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Online registration system speeds up biz incorporation

BANDAR SERI BEGAWAN

SINCE the introduction of the online business registration system in 2015, a total of 2882 business names and 908 new companies have been registered and incorporated in Brunei.

 

The types of businesses range from sole proprietorships and partnerships which are registered under the Business Names Act (CAP 92) and companies (commonly identified as ‘Sendirian Berhad’) which are registered under the Companies Act (CAP 39)

The online system introduced by the Registry of Companies and Business Names Division (ROCBN) is one of the many initiatives and reforms undertaken by the Ministry of Finance (MoF) and divisions under it. This will support the Ease of Doing Business initiatives that will not only improve our global ranking but also to encourage more entrepreneurial activities among Bruneians by making it easier to set up a business.

Today you can register and incorporate your new business within one working day compared to five days a couple of years ago.

Registration can be done simply by accessing the new online registration system () and submitting the application without the need to physically come to the Registry. All necessary documents in support of the application can be scanned and uploaded onto the system.

Payments can also be made online by credit or debit card and once approved, the certificate of incorporation and/or registration will be emailed to the applicant.

The ROCBN would also like to remind applicants about the common mistakes encountered when registering the correct business entities. There are instances when the public has mistakenly applied for registration of a company (Syarikat Sdn Bhd) when the intention is to register a business name in the form of sole proprietorship or partnership.

Applicants should be aware of the responsibilities of being a business name owner and a director of a company. Further information can be downloaded or accessed by visiting the Ministry of Finance website at .

With the improvements, Brunei now joins the ranks of most improved countries when it comes to registering a business.

The process of starting a business in Brunei has improved significantly since 2015 with the streamlining of processes and the elimination of the business license for most types of businesses, making it easier and simpler to register and set up a business in the country.

The achievement was due to the concerted efforts by multiple government agencies over the past two years with the introduction of some systematic reforms including streamlining processes, regulation and laws pertaining to the setting up of businesses. It indicates the government’s serious efforts to improve the business climate and to make Brunei an attractive investment destination for foreign companies.

The existing business community as well as new and aspiring entrepreneurs who wish to realise their entrepreneurial potential also stand to benefit from the improvements.

For more information or enquiries on the online registration procedures, log on to the MoF website at  or contact the general line 2380505 and via email at  This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Ministry of Finance

 

Courtesy : THE BRUNEI TIMES, Saturday, SEPTEMBER 17,2016

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