Brunei Companies: Only One Day to Register
BANDAR SERI BEGAWAN
Tuesday, January 13, 2015
THE Ministry of Finance (MoF) has launched a new online system which will allow a business owner to incorporate a new company in just one day.
The new online system, which can be accessed through https://www.roc.gov.bn/, aims to reduce the time it takes for business owners to receive their certificate of incorporation, which is required to acquire a business license.
Under the previous system, reserving a business name can take up to two working days, while incorporating the company will take another two working days.
According to Mohd Saiful Adilin Hj Edin, assistant registrar at the Registry of Companies and Business Names (ROCBN), it will only take a few minutes to approve an application for a business name.
He said that reserving a business name requires the business owner to upload a scanned copy of his dentity card and a consent letter from a parent company for business with similar names. Afterwhich, the business owner will be redirected to the payment checkout page.
An officer from the ROCBN will approve the application if the proposed business name meets the requirement set by the registry. If the applicant’s proposed business name is already being used, the ROCBN officer will notify the applicant about the issue through email.
“This makes it easier for the applicants, because they are able to find out early,” Mohd Saiful Adilin said.
He said that in the past, applicants will only learn their business names were rejected only after they approach ROCBN counter.
After reserving the name, the business owner will then be able to continue with incorporating the company by uploading the required documents, submitting the online application and proceeding with the online payment.
An applicant who submitted a complete set of required documents can get the certificate of incorporation in one day. The business owner can print it and bring this to the counter set up at the MoF to obtain his business license.
Mohd Saiful Adilin said the new online system will continually be improved, such as the addition of more help texts to assist users of the new system.
To date, the online system can only be accessed by business owners who are setting up companies including private companies (Sdn Bhd), public companies (bhd) and foreign companies.
But Mohd Saiful Adilin said the ROCBN plans expand this service and by July the online system can also be accessed by sole proprietors and partnerships.
The Brunei Times