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 www.roc.gov.bn 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.
Employers can advertise job openings via JobCentre Brunei (JCB) website at www.jobcentrebrunei.gov.bn. Upon receiving job applications, companies may review the applicants and proceed with interviews. Companies may also request for suitable candidates directly from JCB for any specific requirements such as work experience or field of study.
If an employer does not find 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.
For more information on doing business in Brunei, the businessBN website provides business related guidelines, government procedures, legislation and other essential information. Entrepreneurs and business owners may also speak directly with a customer service representative by visiting the Business Support Centre in Anggerek Desa.
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 first rank in the ‘Getting Credit’ category, in line with their strong credit mechanisms. The country has also implemented two 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.
Upon concluding the 2022 Article IV Consultation with Brunei Darussalam in September last year, the International Monetary Fund (IMF) executive directors commended the Sultanate’s authorities for adopting policies to cushion the impact of the COVID-19 pandemic as well as for an impressive vaccination rollout.
The directors observed that a strong economic recovery is underway, with further lifting of COVID-19 restrictions, investments in large petrochemicals projects, and higher oil and gas prices. The directors also welcomed several initiatives to improve the efficiency of public spending, streamline untargetted subsidy and social spending, rationalise public employment and mobilise revenue.
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