A foreign company that wishes to establish a business in Brunei and does not incorporate as a local company, must register as a branch, of the foreign company.
The Companies Act stipulates the requirements for the registration of a branch of a foreign company in Brunei. The procedure is similar to that of incorporating a local company but the documents required to be filed with the Registrar of Companies differ slightly. The filing documents required are as follows:
The branch must have a registered office in Brunei Darussalam and must appoint a local agent. On registration, a foreign company is entitled to the same powers and authority as a local company.
Branches of foreign companies are required to file a copy of their head office annual financial accounts with the Registrar of Companies every year. Branches are also required to prepare branch accounts for tax computation.
Registration fees payable in respect of the registration of a branch depend on the authorised share capital of the holding company but are 50% of the fees payable for locally incorporated companies.
Upon approval of the company, the following documents should be lodged with the Registrar of Companies within the stipulated reservation period:
The registration process typically takes about 5 to 6 weeks to finalise before a certificate of registration is issued, at which time the branch may commence business.