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MoF steps up on initiatives to improve business, investment environment

THE Ministry of Finance (MoF) organised a talk yesterday on ‘Starting a Business (SAB) Socialisation Programme: One-Step Registration’, as part of its continuing efforts to improve the Ease of Doing Business (EODB) in Brunei Darussalam.

 

The talk was facilitated by officials from the Registry of Companies and Business Names (ROCBN).

 

The talk is part of a series of sessions organised by the MoF, to socialise its initiatives to further adapt to changing business needs, while creating an environment that is conducive for business and investment.

 

By improving online procedures and simplifying registration and post-registration requirements, the Brunei Government is hoping to reduce the administrative burden on business entities and provide greater transparency.

 

The reforms to simplify registration requirements were made through the Companies Act (Amendment) Order of 2017 and the Stamp Act (Amendment) Order of 2017, which were approved by 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 on May 4.

 

The Companies Act (Amendment) Order 2017 is aimed at removing the requirements to upload Notice of Situation of Registered Office form, as well as making returns for the Allotment of Shares during incorporation.

 

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

 

To further improve online procedures, the Registry has also introduced an enhancement to the online registration system (www.roc.gov.bn), which merges the Reservation of Name and Registration procedures into a single registration step.

 

With the removal of the procedure for reservation of names, the overall fee to incorporate a company is now fixed at $3 instead of $5.

 

Furthermore, the successful incorporation of a company will be automatically registered with the Revenue Division and the Employees Trust Fund (TAP).

 

In simplifying the post-registration requirements which took effect on April 1, information with regards to companies and business names can be obtained directly from the Registry, for the purposes of applying for labour quota, participation in any government Tender and opening a corporate bank account.

 

As part of its duties, the Registry will verify companies and business names documents that are requested by government agencies and banks, without having the documents to be certified (Certified True Copy).

 

More information regarding the amendments can be obtained at www.mof.gov.bn, or at www.roc.gov.bn.

 

Courtesy of Borneo Bulletin, Saturday, 27 May 2017

 

 

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