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Brunei Darussalam: Requirement for Registerable Controllers Information

Brunei recently introduced a new legal requirement for certain companies to create and maintain a register of controllers and to submit the particulars of the registrable controllers with the Ministry of Finance and Economy.

Companies incorporated on or after 31st October should submit the particulars of their registrable controllers within 30 days of incorporation, whereas companies incorporated before the 31st October 2020 should have filed this information by the 31st December 2020.

Entities found in breach of this legal requirement may be liable to penalties of up to BND 5,000 (approx. USD 3,700 / EUR 3,160).