When incorporating, you must look at the law in the country, in Brunei is mixed (common and sharia law) law. You will want to get some local advice as to how to best structure a company in Brunei. One is permitted to electronically sign documents.
The letters BN is for Brunei and the most common company type in Brunei is a LLC (SDN BHD).
The time to setup is usually 12 weeks to incorporate a LLC (SDN BHD) in BN. The types of currencies you can use to setup your legal entity is often legal currency.
Yes, one is allowed to re-domicile a LLC (SDN BHD) from BN. You are usually allowed to change the jurisdiction of the company, pending certain procedures.
There must be at least This means it is not possible for you to own a LLC (SDN BHD) in Brunei as a sole shareholder. You must have other shareholders, they can be nominees or de facto shareholders. Corporate Shareholders are allowed, meaning you could have a company as a shareholder. Foreign ownership is encouraged, up to 100% of the total shareholding.
A company is only required to have one director. Moreover, corporate directors are permitted. Directors should not expect to be private, as they are disclosed. There is a body of law which requires companies to hold an annual meetings of shareholders.
A registered legal firm must be retained for an address, paid by the company on an annual basis, for a professional firm which can receive any lawsuit papers on behalf of the business. Furthermore, a corporate secretary is not always necessary, at least not by law.
There is an obligation to file yearly tax returns. Furthermore, there is oftentimes a requirement to have these accounts audited.
Thin capitalization rules are not in effect.
A corporate director is permitted, meaning this country is a good option if you are setting up a structure where you want to protect director liability.
The directors are disclosed in the public registry of Brunei, Brunei Attorney General's Chamber. Shareholders are not disclosed in the Brunei Attorney General's Chamber.
Typically companies take 12 weeks to setup and there are 1 director(s) required and 2 shareholder(s) required at the time of incorporation.
Overall we think Brunei is a good option and have given it a score of 82 as an IO score, using the Incorporations.IO proprietary formula.
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