Brunei Company Incorporation: Walkthrough

How to incorporate company in Brunei

Tetra Consultants recommends that you go through this Brunei company incorporation guidance before deciding to incorporate a business in Brunei to fully understand the stages required for successful Brunei company formation. Requirements and regulations are stated clearly to help you fully understand the process of incorporating a company in Brunei.

As a summary, you can incorporate a company in Brunei and open a Brunei corporate bank account within 6 weeks, depending on the type of entity established upon submission of the required due diligence documents. Our team of professionals will advise and ensure an accurate, seamless process.

Simply put, we can break down our Brunei company incorporation engagement into four different phases:

1. Planning and Strategy
2. Incorporation
3. Corporate Bank account opening
4. Staying compliant

1. Planning and Strategy

• Tetra Consultants will assist you in the Brunei company incorporation procedure by adhering to the following steps below.
• Tetra Consultants will provide recommendations on the suitable type of entity catering to your business objectives and activities. Prior to the start of Brunei company incorporation, Tetra Consultants will advise on the optimum paid-up share capital, regulatory requirements, and whether there is a need for licenses for the intended business activity.
• A Brunei Company is required to have a local registered address and a registered agent to carry on the representation wherever necessary. Tetra Consultants will provide you with a local registered agent and a local address.
• In most cases, the directors, shareholders, and Ultimate Beneficial Owners (UBOs) of the Brunei company are required to provide basic KYC documents such as certified true passport copies, proof of address, and bank reference letter, and CV for our internal due diligence checks.
• Tetra Consultants reserves our clients’ preferred company name with the Registry of Companies and Business Names. According to the business activity and corporate structure, Tetra Consultants will also draft articles of incorporation, business plan, and other incorporation documents.

2. Incorporation

• Tetra Consultants will proceed to draft and notarize the company’s Memorandum and Articles of Association. These credentials will not need to be translated into Malay by a qualified translator because Brunei recognizes English as an official language in the fields of commerce and education. We will, however, supply you with a qualified translator to translate these documents if necessary.
• Once the above is completed, Tetra Consultants will submit a quality application to the Registry of Companies and Business Names to register company in Brunei.
• During this process, there is a very low probability that the government authorities will revert to asking for the provision of additional documents.
• Upon successful Brunei company incorporation, Tetra Consultants will courier the Certificate of Incorporation, Memorandum & Articles of Association, Register of Directors, and Register of Shareholders to our clients’ preferred addresses.

3. Corporate Bank account opening

• Tetra Consultants will proceed to open a corporate bank account for your newly incorporated Brunei company depending on your business goals and objectives. You can leverage on our extensive banking network and expect to receive your account numbers within 4 weeks.
• Tetra Consultants will contact multiple Brunei banks and present your business to the respective relationship manager and compliance team. To name a few, Tetra Consultants works include Baiduri Bank, RHB Bank, Maybank and Standard Chartered. and many more.
• In case some Brunei banks mandate directors, shareholders, and bank signatories to attend a face-to-face interview at a bank branch. Tetra Consultants will work with the banks to find other ways to engage, such as video conference calls. Tetra Consultants will accompany you to the bank meetings in Brunei if traveling is a deal-breaker for the account opening.
• Tetra Consultants will then send the internet banking token and access codes to the address you specify.
• After the company is registered, it takes around 4 weeks on average to obtain a corporate bank account. Tetra Consultants estimates that the engagement will be completed in 6 weeks.

4. Staying compliant

• Following the setup of your new Brunei company, Tetra Consultants will continue to provide you with the necessary accounting and tax services to ensure that you can continue to legally conduct business while staying compliant with regulatory obligations.
• Our team of dedicated consultants will timely prepare your firm’s financial statements, and corporate tax returns and manage bookkeeping on your behalf.
• We will prepare the required filings in advance to ensure we meet all stipulated deadlines.

Contact us to find out more about how to incorporate a company in Brunei. Our team of experts will revert within the next 24 hours.