Company Formation Survey 2008


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		1. Company law	International Business Companies Order, 2000, amended 2003.
		2. Types of company:	Limited by shares/guarantee.
		(a) type of company preferred for international transactions:	Limited by shares.
		(b) shareless companies:	Limited by guarantee.
		3. Capital requirements:	No prescribed requirements under IBCO 2000.
		4. Costs to incorporate, excluding government fees:	USD400.
		5. Fees paid to authorities to incorporate:	USD100.
		6. Annual fees paid to authorities:	Year one Nil, thereafter USD 400.
		7. Taxation rates applied to companies generally:	Domestic - 30%.
		(a) the taxation of companies in 2 (a)	Nil.
		8. Method of incorporation:	By licensed Registered Agents? and Licensed Trust Companies.
		9. Who may incorporate - specify what, if any, local representatives/ professionals required?	Registered Agents ?and Licensed Trust Companies - resident secretary required
		(a) are ready made companies available?	Yes.
		10. Length of time to incorporate:	Within two days.
		11. Minimum members:	One.
		12. Registered office:
		(a) Can the registered office be a bank/ lawyer/ accountant's office (brass plate)?	Care of registered agent or Licensed Trust Company.
		13. Directors and secretary:
		(a) Must a director/ secretary be resident?	Secretary must be resident, but additional secretary permitted. No residential requirement for Directors.
		(b) Are Corporate Directors allowed?	Yes.
		14. Appointee directors/ secretary possible?	Yes.
		15. Amount of fees payable to appointee directors/ secretary:	Varies - obtain quotes based on responsibility assumed.
		16. Meetings:	Anywhere.
		17. Annual return:	Basic.
		(a) Must financial statements of a company be audited?	Optional.
		18. Is disclosure of profits required by filing balance sheets with annual returns?	No.
		19. Are there any exchange control or other financial restraints imposed upon a company?	No.
		20. Companies formed in the last year:	Approx. 1,950.
		21. Number of companies on the company register altogether:	Approx. 6,500.
S I T E M A P BACK TO TOP		22. How, if any, is migration into and out of the jurisdiction achieved?	Simple statutory provision.
		23. Is migration out of your country provided for?	Yes.
		24. Any amendments to company law over the last 12 months:	No.
		25. Anticipated amendments to company law over the next 12 months:	Not at this stage.
			Compiled by Robert Miller, Brunei International Financial Centre