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| RELATED
ACTS |
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| Investment
Incentive Act |
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Investment
Incentives Act makes provision or
encouraging the establishment and
development of industrial and other
economic enterprises, for economic
expansion and incidental purposes.
This Act provides tax relief for
a company which is granted pioneer
status.
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1.
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Pioneer
Industry |
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Companies
awarded pioneer status are exempted
from corporate tax, tax import of
raw materials an capital goods for
a period ranging from 2 to 5 years,
depending on fixed capital expenditure
with possible extension at the discretion
of the relevant authorities. |
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2.
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Expansion of Established Enterprise |
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Enterprises
which are given expansion certificates
are given tax relief for a period
between 3 to 5 years. |
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3.
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Incentives for foreign lenders |
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Approved
foreign loans can be exempted from
paying the 20% withholding tax for
interest paid to non-resident lenders. |
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Companies
Act
The Companies Act is the main Act
which provides for the incorporation
and registration of companies in Brunei
Darussalam. In provides for the conditions
under which companies incorporated
outside Brunei Darussalam may carry
on business in Brunei Darussalam.
The Act also controls the functioning
of companies within Brunei Darussalam
in related matters. |
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Business
Name Act
Pursuant to section 138(2) of the
Companies Act (chap 39) two or not-less-than
half of the number of directors
(whichever is greater) shall be
nationals of Brunei. Nationals of
Brunei in this context do not include
permanent residents. This Act provides
for the registration of firms, individuals
and corporations carrying on business
under business names and not a company
with liability. It further provides
as to the names, styles, titles
or designations under which business
can be carried on and for purposes
connected therewith.
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Miscellaneous
Licences Act
This Act provides for the licensing,
regulation and control of certain
commercial places and activities and
for incidental purposes. Miscellaneous
licences are renewable annually. |
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Equity
requirements
Brunei Darussalam is flexible towards
foreign equity requirements. 100%foreign
equity can be considered for export-oriented
industries with the exception of industries
based on local resources, industries
related to national food security
and car dealership whereby some level
of local participation is required. |
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Land
Code
Foreign land ownership is not allowed
in Brunei Darussalam except with
prior approval in writing of His
Majesty in Council.
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