The Nation of Brunei is a country placed on the northern seashore of Borneo's island in Southeast Asia. Among the Southeast Asian countries, Brunei has the second-highest human development index, and it is the fourth-highest oil producer in Southeast Asia. Brunei is accessible by air, sea, and land transport.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Sole proprietorship in Brunei
The simplest form of business in Brunei is the sole proprietorship. This type of business entity isn't subjected to corporate tax. The owner of a sole proprietorship is fully responsible for the business's debts and liabilities. There is no difference between the owner and the manager.
How to register a sole proprietorship in Brunei
The registration process is very simple and straightforward, and it takes no longer than a week.
Business registration
First of all, you should request activity approval from the Ministry of Finance and Economy and then check the availability of the business name. To do that, you can create an account at the site above. You should fill an online form and provide all the required information:
- ID
- Emails and contact information
- Consent to act as director form
- Form X
- Memorandum and Articles of Association signed
