Brunei Darussalam Case Study

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Most of the companies in Brunei Darussalam are required by law of Brunei to have an audit. Some key exceptions are exempted from the new amendment companies act, this will be discussed further in this Chapter. Under the Attorney General’s Chamber Office, the Registry of Companies and Business Names (ROCBN) was established in 1959. In April 2012, it was then transferred to Ministry of Finance and the main function is to manage and administer the Business Names Act (Chapter 92) and Companies Act (Chapter 39). Under the Companies Act (No.2) Order 2014, the act is amended by inserting the following four new sections. A brief explanation for the amendment of law under 133A, 133B, 133C and 133D will be discussed below. Under 133A: “Certain companies exempt from obligation to appoint auditors”. 1. Under section 133B or 133C, a company which is exempt from audit requirements and its directors, shall be exempt from section 131 (1). [Note: Section 131 (1) stated that every company shall appoint at least one auditor to hold office until the next annual general meeting]. 2. Where a company stops to be exempt, at any time the company shall appoint at…show more content…
[Note 1: In summary, Section 92 stated that 1. a company shall have a registered office in Brunei either from the day it begin to start a business or from 28 days after the date of incorporation (whichever is earlier), 2. If there is any change to the registered office or notice of the registered office, shall be given notice to the Registrar]. [Note 2: In summary, Section 93 stated that 1. every company shall keep painted and affixed of its name outside every place where the letters have to be readable whenever the business is carry on, 2. A penalty of $250 will be fined to the company or every officer of the company, if the company fail to keep its name painted or affixed. 3. If a company does not comply subsection (1) and (2), a penalty of $500 will be

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