After setting up a company consulting services in Brunei

After being officially established in Brunei, the company has also completed part of the process to operate in Brunei. However, to ensure that business activities run smoothly, comply with the law, and achieve optimal efficiency, a series of post-establishment procedures need to be carried out. This is an important transition period, turning a legal entity on paper into a real operating business. These procedures are not merely administrative steps but also the foundation for the sustainable development of your company. Viet An Law would like to introduce post-establishment consulting services in Brunei through the article below.

Consulting services for opening a business account after setting up a company in Brunei

After completing the registration of incorporation, opening a business bank account is an essential step, helping you manage your finances effectively, carry out commercial transactions and build reputation with partners.

The process of opening a corporate bank account

• Consult and choose a bank: We will advise in detail on the services and incentives of each bank, helping you choose the most suitable financial partner for the size and field of operation of your business. Factors such as service fees, interest rates, online utilities, branch network, and business support services will be carefully considered.
• Connect and onboard: We will introduce your business directly to the bank’s customer relationship managers and compliance departments. This helps speed up the review process and build a good relationship with the bank.
• Application preparation assistance: We will guide you to prepare all the necessary documents required by the bank, including the Certificate of Incorporation, Memorandum and Articles of Association, information about directors and shareholders, and business plan.
• Negotiate and support: In most cases, you won’t need to go to the bank in person. We will negotiate with the bank to hold conference calls or waive face-to-face requests, saving you time and travel costs. If a face-to-face meeting is required, we will send a representative to accompany you to assist.
• Receive account information: After the account is successfully opened, we will quickly deliver the internet banking token and necessary access information to the address you requested, ensuring security and convenience.

Consulting services on tax obligations and financial reporting after setting up a company in Brunei

Financial Reporting Obligations

• Annual Financial Statements: All companies registered in Brunei are required to prepare and submit Annual Financial Statements to the Registrar of Businesses. This report typically includes:
  • Balance Sheet: Shows the company’s assets, liabilities, and equity at a given time.
  • Business Results Report: Shows the company’s revenue, expenses, and profit in an accounting period.
  • Cash Flow Statement: Shows the company’s cash inflows and outflows in an accounting period.
  • Explanation of Financial Statements: Explain in detail the items in the financial statements.
• Deadline for filing Financial Statements: Companies must file their Annual Financial Statements by June 30 of the year of assessment.
• Accounting Standards: Companies in Brunei often adopt International Financial Reporting Standards (IFRS) or other accepted accounting standards.
• Audit of Financial Statements: Depending on the size and type of company, an audit of financial statements by an independent auditor may be mandatory.

Tax Liability

• Corporate Income Tax:
  • The current tax rate is 18.5%.
  • For non-resident companies, the tax is mainly applied to Brunei-sourced income or profits earned through local business.
• Value Added Tax: Brunei is currently exempt from VAT/GST.
• Withholding Tax at Source: Withholding tax at source may apply to certain payments to non-residents, such as interest, royalties, and service fees.
• Other taxes (as the case may be): Depending on the line of business, other taxes may apply, such as real estate tax, excise tax.
• Tax Filing and Payment: Companies must file and pay taxes on time as prescribed by the Internal Tax Authority. Tax returns can be made online or by paper filing.