Section 6
of International Business Companies Order, 2000
Section 6
(1)
For the purposes of this Order, neither an IBC nor a foreign international company shall without the prior written consent of the Authority in each case first had and obtained –
(a)
carry on business with persons resident in Brunei Darussalam;
(b)
own an interest in land situated in Brunei Darussalam, other than such a lease as is referred to in subsection (3)(e);
(c)
carry on banking business unless licensed to do so under the
International Banking Order, 2000;
(d)
carry on any business which constitutes international insurance business unless licensed to do so under the International Insurance and Takaful
Order, 2002 (S 43/2002);
(e)
carry on any business of providing the registered office for companies;
(f)
provide any international business services as defined in the Registered
Agents and Trustees Licensing Order, 2000, unless licensed to do so under that Order; or
(g)
carry on any international business, investment or financial activity requiring a licence under the Securities Market Order, 2013 (S 59/2013) without an appropriate licence or consent under those Orders.
[S 37/2003; S 53/2017]
(2)
(Repealed by S 37/2003).
(3)
For the purposes of paragraph (a) of subsection (1), an IBC or a foreign international company shall not be treated as carrying on business with persons resident in
Brunei Darussalam by reason only that –
Incorporating amendments until S 53/2017
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(a)
it makes or maintains deposits with a person carrying on banking business in Brunei Darussalam;
(b)
it makes or maintains professional contact with advocates and solicitors, accountants, bookkeepers, trust companies, administration companies, investment advisers or other similar persons carrying on business in
Brunei Darussalam;
(c)
it prepares or maintains books and records in Brunei Darussalam;
(d)
it holds meetings of its directors or members in Brunei Darussalam;
(e)
it holds a lease of any property for the purposes of its operation or as accommodation for its officers or employees; or
(f)
it holds securities in an IBC, a foreign international company, or an international trust or a company incorporated under the Companies Act
(Chapter 39) or a partnership interest as defined in the International
Limited Partnerships Order, 2000 (S 45/00) or a statutory or other
Government body however established in Brunei Darussalam;
(g)
a person resident in Brunei Darussalam holds shares either alone or jointly with another person in an IBC or a FIC.
(4)
It shall be a condition of continuing to be an IBC that –
(a)
the IBC will not, without prior written consent of the Authority as provided for in subsection (1) issue, circulate or distribute in Brunei
Darussalam any prospectus offering for subscription of any securities in the IBC; and
(b)
on the anniversary of its incorporation in the year following the registration of the Memorandum and Articles and in every succeeding year the IBC will pay the prescribed renewal fee to the Registrar.
Incorporating amendments until S 53/2017
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Personal liability.