Section 103

which is resident in Brunei Darussalam;

which has invested not less than 60% of its shareholders’ fund in Brunei

Darussalam;

which holds not less than 30% of the shares in the venture company, the technology investment company or the overseas investment company; and

in respect of which not less than 30% of the paid-up capital is beneficially owned by citizens or person to whom a Resident Permit has been granted under regulations made under the Immigration Act (Chapter 17) throughout the period during which it holds shares in the venture company, the technology investment company or the overseas investment company, unless the Minister otherwise decides;

“overseas investment company” means a company approved as an overseas investment company under subsection (4) of section 105;

“technology investment company” means a company approved as a technology investment company under subsection (2) of section 105;

“venture company” means a company approved as a venture company under subsection

of section 104;

“shareholders’ fund” means the aggregate amount of a company’s paid up capital (in respect of preference shares and ordinary shares and not including any amount in

Incorporating amendments until S 5/2011

(Cleancopy) NANI/H.AFIF/fiqah _ as of 11th March 2020

69

BLUV as at 16th February 2011

respect of bonus shares to the extent they were issued out of capital reserves created by revaluation of fixed assets), reserves (other than any capital reserve which was created by revaluation of fixed assets and provisions for depreciation, renewals or replacements and diminution in value of assets), balance of share premium account (not including any amount credited therein at the instance of issuing bonus shares at premium out of capital reserve created by revaluation of fixed assets), and balance of profit and loss appropriation account.

Application for and issue of certificate to venture company.