Section 22
Approval of accounting Limited Liability Partnerships
(1)
A public accountant who wishes to have a limited liability partnership or proposed limited liability partnership approved as an accounting Limited Liability Partnership may apply to the Authority for the approval of —
(a)
the limited liability partnership as an accounting Limited
Liability Partnership; and
(b)
the name or proposed name of the accounting Limited
Liability Partnership.
(2)
An application under subsection (1) shall be made in accordance with the prescribed requirements and shall be accompanied by the prescribed fee.
(3)
The Authority may, on receiving an application made under this section, approve the limited liability partnership or proposed limited liability partnership concerned as an accounting Limited Liability Partnership only if —
(a)
one of the primary objects of the limited liability partnership or proposed limited liability partnership is to provide public accountancy services;
(b)
the capital of the limited liability partnership or proposed limited liability partnership that is paid up or to be paid up is not less than $20,000 or such other sum as may be prescribed;
(c)
at least two-thirds, or such other proportion as may be prescribed, of the partners are public accountants or, if the partnership has only two partners, one of those partners is ordinarily resident in
Brunei Darussalam;
Accountants
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(d)
the accounting Limited Liability Partnership or proposed accounting Limited Liability Patnership is or shall be covered by professional indemnity insurance in accordance with section 33 and the prescribed requirements; and
(e)
the business of the accounting Limited Liability Partnership, so far as it relates to the supply of public accountancy services in
Brunei Darussalam, will be under the control and management of one or more partners who are ordinarily resident in Brunei Darussalam.
Name of accounting corporation, accounting firm or accounting Limited