22 October 2017 | 01:14 pm GMT +7
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  • Enhancing National Policies

    This section describes the most recent investment-specific and investment-related measures per ASEAN member state. 

    • Brunei

      Investment-Specific Measures

      • On 13 February 2013, Brunei through its Ministry of industry and Primary Resources launched OneBiz which brings together the business licensing processes of 13 government agencies into a single on-line window.  This initiative would significantly hasten the process of applying and securing licenses as well as the payment of required fees related to starting and operating a business. 

      • On 01 January 2011, Brunei Darussalam enforced the amended Companies Act, whereby the registration requirements for establishing corporate entities have been liberalized. Now the Act requires that at least one of the entity’s 2 directors, or where there are more than 2 directors-at least 2, should be ordinary resident of Brunei Darussalam.

      Investment-Related Measures

      • On 01 January 2011, the Monetary Authority Brunei Darussalam (AMBD) was established serving as the country’s central bank. AMBD is responsible for the formulation and implementation of monetary policy, supervision of financial institutions, and currency management.

      • The corporate income tax rate has been gradually reduced from 30% in 2007 to 27.5% in 2008, 23.5% in 2010, and subsequently to 22% in 2011.

      • On 9 July 2009, Brunei Darussalam enforced the amended Land Code (Strata) Act which liberalized property ownership. Locals, permanent residents, and foreigners can now purchase units in a particular building which holds a strata title on a leasehold basis for up to 99 years, extended from the previous 60 years.

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