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type of business 
The Registry of Companies and Business Names registers business and incorporate companies under any of the following forms:

 

 

Sole-Proprietorship

Partnership

Company

Definition

A business owned by one person

A business firm/ organization of two or more business partners

A business form which is a legal entity separate and distinct from its shareholders and directors

 

Owned by

One person

Generally between 2 to 20 partners. A partnership of more than 20 partners must incorporate

Private Company

 Private Company has at least 2 shareholders and a maximum of 50 shareholders. 

 

 Public Company               

 Public Company has at least 7 shareholders/members.                      

Legal Status

Not a separate legal entity

 

Owner has unlimited liability

 

Can sue or be sued in individual’s own name

 

Can also be sued in business names

 

Owner personally liable for debts and losses of business

Not a separate legal entity

 

Partners have unlimited liability

 

Can sue or be sued in firm’s name

 

Cannot own property in firm’s name

 

Partner’s personally liable for partnership’s debts and losses incurred by other partners

A separate legal entity from its members and directors.

 

Members have limited liability

 

Can sue or be sued in company’s name

 

Can own property in company’s name

  

Members not personally liable for debts and losses of company

 

Registration requirement

Age 18 years or above.

 

Brunei Citizens and Permanent Residents only.

 

 

 

Undischarged bankrupt cannot manage business without court or Official Receivers’ Approval

Age 18 years or above.

 

Brunei Citizens and Permanent Residents only.

 

 

 

Undischarged bankrupt cannot manage business without court or Official Receivers’ Approval

Age 18 years or above

 

Minimum of 2 directors. (if 2, At least one of the directors shall be Ordinarily Resident in Brunei Darussalam)

 

Undischarged bankrupt cannot manage business without court or Official Receivers’ Approval

 

 

At least two shareholders

 

Formalities and expenses

Quick and easy to set up

 

Easy to administer and manage

 

Registration cost is minimal

 

 

 

Less administrative duties to adhere to

Quick and easy to set up

 

Easy to administer and manage

 

Registration cost is minimal

 

 

 

Less administrative duties to adhere to

 

More costly to set up and maintain

 

More formalities and formalities to comply with

 

Annual Returns must be filed as Statutory Requirement of General Meetings, directors, share allotments, etc.

Set-up fee

$30 for the registration fee

$30 for the registration fee

$300 for the incorporation fees

 

Continuity of the business entity

Exists as long as the owner is alive and desires to continue the business

Exists subject to Partnership Agreement

A company has perpetual succession until wound up or struck off

 

Closing of the business

By owner – Cessation of business

By partners – Cessation of business or dissolution of partnership

Winding up – Voluntarily by members, compulsorily by the High Court

 

 

Striking Off

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