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Monday, 23 July 2012

business in brunei

Assalamu'alaikum readers :D Alhamdulillah done with 'sungkai' :) i think this year Ramadhan is better than last year coz we don't eat and waste food too much. and we don't buy food outside frequently compared to previous year. lovefoodhatewaste :)

alright, what shall i blog about tonight? i think i need to focus on certain topics from now on. so that the entries in my blog will be more organized and consistent. well, i choose to write about food, business and extreme outdoor activities. and mind you, im not doing it in formal way coz i don't like serious reading piece. i will also write entry about my personal life sometimes.


okay, in this entry i will touch topic on business then. 
there are four types of businesses which are common in brunei. 

sole proprietorship

no tax is required *relief sigh* lol! in addition, registration approval is not granted to foreigners. 

partnership

maximum number of partners is 1+19. there must be at least a bruneian or a brunei permanent resident. under certain circumstances, foreign individuals may be granted an approval to register a partnership. the good thing is no income tax being imposed :D so, you have extra money to buy IPads for your staff. lol!

companies

divided into two; private (sdn. bhd.) and public (bhd.).

"A private company must, by its constitution (Articles of Association), restrict the right of members to transfer shares, limit its membership to fifty and prohibit any invitation to the public to subscribe for shares or debentures"

in the case of public company --> may be limited or unlimited; shares are freely transferable to the public; at least 1+6 shareholders; shareholders need to be citizens or PR; half the directors need to be citizens or PR; Memorandum and Articles of Association must be registered with other incorporation documents in prescribed forms; upon approval, Registration of Companies Certificates will be issued and a fee of $25.00 is imposed; the registration fees are based on a graduated scale on the authorized share capital of the company; no minimum capital.

p/s: having 'eyeache' reading it? *facepalm* lol! sorry, im not good in summarizing things. copying? yes! :p

joint venture

"A joint venture may take the form of a corporation or partnership. Several factors, including the nature of the project, would determine which type of joint venture is appropriate. In a corporate joint-venture, the owners have limited liability whereas in a partnership joint venture, the partners have unlimited liability. If the parties to a partnership joint venture are corporations, then liability is limited to that of the participating corporations"

what follow next is some important things that businessmen in brunei need to know:

"All business, except those using the full name of the owner, must be registered with the Registrar of Business Names or Registrar of Companies at the Attorney General’s Chambers.

Firms engaging in the following businesses are also required to be apply for a separate “miscellaneous license” from the District Offices (for business outside the municipal areas) or from the Municipal Boards (for businesses in the municipal areas) or other authorities depending on the type of businesses:
  • Coffee shops, eating houses, boarding houses, lodging houses or other places of public resort.

  • Hawkers;

  • Petrol Station;

  • Retail shops;

  • Timber store and furniture factories;

  • Workshop
info courtesy of bruneiresources.com"

hope you gain some better inputs about business registration in brunei :)

p/s: it is pretty obvious the font in bold is 'copycat' work :p don't get my joke? neverrmind *facepalm*



i apologize coz some of the text background color is white and i don't know why it becomes like that. me myself thinks it spoils the entire entry. well, what important is the knowledge you get. not the text background color. lol!


1 comment:



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