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Government ushers in business-friendly reforms

THE Ministry of Finance (MoF) announced that His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam consented for the introduction of the Companies Act (Amendment) Order, 2017 and Stamp Act (Amendment) Order, 2018 effective May 4, 2017 as well as several initiatives from the MoF to further cater and adapt to the changing business needs and creating an environment conducive for business and investment.

 

The Companies Act (Amendment) Order, 2017 has made amendments to remove the requirements to upload Notice of Situation of Registered Office form as well as Returns of Allotment of Shares form during incorporation. With the amendments, taking into account the removal of the process of reservation of name with a fee of $5, the overall fee to incorporate a company is now fixed at $300.

 

The Stamp Act (Amendment) Order, 2017 made amendments to remove the requirements for Memorandum and Articles of Association and Share Certificates to be stamped for the purpose of incorporation.

 

In line with the introduction of the amendments above to further ease the process of starting a business, the MoF will cooperate with other government agencies as well as members of the public sector (such as the Brunei Association of Banks) in the process of verifying company and business names documents directly with the Registry of Companies and Business Names Division without having the documents to be certified (Certified True Copy).

 

 

Courtesy of Borneo Bulletin, Thursday, 11 May 2017

 

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