Section 98
For the purposes of this Part, unless the context otherwise requires –
of Investment Incentives Order, 2001
Incorporating amendments until S 5/2011
(Cleancopy) NANI/H.AFIF/fiqah _ as of 11th March 2020
64
BLUV as at 16th February 2011
“eligible holding company”, in relation to a technology company, means a company incorporated in Brunei Darussalam –
(a)
which is resident in Brunei Darussalam;
(b)
which holds shares in the technology company; and
(c)
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 whole of the qualifying period of the technology company, unless the Minister otherwise decides;
“qualifying period”, in relation to a technology company, means a period of 3 years from the day it commences, for the purposes of the Income Tax Act (Chapter 35), to carry on its relevant trade or business;
“relevant trade or business”, in relation to a technology company, means the trade or business to which the certificate, issued to the company under subsection (2) of section 99, relates;
“technology company” means a company approved as a technology company under subsection (2) of section 99.
Application for and issue of certificate to technology company.