Steps for incorporating a Brunei company in 2022

The government of Brunei, the Islamic Kingdom in Southeast Asia, wants to diversify its economy and increase foreign investment, therefore it has implemented a number of initiatives to draw in investors from across the world, including Vietnam. If you wish to start a business in Brunei but are unsure how to do so, read our article below for more details.

I. Procedure to apply for a Vietnam external investment certificate

The first step in forming a company in Brunei is to apply for an offshore investment certificate from a Vietnamese authorized body. Follow these steps to carry out this procedure:

STEP 1: CREATE DOCUMENTATION FOR OFFSHORE INVESTMENTS

The following documents must be prepared:

Offshore Investment Registration Document (made according to the form)

Among the documents demonstrating legal status are:

• For individual investors, a copy of an identity card, passport, or identity card
• For institutional investors: a copy of the Certificate of Establishment or other comparable document establishing the investor's legal existence as an organization, such as the Investment License; Decide to establish; obtain a certificate of business registration;

The following are the main sections of the investment project proposal: project implementation status, investment stages (if any), the form, goal, size, and location of the investment; preliminary capital determination; capital mobilization strategy; and capital structure preliminary evaluation of the project's investment effectiveness

One of the following documents is among the ones demonstrating the investor's financial capability:

• Investors' most recent two years' worth of financial statements
• Dedication to providing a financial institution with funding
• A promise of the investor's financial strength
• Further records attesting to the investor's financial stability

— A formal agreement to arrange for investors of an approved credit institution to receive foreign currency or a commitment to self-balancing foreign currency sources.

The investor must provide written permission from a competent state agency on the satisfaction of the conditions for outward investment for projects involving outward investment in industries and trades subject to conditional outward investment. in compliance with applicable laws when overseas (if any)

— A statement from the taxing authority attesting to the investor's compliance with tax responsibilities

STEP 2: APPLY FOR AN OFFSHORE INVESTMENT CERTIFICATE IN TWO STEP

— Apply at the Ministry of Planning and Investment for an offshore investment certificate.

— The Ministry of Planning and Investment shall deliver the dossiers for the evaluation views of pertinent state agencies within three working days of the date of receipt of complete dossiers.

— You will receive an offshore investment certificate if you fully satisfy the requirements following the application review period.

II. Steps to establish a business in Brunei

STEP 1: PRE-INCORPORATION

• Consultation phase: We discuss our Client's needs and goals for the new company before incorporating a Brunei resident company. The best corporate structure for the prospective business is then planned;
• Due diligence and dedication on the part of the client: i) pays the engagement costs owed to Viettonkin Consulting in Brunei; ii) returns our client engagement letter signed by them; iii) gives us all the documentation necessary for our due diligence;
• Planning phase: Viettonkin Consulting creates a thorough project plan for our Client's engagement that includes i) procedures for obtaining a corporate bank account; ii) procedure of incorporation. This project plan outlines each stage to the completion of the engagement week by week, maximizing openness and establishing client expectations;
• Customers provide three distinct company names in order of preference for a name availability check. Viettonkin Consulting then i) on behalf of your business, inquiries the Brunei Registrar of Companies about the availability of the company name; ii) informs the customer of the availability;
• Document preparation: Following the agreement with our client on the organizational structure, Viettonkin Consulting will draft incorporation documents for that client's signing and courier return.

STEP 2: INCORPORATION PROCEDURE

• Viettonkin Consulting will be used as an example i) the Brunei Registrar of Companies, and register our Client's business there and ii) pay the registration money on behalf of our client;
• Approval of incorporation: After registration is accepted, Viettonkin Consulting emails our Client i) public perception of the business, ii) company certificate, and iii) a seal is acquired for the company;
• Additional requirements: In order to register a corporation in Brunei, you need an address there. Viettonkin Consulting gives our Client, upon request, a Brunei business address for the purpose of billing. In addition, after the establishment of the firm, clients can ask for a phone, fax, and email support for their business.

STEP 3: POST-INCORPORATION

• Additional licenses: Depending on the nature and type of business activity, you may require an approval or clearance from a specific regulating agency. Viettonkin Consulting, if necessary i) requests a variety of licenses from the Municipal Board and ii) secures the Ministry of Health's and the closest fire department's approval for such a license;
• Opening a corporate bank account is something Viettonkin Consulting helps our Clients with after receiving the certifications. Most of our clients opt for a business bank account in either Singapore or Malaysia, because i) efficiency in taxes and transfers; ii) considering that both jurisdictions are important financial centers; iii) multi-currency accounts and top-notch Internet banking services are offered by banks in both countries;
• Following the conclusion of the engagement, Viettonkin Consulting sends our client a complete business kit that includes the original Brunei corporate documents, untouched bank correspondence, and a client satisfaction survey about the caliber of our Brunei incorporation services.