BBYB 2021

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66 Borneo Bulletin Yearbook 2021
EASE OF DOING BUSINESS
To start a business in Brunei Darussalam, all
businesses must be registered with the Registry
of Companies and Business Names (ROCBN).
Registration can be completed online at
by providing the required details
and documents and making the payment.
A business entity can be registered as a sole
proprietorship, a partnership or a company. Sole
proprietorship is a business owned by one person.
Meanwhile, a partnership consists of between
two to 20 partners. As for companies, there are
two main types: private (Sdn Bhd) and public (Bhd),
with one of the differences being the number of
shareholders. For more information, users can visit
the Ministry of Finance and Economy website.
EmployerscanadvertisejobopeningsviaJobCentre
Brunei website at .
Upon receiving job applications, companies may
review the applicants and proceed with interviews.
However, companies may also request for suitable
candidates directly from JobCentre Brunei for any
speci c requirements such as work experience or
eld of study.
If an employer does not nd a suitable local
candidate after two weeks of posting vacancies,
the employer can apply for a foreign worker licence
via the Department of Labour to hire foreigners.
Business environment
Brunei’s efforts towards improving the
regulatory domestic business environment
corresponds with its performance in the World
Bank’s Doing Business 2020. The report provides
a general outlook on the ease of doing business
in a country, based on the performance of 10
indicators.
Brunei maintained its rst rank in the ‘Getting
Credit’ category, in line with their strong credit
mechanisms.Thecountryhasalsoimplementedtwo
new reforms whereby substantive improvements
have been seen in the local regulatory framework
for the indicators on ‘Enforcing Contracts’ and
‘Resolving Insolvency’. Overall, Brunei’s Ease of
Doing Business score increased from 69.6 to 70.1,
ranked 66 out of 190 economies.
The country also continues to perform strongly in
the international rankings, particularly the Global
Innovation Index 2020 report. Under the pillar of
Market Sophistication and Institutions index, the
country ranked rst in the cost of redundancy
dismissal and ease of getting credit.