Company seal not necessary for starting business

National 1 minute, 31 seconds

BANDAR SERI BEGAWAN

NEW businesses are not obliged by the Brunei government to obtain a company seal to start their businesses here.

Ease of Doing Business (EODB) Unit Head Ak Mohd Abdul Aziz Pg Ali Hassan told The Brunei Times on the sidelines of last week’s DARe (Darussalam Enterprise) dialogue, that neither the government nor banks require this company seal by businesses.

“This company seal is not provided by the government, and is usually done by the Corporate Service Provider (CSP).

“However, Brunei does not require it,’’ he said.

The EODB head said previously, people thought they needed to get this company seal to set up their business.

However, Ak Mohd Abdul Aziz said setting up a business now can be done within two simple steps.

“All businesses have to do is reserve their company name at roc.gov.bn. Thereafter, they need to incorporate their company name, and they are good to begin their business within one day,’’ he said.

Ak Mohd Abdul Aziz said start-ups would be able to save on spending on a company seal, which would cost about $185.

“We want people to be more encouraged in setting up businesses. All businesses are risky, and what the government wants to do to help is to lower the risks so businesses will take up the opportunity (to be engaged in business),’’ he said.

According to business.gov.bn, a business licensce is also no longer required for the majority of businesses.

However, businesses are required to comply with the regulations and guidelines relating to the specific type of business activity.

The government portal said depending on the nature and type of business to be conducted, some companies may still need to apply for a specific licence.

For more information on starting a business, the public can visit business.gov.bn.

The Brunei Times