information and communications technology. Fish farming and aquaculture also have excellent prospects here. Other businesses having potential in Brunei are fitness centres, boutiques, repair services, supply chain firms, etc.
The Companies Act, 1984 governs all company formation and registration processes in Brunei. The Registry of Companies and Business Names (ROCBN), the ministry of finance is the responsible authority.
The Benefits of Company Registration in Brunei
- Your company will become a legal entity which will make you more trustworthy to clients
- You will get more funding options
- Your brand value will increase
- There will be tax gains for you
- You will legally become the owner of your business
- You can market your products and services
- Other business people cannot use your firm name
- If you are a foreign investor, you will get total ownership and control
You need to decide about what kind of entity you are going to register as since each business structure has different requirements and implications.
You can choose a business entity from the following types of companies:
- Limited liability company
- International limited partnership
- Free Zone company
- Public limited company
- Sole proprietorship
- Branch or agent office of an outside organization
Company Registration in Brunei in Easy Steps
- The first step is to get the company name approved by the registrar of companies. A limited company that is not a non-profit company must have the word ‘Berhad’ (Bhd in short) at the end. If the company is private, then the word ‘Sendirian’ or ‘Sdn’ must come before ‘Berhad’ or ‘Bhd’.
- Next, submit the required documents to the registrar (Articles of Association, Memorandum, Names of directors along with signed consents, Statutory declaration of compliance, Address of the registered office, Duplicates of the identity cards and passports of shareholders)
- The required registration fees are paid, and the application is submitted online
- The registrar examines all documents and after verifying issues a certificate of incorporation through email in a single working day
3E Accounting provides a full range of services including total support in the company registration process, dealing with government authorities, obtaining a legal address, opening a bank account, and any advice or service required from time to time. If you want to register and incorporate a company in Brunei, please get in touch with us through email or phone. Our team will be more than happy to assist you with the company registration process in Brunei.