Licensing Criteria
Application for Money-Changing and Remittance Business Licence
The Money Changing and Remittance Businesses Act, Chapter 174 requires any companies or individuals to apply for a licence to conduct money-changing or remittance business. Companies or individuals carrying out money-changing or remittance businesses without a valid licence is considered as breaching the law and may be subjected to penalties.
Application Process
Applications to be a money-changing or remittance licensee will be opened by the BDCB periodically and advertised in local newspapers, and BDCB’s website and social media accounts. Interested applicants can apply for the licence once the applications are opened.
For hotels wishing to obtain a money-changing licence, a written application must be submitted to BDCB. Money-changing licences for hotels are limited to the buying of foreign currencies and serving hotel guests only.
Applicants must submit a completed application form provided by BDCB along with an application fee (as specified by BDCB). In considering any application for a licence, BDCB may require to be satisfied as to: -
- a) the good character of the applicant or, if the applicant is a company,the general character of the management of the company;
- b) the financial condition of the applicant; and
- c) whether public interest will be served by the granting of the licence.
Relevant Fees and Security
| Type of Business | Annual licence Fee | Security (Banker’s Guarantee) |
|---|---|---|
| Money Changing | BND2,000 | - |
| Money-Changing (Hotel) | BND500 | - |
| Remittance | BND3,000 | BND55,000 |
Completed application form along with necessary documentations andapplication fee is to be submitted to:
Supervision 3 (Specialised Market)
Regulatory and Supervision Department
Brunei Darussalam Central Bank
Level 7, Ministry of Finance and Economy Building
Commonwealth Drive
Bandar Seri Begawan BB3910
You may also contact us directly for any general licensing enquiries on the Supervision 3 (Specialised Market).
Application for Pawnbroking Licence
The Pawnbrokers Order, 2002 requires any companies or individuals to apply for a licence to conduct the business of a pawnbroker. Companies or individuals carrying out the business of a pawnbroker without a valid licence is considered as breaching the law and may be subjected to penalties.
Application Process
Persons wishing to obtain a pawnbroker licence must submit a written application to BDCB. Applicants are to submit a completed application form provided by BDCB along with an application fee.
General Requirements
- The proposed business must be conducted in accordance to Hukum Syara’;
- Any persons may apply whether or not professing the Islamic religion;
- Must be able to provide minimum paid-up capital of BND50,000.
Relevant Fees and Security
| Application Fee | Annual licence Fee | Security (Banker’s Guarantee) |
|---|---|---|
| BND100 | BND5,000 | BND100 |
Completed application form along with necessary documentations and application fee is to be submitted to:
Supervision 3 (Specialised Market)
Regulatory and Supervision Department
Brunei Darussalam Central Bank
Level 7, Ministry of Finance and Economy Building
Commonwealth Drive
Bandar Seri Begawan BB3910
You may also contact us directly for any general licensing enquiries on the Supervision 3 (Specialised Market).