11/09/2014 11:23 AM |
Development Division serves to provide a supporting role towards developing Brunei Darussalam as an Islamic Financial hub in the region comparable to other global and regional peers.
The Division will act as a catalyst in the promotion and enhancement of financial market participation that will contribute towards a sound and robust financial and capital market environment. The roles and functions of the Division include:
Registry of International Business Companies (IBCO)
The Unit is responsible for registration and supervision of International Business Companies (IBCs) governed under International Business Companies Order, 2000 (IBCO) and also registration of international trusts and partnerships under International Trusts Order, 2000 and International Limited Partnerships Order, 2000 respectively. All IBCs incorporated are exempt from tax. Applications or documents must be submitted to the Registrar of International Business Companies (and Limited Partnerships).
Application for a licence to act as a Registered Agent and Trust Company can also be applied with the Registry of IBCO. This is administered under the Registered Agents and Trustees Licensing Order, 2000 (RATLO). We are also responsible for assembling guidelines and codes of conduct to our licensees under specific Orders and Regulations.
Fees & Payments
We collect a range of fees such as upon registration of an IBC as well as lodging of some forms and documents.The International Business Companies Regulationspursuant to section 164 of the International Business Companies Order, 2000, state when the fees must be paid and the amount of the fee.
All fees and penalties listed below are stated in United States dollars.
FEE/PENALTY (United States dollars)
Upon the registration by the Registrar of a company incorporated under Part III of the Order
On or before the first anniversary of the incorporation under Part III, registration under Part XI, or conversion under Part XII of a company under the Order, and on or before each succeeding such anniversary, a renewal fee of
Where any renewal fee referred to in paragraph (b) is paid after the expiry of sixty days from any such anniversary (without prejudice to any other fee chargeable or any other action which may be taken by the Registrar), penalty
Upon registration of any copy of a resolution of members or a resolution of directors required to be filed under the Order
Upon the registration of articles of merger or consolidation
Upon the registration of articles of arrangement
Upon the issue by the Registrar of a duplicate, or certified copy of a certificate of incorporation, merger, consolidation, arrangement, continuation, dissolution, discontinuance or good standing
Upon the issue by the Registrar of a copy or extract, whether or not certified, of a document or apart of a document, other than a certificate of incorporation, merger, consolidation, arrangement, continuation, dissolution, discontinuance or good standing, per A4 sheet
For an inspection of the document kept by the Registrar pursuant to this Order, on each occasion
Upon restoration by the Registrar to the Register of a company incorporated under this Order, the name of which was struck off the Register –
(i) if the restoration is applied for within six months immediately following the striking of the name off the Register
(ii) if the restoration is applied for more than six months immediately following the striking of the name off the Register
For the reservation of a name under section 14 of the Order
Upon submission to the Registrar of documents referred to in section 144 of the Order in relation to conversion of a foreign company into an IBC
Upon filing for the registration of a foreign company under Part XI of the Order
Upon the registration by the Registrar of a notice of increase or decrease of authorised capital of a company incorporated or registered under this Order
Upon a company incorporated under this Order continuing its incorporation under the laws of another jurisdiction
On a company newly or already incorporated, registered or converted under the Order becoming a Dedicated Cell Company
Upon filing any document referred to in Part IX Division 3 of the Order
For a certificate of good standing under section 163 of the Order
For determining any matter in relation to creditors and issuing any direction required under sections 43(4) and (5) of the Order, per application/direction
For any application or document not mentioned above, save as the Registrar at his discretion may require a lesser payment where the circumstances so justify
Registered Agents & Licensed Trustees
Registered Agents & Licensed Trust companies are regulated under Registered Agents and Trustees Licensing Order, 2000 (RATLO).
Functions of Registered Agents and Trust companies include:
Application and Issue fees for a licence under the Registered Agents and Trustees Licensing Order, 2000 (RATLO) are B$ 2,000 andB$ 3,000 respectively. An Annual Licence Fee of B$ 2,000 must be paid on or before 31st January every year.
Registry and Licensing Systems (RALS)
RALS is our online portal which provides the ease of doing business particularly for our Registered Agents. The online portal allows our Registered Agents to submit or lodge applications in real time thus helps to improve efficiency and quality of our service.
Users can access RALS here
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