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May be limited or unlimited |
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May issue freely transferable shares to the public |
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Must have at least seven shareholders |
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Shareholders need to be Brunei citizens or residents |
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Subsidiary company may hold shares in its parent companies |
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Half the directors in a company must be either Brunei citizens or ordinary residents in Brunei Darussalam |
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Memorandum and Articles of Association must be registered with other incorporation documents in prescribed forms |
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Upon approval, Registration of Companies Certificates will be issued and a fee of B$25.00 is imposed |
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The registration fees are based on a graduated scale on the authorised share capital of the company |
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No minimum share capital is required |
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Public companies are required to do the following: |
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Appoint auditors who are registered in Brunei Darussalam |
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Prepare each year profit and loss account and balance sheet, accompanies by a Director's Report |
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Submit accounting data annually to the Economic Planning Unit, Ministry of Finance |
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File annual returns, containing information on directors and shareholders with the Registrar of Companies and Business Names |
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Keep the following records: |
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Minute Book of Members' Meeting |
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Minute Book of Directors' Meeting |
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Minute Book of Managers' Meeting |
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Register of Members |
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Register of Directors and Managers |
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Register of Charges |
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