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Roadshow educates first-time biz registration applicants

Thursday, June 2, 2016

SOME applicants fail to distinguish a private limited company and a sole proprietorship when registering their businesses through the Registry of Companies and Business Names (ROCBN).

This was said by Assistant Registrar, Dk Asmaa Hani Pg Omar Ali, during the first day of the Ease of Doing Business (EODB) Initiatives 2016 Roadshow at the Ministry of Finance (MoF) yesterday.

 

Speaking with The Brunei Times, Dk Asmaa said that the ROCBN has received mismatched applications from a number of entrepreneurs on a daily basis, citing that some applicants are unable to determine what constitutes a company and an enterprise.

The assistant registrar, who also delivered a briefing during the roadshow entitled ‘Register Your Own Company and Business’, said that knowledge of the two business entities are essential as each requires a different set of documents.

Dk Asmaa said that the briefing was to create more awareness among potential entrepreneurs on the types of business entities that exist in Brunei.

“In a nutshell, company names are often recognised as Sendirian Berhad (Sdn Bhd) and Berhad (Bhd) while business names are sole proprietorship and partnerships,” she added.

Among other differences between a company and a business, she explained, was the different liabilities of the two business entities.

“For businesses, the owner will be personally liable for all debts and losses of the business while for companies, members are not personally liable for all the company’s debt and losses.”

The briefing also included other topics which included a demonstration on how to register an individual’s business or company names online through the registry’s website, a process which Dk Asmaa said “has been made simpler”.

“Compared to before, the time it takes for you to register your company or business names will take at most one month, (but) now all it takes is two days, assuming the applicant has all the required documents.

“In fact, the fastest we have registered is within five minutes,” she said.

The three-day roadshow is aimed to create public awareness and better understanding on the reforms that the government has implemented to support the national ease of doing business initiative.

  • Students from Institute of Brunei Technical Education (IBTE) Campuses visiting one of the booths at the Ease of Doing Business Initiatives 2016 Roadshow held at the Ministry of Finance. BT/Wail Wardi Wasil

Members of the public, especially business owners, are welcome to visit the booths which include the Royal Customs and Excise Department and Employees Trust Fund, among others.

Also participating at the roadshow are the Ease of doing Business Unit at the Prime Minister’s Office, Ministry of Home Affairs, Ports Department and Darussalam Enterprise (DARe).

There will also be presentations to explain the roles and responsibilities of the MoF and the departments under it on their ease of doing business initiatives.

The roadshow is open to the public from 8.30am to 4pm at the MoF building.

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  • Students from Institute of Brunei Technical Education (IBTE) Campuses visiting one of the booths at the Ease of Doing Business Initiatives 2016 Roadshow held at the Ministry of Finance. BT/Wail Wardi Wasil
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